In June 2009, FINRA announced that Frances Ann Reams, then employed with Wachovia Securities, LLC in Roanoke, Virginia, had been suspended from FINRA for a period of three months. Without admitting or denying the findings, Reams consented to the entry of findings that she altered a customer’s option account
What is a Financial Advisor Promissory Note? A Promissory Note (often called an up-front forgivable loan) are commonly used as a recruiting tool by many of the major brokerage firms in the securities industry, including Morgan Stanley Smith Barney, Banc of America Investment Services, Wachovia Securities, Wells Fargo,
As an investor, you may have read about “Class A,” “Class B,” Class C,” or other classes of mutual fund shares. It is important for any investor to understand the differences between the classes of mutual fund shares because they can be significant in determine which class is right for
The Financial Industry Regulatory Authority (FINRA) recently announced that it has fined Merrill Lynch, Pierce, Fenner & Smith, Inc. $150,000 and UBS Financial Services, Inc. $100,000 for supervisory failures that led to unsuitable short-term sales of closed-end funds (or CEF’s) purchased at the funds’
Investor Alert – Variable Annuity Exchanges Have you been approached by your financial advisor to exchange the annuity or policy for a “new model,” one that is allegedly better or that has newer features that weren’t available when you purchased your annuity? Although your broker will likely sell you on
In May 2009, FINRA announced that William Joseph Boyle, a financial advisor for Citigroup and Legg Mason Wood Walker in Pennsylvania and Maryland , had been barred from the securities industry for wrongfully converting and using funds from customer accounts and for failing to cooperate with FINRA investigators.