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The Financial Industry Regulatory Authority (FINRA), the oversight entity authorized by Congress to take action against investment advisors and advisory firms that harm investors, recently announced that it has fined thirteen investment firms more than $17.5 million for recordkeeping and disclosure violations. The firms facing fines are: Deutsche Bank First […]
The U.S. Department of Justice (DOJ) recently announced the sentencing of a Rhode Island financial advisor who admitted to misappropriating $21 million in investors’ funds and using other investors’ funds as collateral to secure a personal $2.5 million home loan for a waterfront property. Patrick Churchville, owner of ClearPath Wealth […]
The law firm is investigating Oil Well Service Co. (“Oil Well Service”), located in Santa Fe Springs, California, on behalf of its employees, over its Employee Stock Ownership Plan (“ESOP”). Oil Well Service offered its employees a retirement plan that was invested primarily in company stock. In 2013, Oil Well […]
Investment fraud scams targeting senior citizens have long been on the federal government’s list of priorities. As we reported in 2015, brokers often sell complex and risky investment products to senior investors without adequately explaining the risks, and in many cases without disclosing the high commissions they earn from the […]
When a ship is in danger of capsizing and drowning its passengers, the Captain yells, May Day! May Day! Puerto Rico’s new governor, Dr. Ricardo Rossello, is facing a May Day call as the island is drowning in debt. Many political balls are in the air right now. It appears […]
The Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) recently issued separate press releases warning investors nationwide of the risks of affinity fraud schemes – schemes targeting individuals within certain groups or affiliations – being perpetrated by religious leaders. The press releases discuss two separate cases in […]
In March 2017, the Financial Industry Regulatory Authority (FINRA) received approval from the Securities and Exchange Commission (SEC) to adopt two rule changes designed to help protect senior investors against investment fraud. The changes focus on preventing unauthorized access to investors’ accounts and preventing disbursements from investors’ accounts when there […]
For individual investors, securities arbitration through the Financial Industry Regulatory Authority (FINRA) provides a streamlined opportunity to recover fraudulent investment losses. If you have experienced sudden and unexpected losses in your investment account, here are six key facts you need to know about FINRA arbitration: 1. To File, Your Broker […]
Puerto Rico is facing a May 1 deadline to restructure its $70 billion debt. At that time, a freeze on lawsuits against Puerto Rico will expire. The clock is ticking on Puerto Rico. Last year, the U.S. Congress passed a Puerto Rico rescue law called “PROMESA,” which halted creditor lawsuits […]
It appears that the Trump administration is determined to roll back regulations across the board; from lowering industrial standards for pollution to increasing the risks faced by Mom and Pop investors. There are two areas of concern for the average investor. First, the Department of Labor – DOL has delayed […]