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 […]
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Morgan Stanley Pays Million Dollar Fine in Hacked Customer Data Case
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 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 […]
Read PostWhistleblower and Qui Tam Recoveries
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 PostSEC Issues Investor Alert for Seniors – Five Red Flags of Investment Fraud
In an investor alert and bulletin dated July 18, 2016, the United States Securities and Exchange Commission Office of Investor Education and Advocacy noted the following red flags to help senior investors identify possible fraudulent schemes which have been targeting seniors. These include: Unregistered and unlicensed sellers Promises of higher returns with little or no […]
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