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 Post
Tim O'Connor's Blog
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 Post
The SEC announced in a press release dated June 8, 2016 that Morgan Stanley Smith Barney, LLC has agreed to pay a $1 million penalty to settle charges relating to alleged failures to protect confidential customer information. The SEC also issued an order finding that Morgan Stanley failed to have proper written procedures and policies […]Read Post
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 […]Read Post
A number of civil recovery provisions under Federal and State Law, as well as the rules and procedures of the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission afford workers significant rights and the potential for substantial monetary awards. Over the years, whistleblowers have played a crucial role in routing out corruption […]Read Post
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