Tim O'Connor's Blog

New York State Investor Protection Bureau

The Investor Protection Bureau of the State of New York is a division of the New York State Attorney General’s Office.  This Bureau is charged with enforcing the Martin Act, New York State’s statutory securities laws.   The Martin Act empowers the New York State Attorney General’s Office to investigate suspected fraudulent activities in the […]

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Broker Suspended by FINRA for Marking Solicited Trades as Unsolicited

In a recent decision of the FINRA Regulatory Authority (FINRA), Andrey V. Tkatchenko was fined $10,000.00 and given a 15-day business suspension for marking trade tickets and trade confirmation relating to stock purchase transactions as being unsolicited, when in fact they were solicited.   FINRA Rule 3110(a) requires that FINRA member firms “make and preserve […]

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MetLife, Prudential, John Hancock, Manulife Financial, Verus Financial, LLC Agree to Forty Million Dollar Settlement Relating to Unclaimed Death Benefits

Metropolitan Life Insurance Company agreed to pay forty million dollars to settle a multi-state probe of its alleged mishandling of insurance policy death benefits.  The Wall Street Journal (http://online.wsj.com/article/SB10001424052702303592404577361983469311186.html) reports that the deal could lead to more than four hundred million dollars in payments to the heirs of certain life insurance policyholders, who were allegedly […]

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FINRA Broker/Check Offers Small Investors an Opportunity to Investigate their Brokers

The Financial Industry Regulatory Authority (FINRA), the self-regulatory entity responsible for the administration of examinations for stockbrokers and financial advisors, maintains its BrokerCheck website at http://www.finra.org/Investors/ToolsCalculators/BrokerCheck/.  This website can be used to easily access readily-available information about your stockbroker.  This information includes the examinations they have successfully completed, how long they have been Registered Representatives […]

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FINRA Requires Verification of e-Mailed Instructions to Transmit or Withdraw Assets From Customer Accounts

In FINRA Regulatory Notice 12-05 (Jan. 2012), the Financial Industry Regulatory Authority (FINRA) cited an increase in the number of reported cases of money stolen from customer accounts as a result of bogus e-mail instructions from e-mail accounts of customers, which had been hacked by scam artists.  In addition to FINRA’s recent notice, the Federal […]

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