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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,” […]
The energy sector continues to be a popular choice for fraudulent investment advisors and scam artists seeking to solicit money from unsuspecting investors. In particular, “investment programs” involving oil and gas projects – and specifically the drilling of new wells – have been identified as some of the primary tools […]
Lawyers who advise banks, mortgage lenders and other industries regulated by the Consumer Financial Protection Bureau were hit by a blizzard of calls and inquiries this week by clients who are feeling more confident in challenging the agency after a court ruling limited its authority and rejected its statutory interpretations. […]
In September, the North American Securities Administrators Association (NASAA) released its 2016 Enforcement Report, highlighting the results of state securities fraud enforcement efforts during 2015. The 2016 Enforcement Report highlights some alarming trends that are particularly noteworthy for individual investors. Key Statistics from NASAA’s 2016 Enforcement Report #1: Registered Advisors […]