Category: General
FINRA 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 […]
Read PostOppenheimer Fined for Unsuitable Sales of Exchange Traded Funds (ETFs)
The Financial Industry Regulatory Authority (FINRA) announced on June 8, 2016 that it fined Oppenheimer & Co., Inc. $2.25 million and ordered the firm to pay restitution of more than $716,000 to customers who were sold leveraged, inverse and inverse-leveraged exchange-traded funds. The essence of the complaint filed by FINRA was that these risky ETFs […]
Read PostFINRA Issues Investor Alert on Non-Traded REIT’s
In a recent investor alert, the Financial Industry Regulatory Authority (FINRA) issued an Investor Alert warning investors of the problems associated with non-traded Real Estate Investment Trusts (REIT’s). The investor alert noted that these investments could be plagued with numerous problematic features including the following: Illiquidity and inability to sell these holdings given the lack […]
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