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Junk bonds are popular tools among scam artists and fraudulent investment advisors because they offer what every investor wants: the potential for significant returns. In addition, many investors tend to associate bonds with limited risk (which is an appropriate correlation for some types of bonds, but not others), making junk […]
Author: Zamansky LLC
The Financial Industry Regulatory Authority (FINRA) has issued an Investor Alert warning of the growing prevalence of “recovery” scams – scams targeting those who have already lost money due to investment fraud. If you have suffered sudden and substantial losses and believe that an unscrupulous broker, investment advisor or scam […]
The Securities and Exchange Commission (SEC) recently announced that it has imposed penalties against 13 separate investment advisory firms for negligently providing false information to their clients. The penalties range from $100,000 to $500,000, based upon the fees each firm collected from clients who relied on their misstatements. BB&T Securities, […]
The Wells Fargo scandal exposed the unseemly practice of “cross selling” – or selling a different product or service to a current customer in an attempt to boost firm revenues. Wells Fargo pushed brokers and bankers to open up to eight new accounts per client to be eligible for bonus […]
In a lawsuit filed in the United States District Court for the Southern District of Florida, the Securities and Exchange Commission (SEC) has accused two men of orchestrating an investment fraud scam that bilked at least 600 individual investors out of approximately $20 million. According to the SEC’s complaint, Craig […]
Facing concerns that the territory’s pension funds could begin running out of money as soon as 2018, Puerto Rico’s retirement system has filed a lawsuit against UBS Group AG alleging that the firm is responsible for the funds’ substantial investment losses. According to Bloomberg, the funds currently hold just four […]
For many years, oil and gas stocks were consistently considered to be on the low end of the risk spectrum. The major energy companies consistently churned out profits with a positive long-term outlook, and investment advisors recommended their stocks as diversification tools for individual investors who did not want to […]
When the Department of Labor passed its Fiduciary Duty Rule earlier this year, the goal was for brokerage firms, such as Merrill Lynch and UBS, to put the client’s interests first when brokers were advising clients’ retirement accounts. The objective of the new rule, which takes effect next April, is for […]
The Financial Industry Regulatory Authority told Bloomberg BNA that it has dramatically expanded resources to tackle recruitment and diversity concerns, while admitting there’s more work to be done in what’s likely to be a “long slow process with incremental progress.” That’s not fast enough for attorneys who represent investors, such […]
On October 17, 2016, FINRA, which regulates stock brokers and brokerage firms, announced that it fined Alex Etter and Caldwell International Securities Corp. in New Jersey, for charges that they engaged in risky speculative trading to generate commissions. FINRA charged Caldwell with generating more than $1 million in “shady commissions,” […]