Tim O'Connor's Blog

Non-Purpose Loans and Securities Backed Loans (SBL’s) – An Accident Waiting to Happen

Many brokerage firms have been promoting non-purpose loans, resulting in abusive sales practices and supervisory violations associated with the aggressive marketing of these lending arrangements.  Brokerage firms suggesting that investors borrow against their securities to originate non-purpose loans has been at a number of large brokerage firms including Morgan Stanley, UBS, Wells Fargo and Bank […]

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State Regulators – The State-by-State Resource for Victimized Seniors

Where do North American investors go when looking for their state or province specific securities regulators? The organization ServeOurSeniors.org maintains a state-by-state resource for consumers and investors in all fifty states, as well as all of the 10 Canadian Provinces and 3 Canadian Territories.  We offer a free initial consultation to investors from all 50 […]

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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 […]

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FINRA Warns Brokers on Social Media and Digital Communications

In Regulatory Notice 17-18, the Financial Industry Regulatory Authority (FINRA) issued addressed the obligations of FINRA member firms and persons when utilizing social media and digital communications. The Regulatory Notice contains comprehensive recordkeeping advice for digital communication content, also issuing warnings and guidance regarding third party posts and hyperlinks to third party sites. We offer a […]

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