The White Law Group, LLC, a South Florida securities fraud, broker fraud, securities arbitration, investor protection and Chapter 7 bankruptcy law firm based in Boca Raton, Florida.

National Futures Association (NFA) recently announced that it has levied a fine of $700,000 against Peregrine Financial Group, Inc., a Futures Commission Merchant and Forex Dealer Member of NFA with headquarters in Cedar Falls, Iowa and Chicago, Illinois.

According to the NFA release, Peregrine maintains branch offices in California, Florida, Illinois, Michigan and New York. The Decision, issued by NFA’s Business Conduct Committee, is based on a Complaint filed in February 2012 and a settlement offer submitted by Peregrine.

The Complaint alleged that Peregrine failed to supervise four of Peregrine’s Guaranteed Introducing Brokers (GIBs): Clash Financial, LLC, Oxford Trading Group, Inc., California Capital Trading Group, LLC, and Patriot Financial Markets, LLC.  Complaints issued by the NFA during 2010 and 2011 alleged that Clash, OTG and CCTG made trade recommendations that maximized commissions without regard for the best interests of their customers and that all four guaranteed introducing brokers made deceptive sales solicitations. The Complaint also alleged that Peregrine  failed to diligently supervise activities related to the firm’s forex customers’ accounts by failing to ensure the implementation of effective anti-money laundering (AML) procedures related to some of those accounts.

In addition to the $700,000 fine, Peregrine must retain an independent consultant to review Peregrine’s existing procedures for supervising its GIBs and retail customer accounts and Peregrine is prohibited from entering into guarantee agreements with any IBs for a period of two years. Peregrine must also designate a full-time AML officer.

The foregoing information which is available on NFA’s website is being provided by The White Law Group.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.

For more information on The White Law Group, please visit our website at http://www.whitesecuritieslaw.com.

FINRA recently updated detailed statistics on its arbitration, mediation, and dispute resolution process.  This information is publicly available on FINRA’s website at www.finra.org and is being provided by The White Law Group.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.

For more information on The White Law Group, please visit our website at http://www.whitesecuritieslaw.com.

Summary Arbitration Statistics December 2011

Summary Mediation Statistics December 2011

Arbitration Cases Served by Controversy Involved

Security Types Involved in Arbitration Cases

Registered Investment Advisory firms (RIAs) are similar to financial advisors, but with different regulatory oversight and regulatory obligations.  For example, financial advisors registered through a FINRA registered broker-dealer are regulated by FINRA and any disputes arising from a financial advisors servicing of an investor’s account is generally arbitrated through FINRA dispute resolution, whereas RIAs are not currently regulated by FINRA and usually have their own dispute resolution clause – generally requiring claims to be filed through AAA (American Arbitration Association) or JAMS.

These regulatory differences do not stop RIAs from becoming large manager’s of investor assets.  In 2010, the Investment News published the ranks of the largest registered investment advisory firms.

If you have questions about your accounts with one of these RIAs, The White Law Group may be able to help.  For a free consultation, please call the firm’s Chicago office at 312/238-9650.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.

For more information on The White Law Group, please visit our website at http://www.whitesecuritieslaw.com.

The rankings can be found here:

Have you suffered investment losses in the Desert Capital REIT? If so, The White Law Group may be able to help.

The White Law Group continues to file FINRA arbitrations on behalf of investors in Desert Capital REIT.  These claims are against the financial professionals and brokerage firms that recommended Desert Capital REIT to their clients.

Brokerage firms and financial advisors have a fiduciary duty to perform due diligence on an investment prior to recommending it for sale to their clients.  Based on what is now known about Desert Capital REIT, it appears clear that the broker-dealers that sold Desert Capital failed to perform the necessary due diligence.

At this point, this much is known:

(1)   Desert Capital REIT suspended its dividend and redemption programs in or about 2008;

(2)  Desert Capital REIT filed for Chapter 11 bankruptcy in the summer of 2011; and

(3)  It has been reported that Desert Capital REIT has been subpoenaed by the Securities and Exchange Commission pertaining to fraudulent payments and transactions between Desert Capital and CM Capital (a related entity).

Desert Capital REIT also paid an extremely high commission to the brokerage firms that sold the investment (somewhere between 7-10% depending on whether the brokerage firm was entitled to an additional “due diligence” fee).  This likely explains the financial advisors and broker-dealers’ motivation in recommending and selling this investment.

To determine whether you may be able to recover investment losses incurred as a result of your purchase of Desert Capital REIT, please contact The White Law Group at 312-238-9650.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.

For more information on The White Law Group, please visit our website at http://www.whitesecuritieslaw.com.

Have you suffered investment losses in an Atlas Energy limited partnership investment? If so, The White Law Group may be able to help.

The White Law Group is investigating potential securities fraud claims on behalf of investors who purchased risky oil and gas partnership investments, including Atlas Energy L.P, through their financial professional or brokerage firm.

According to its website, Atlas Energy, L.P. owns the general partner of Atlas Pipeline Partners, L.P., a midstream energy service provider that gathers and processes natural gas in the Mid-Continent region of the United States. Atlas Energy also sponsors tax-advantaged direct investment natural gas and oil partnerships through several Atlas entities.

We have spoken to investors in various series of Atlas Energy limited partnerships, including Atlas Energy 23 and 24, and it appears that certain of these partnerships have declined precipitously in value.

Brokerage firms have a fiduciary duty to only recommend investments that are appropriate for its client in light of the client’s age, investment experience, net worth, and investment objectives.  Investments in oil and gas partnerships are speculative and complex and only suitable for sophisticated investors.  Notwithstanding the risks and complexities of oil and gas partnerships, it appears that certain brokerage firms sold Atlas Energy limited partnerships to unsophisticated investors that should not have been placed in these investments.

These individuals may be entitled to recover their investment losses in a FINRA arbitration claim against the financial professional or brokerage firm that solicited the investment.

To determine whether you may be able to recover investment losses incurred as a result of your purchase of an Atlas Energy limited partnership investment, please contact The White Law Group at 312-238-9650.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.

For more information on The White Law Group, visit http://www.whitesecuritieslaw.com.

Have you suffered investments losses or fear you have been the victim of securities fraud due to your investment with Kale Edgar Evans while he was registered with a Financial Industry Regulatory Authority (FINRA) member firm? If so, The White Law Group may be able to assist you recover your damages through the FINRA dispute resolution process.

According to the sandiegoreader.com, FINRA has taken action against Mr. Kale Edgar Evans and he has been “banned…from association with FINRA members and [has been ordered] to pay a fine.” The sandiegoreader.com reports that FINRA alleges that Mr. Evans “recommended unsuitable investments, including some made on margin, then engaged in excessive trading (churning).” Kale Edgar Evans’ alleged victim “was a teenager supporting three siblings” and he is accused of “[inducing] the youth to transfer $400,000 of her late father’s life insurance money to an account at Evans’s brokerage, with the promise that the money would be placed in a savings account with no risk.” However, after transfer of the funds, it is alleged that he dodged his firm’s oversight and “‘unethically’ transferred $128,000 from a bank account he shared with the customer to his personal accounts and to pay creditors.”

According to the Financial Industry Regulatory Authority (FINRA) CRD for Kale Edgar Evans, he was registered with FINRA member firm First Allied Securities, Inc. from 12/2007 until 01/2010. Before his employment with First Allied Securities, his CRD states that he registered with two other member firms, TD Waterhouse Investor Services, Inc. and Jack White & Company, Inc. In some cases brokerage firms may be liable for investment losses due to negligently supervising the fraudulent or inappropriate actions of their employees.

If you believe that you have suffered investment losses due to your relationship with Mr. Kale Edgar Evans and would like to speak to a securities attorney about your potential ability to recover investment losses through FINRA securities arbitration please call our Chicago office at 312-238-9650.

The White Law Group, LLC is a securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.

For more information on The White Law Group, please visit our website at http://www.whitesecuritieslaw.com.

According to a recent release from the Securities and Exchange Commission (SEC), they have “charged the holding company for one of Florida’s largest banks and its top executive with misleading investors about growing problems in one of its significant loan portfolios early in the financial crisis.” The SEC has alleged that BankAtlantic Bancorp and CEO Alan Levan “made misleading statements in public filings and earnings calls in order to hide the deteriorating state of a large portion of the bank’s commercial residential real estate land acquisition and development portfolio in 2007.” Further allegations include fraudulent accounting when seeking to “minimize BankAtlantic’s losses on their books.” The alleged fraud and misleading statements made by BankAtlatic Bancorp may have resulted in unnecessary damage to some investors.

It appears that BankAtlantic may have been consciously hiding information from investors and when “BankAtlantic finally acknowledged the problems in the third quarter of 2007 by announcing a large unexpected loss. The investing public did not expect a loss of that magnitude, and BankAtlantic’s share price immediately dropped 37 percent.” The SEC is seeking “financial penalties and permanent injunctive relief against BankAtlantic and Levan to enjoin them from future violations of the federal securities laws.” This may not comfort retail investors who suffered investment losses due to alleged fraud of BankAtlantic and Mr. Levan. However, investors may be able to seek recovery on their investment through an individual securities arbitration claim.

If you suffered investment losses as a result of Bank Atlantic Bancorp’s alleged failure to disclose a deteriorating portfolio in 2007 and would like to speak to a securities attorney about your potential to recover your investment through a securities arbitration claim please call our Chicago office at 312-238-9650.

The White Law Group, LLC is a securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.

For more information on The White Law Group, please visit our website at http://www.whitesecuritieslaw.com.

Have you suffered investment losses in any of the following RMK High Yield Funds sold by Morgan Keegan?

• Regions Morgan Keegan Select High Income
• Regions Morgan Keegan High Income Fund
• Regions Morgan Keegan Strategic Income Fund
• Regions Morgan Keegan Select Intermediate Bond Fund
• Regions Morgan Keegan Multi-Sector High Income
• Regions Morgan Keegan Advantage Income

If so, The White Law Group may be able to help.  The White Law Group is investigating potential securities fraud claims involving Morgan Keegan’s recommendation that investors purchase these risky funds.

The investors we have spoken to have indicated that certain Morgan Keegan financial advisors marketed and sold these funds as investments similar to corporate bonds and preferred stocks.  In reality, the funds invested in high-risk derivatives and equally vulnerable securities tied to the subprime mortgage market.  Moreover, the prospectuses on the Morgan Keegan funds failed to disclose the high levels of credit risk to which shareholders were exposed.

As a result of these inappropriate and high-risk investments taken by the fund managers, certain Morgan Keegan funds suffered losses in excess of 50% during 2007 and 2008. Investors I these funds may be able to recover their losses through FINRA arbitration.

To determine whether you may be able to recover investment losses incurred as a result of your purchase of a RMK High Yield Fund sold by Morgan Keegan, please contact The White Law Group at 312-238-9650.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.

For more information on The White Law Group, visit http://www.whitesecuritieslaw.com.

Have you suffered investment losses in a life settlement issued by Life Partners? If so, The White Law Group may be able to help.

The White Law Group is investigating potential securities fraud claims involving broker-dealers’ recommendation that investors purchase risky life settlement investments issued by Life Partners (and other life settlement providers).

A life settlement is a financial transaction in which the owner of a life insurance policy sells an unneeded policy to a third party for more than its cash value and less than its face value. Until recently, if a policyowner opted out of a policy by surrendering the policy or allowing it to lapse, the additional value was relinquished back to the issuing life insurance company. In some cases, an insured’s health may have declined since the policy was issued and the policy may be worth considerably more than the surrender value. A life settlement is an alternative to this surrender or lapse of a policy, or when the owner of a life insurance policy no longer needs or wants the policy, the policy is underperforming or can no longer afford to pay the premiums.

Life Partners, one of the providers of life settlements, and a trio of its executives are currently facing fraud charges from the Securities and Exchange Commission for allegedly failing to disclose that they were underestimating the life expectancies of insured policyholders — a major factor in determining the price of a policy and the amount the firm makes from its sales.

Life settlement investments can be extremely risky and are really only appropriate for very sophisticated and institutional investors.   Unfortunately, it appears that certain brokerage firms sold these life settlement investments to retired and/or income seeking investments as a safe, non-correlated investment (i.e. not subject to the movement of the stock market).

To determine whether you may be able to recover investment losses incurred as a result of your purchase of a life settlement investment, please contact The White Law Group at 312-238-9650.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.

For more information on The White Law Group, visit http://www.whitesecuritieslaw.com.

Have you suffered investment losses in the Highland Floating Rate Fund? If so, The White Law Group may be able to help.

The White Law Group is investigating potential securities fraud claims on behalf of investors involving broker-dealers recommendation that investors purchase risky investments, including the Highland Floating Rate Fund.

The Financial Industry Regulatory Authority (FINRA) recently issued an “investor alert” to warn investors who may be attracted to the high return promised by floating rate funds. In promoting these investments, FINRA expressed concern about brokers who downplay the potential risks while emphasizing the higher returns.

Highland’s sales literature claims that its floating rate funds seek “capital preservation and the management of credit risk while utilizing leverage to increase yield potential.”  Investors were no doubt attracted to the Highland Floating Rate Funds because the fund supposedly offered a nice income stream without substantial risk. Unfortunately for investors the fund invested heavily in loans that were rated as below investment grade or “junk.”

To determine whether you may be able to recover investment losses incurred as a result of your purchase of the Highland Floating Rate Fund, please contact The White Law Group at 312-238-9650.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.

For more information on The White Law Group, visit http://www.whitesecuritieslaw.com.