Category: General
Brokerage Firms Abandon Small IRA Account Customers With the Emergence of the Fiduciary Rule – An Accident Waiting To Happen?
The recently enacted Fiduciary Rule requires that brokerage firms managing the accounts of IRA customers are required to adhere to a prudent man/prudent investor investing guidelines in order to project IRA accounts from unnecessary losses due to stock market volatility, downturns and risky investments. These initiatives, in turn, have seen brokerage firms require that all […]
Read PostInherited IRA’s – Know Your Rights?
IRA’s have been around for over 40 years, but most investors don’t know what happens when they inherit all or part of an IRA account as a death beneficiary. Taking an outright distribution of cash as a beneficiary of an IRA upon another’s death is usually a foolish idea. While spouses have generous options available […]
Read PostFINRA Issues Guidance on SEC Approved Rules to Prevent Exploitation of Senior Citizens
The Financial Industry Regulatory Authority (FINRA) issued Regulatory Notice 17-11 offering guidance on new SEC guidelines and approvals, including the adoption of FINRA Rule 2165 (Financial Exploitation of Specified Adults). This new rule permits members to place temporary holds on transfers of monies or account holdings from the accounts of specified customers where a broker would […]
Read PostTrends in Supervisory and Clearing Firm Liability
On April 6, 2017, Tim O’Connor presented at the 2017 Securities Arbitration and Mediation Continuing Legal Education Presentation of the New York State Bar Association at the New York Society of Security Analysts (NYSSA), 1540 Broadway, New York, New York. At this presentation, Mr. O’Connor presented with co-author, Paul C. Carroll, former limited partner with […]
Read PostWhy Brokers Should Fight Recruitment Bonus and Forgivable Loan Cases
Claims of FINRA-member firms against their former Registered Representatives now comprise approximately 40% of all claims filed with the FINRA Office of Dispute Resolution. This explosion of claims is related in large part to the initiatives of large brokerage firms, which, contemporaneous with the financial crisis of 2008-2009, used Troubled Asset Assistance Program (TARP) funds […]
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