The White Law Group, LLC » Boca Raton

Securities Fraud Investigation Involving J.P. Turner and Tenants-In-Common (TIC) Investments

CarterPA — Thu, 02 Sep 2010 14:07:20 +0000

The White Law Group is investigating a possible securities fraud claim on behalf a two retired investors involving investments recommended by J.P. Turner & Company.

Specifically, we are investigating whether J.P. Turner’s recommendation that the retired investors invest their entire life savings in four Tenants-in-common (TIC) investments was suitable. A TIC investment is when a property is sold to multiple investors who then own fractional interests in the property as co-owners. The co-owners enjoy his/her share of the “pro rata” share of the net income (or expenses), appreciation, and share of the proceeds at the sale of the property. Tenants in common investors are not involved in the day to day management of the property but do retain certain other rights regarding the management of the property.

These investments can be unsuitably risky for retired investors because they are entirely dependent on the performance of the underlying real estate properties and the overall health of the real estate market. Additionally, TIC investments are generally illiquid, severely limiting the investors’ ability to access their funds should the need arise.

According to J.P. Turner & Company’s FINRA broker report, the firm has been named in numerous regulatory and customer complaints. As of August 12, 2009, J.P. Turner & Company had been named in 21 arbitrations and was the subject of 15 “regulatory events.”

The customer complaints against J.P. Turner & Company vary but they include allegations of securities fraud regarding claims of unsuitability, churning, improper margin use, negligence, and breach of fiduciary duty.

If you have any information regarding J.P. Turner that may assist The White Law Group in its investigation, please contact the firm’s Chicago, Illinois 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. With over 30 years of securities law experience, including experience working at FINRA (f/k/a the NASD) and the SEC, The White Law Group has the expertise to help investors defrauded in securities, investment and financial business transactions.

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

Securities Fraud Investigation Involving CIT InterNotes

CarterPA — Wed, 01 Sep 2010 20:37:07 +0000

The White Law Group is investigating securities fraud claims on behalf of investors involving CIT InterNotes.

The sale of CIT InterNotes to individual retail clients resulted from institutional investors growing reluctance to lend to CIT Group Inc. as they became increasingly aware of CIT’s deteriorating financial condition. By selling to individual retail clients, CIT was able to effectively offload risk individual investors.

CIT Group issued these debt instruments and they were marketed by brokerage firms to the general public as low risk and conservative. A key selling point of the CIT InterNotes was the “death put” feature (also known as the “survivor’s option.” This provision allowed the heirs of a bondholder to sell the bond back to the issuer at face value when the bondholder died. However, this “benefit” is contingent upon CIT’s continued financial health which, given CIT’s collapse, may have rendered the death put valueless.

While these investments appealed to many elderly and retired investors (because of the alleged safety and the “survivor’s option”), the investments were not suitable for retired investors and many investors have suffered catastrophic losses.

The sales of the CIT InterNotes by brokerage firms are now under scrutiny by FINRA. Specifically, FINRA is examining the sales practices of brokerage firms who sold CIT Internotes to their customers to determine whether the proper risk disclosures were made.

Various brokerage firms marketed and sold CIT InterNotes to investors including Banc of America, Incapital, Wachovia Securities, Wells Fargo Advisors, Edward Jones, UBS, RBC Capital Markets, Morgan Stanley, Bear Stearns, JPMorgan Chase, Citigroup, Merrill Lynch, and Raymond James.

If you have questions regarding CIT InterNote investments you made, or if you believe that you have been the victim of a securities fraud, The White Law Group may be able to help. The White Law Group is a national securities fraud, securities arbitration and investor protection law firm with offices in Chicago, Illinois and Boca Raton, Florida. The firm has over 30 years of experience reviewing securities fraud claims throughout the country. To contact the firm, please call 312-238-9650.

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

Lake Tahoe, California Securities Fraud / Broker Fraud Attorney

CarterPA — Tue, 31 Aug 2010 19:09:17 +0000

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with over thirty years securities law experience, including experience at FINRA (f/k/a the NASD) and the SEC.

The firm has offices in Chicago, Illinois and Boca Raton, Florida because of the obvious benefits of being located so close to the FINRA Dispute Resolutions offices in those cities (FINRA’s Southeast headquarters is located at Boca Center Tower 1, 5200 Town Center Circle, Boca Raton, FL 33486- less than one mile from our office, and FINRA’s Midwest headquarters is located at 55 West Monroe Street, Suite 2600, Chicago, IL 60603-1002- close to the firm’s Chicago office).

Having our offices located so close to FINRA’s regional headquarters has its advantages, particularly since all cases filed in the southeast portion of the United States are administered out of FINRA’s Boca Raton, Florida Dispute Resolution office, and all cases in the Midwest portion of the United States are administered out of FINRA’s Chicago, Illinois Dispute Resolution office.

Although located in Chicago, Illinois and Boca Raton, Florida, The White Law Group handles securities fraud cases throughout the country, including reviewing securities fraud cases in Lake Tahoe, California and Reno, Nevada. With over 30 years of securities law experience, The White Law Group has the expertise to help investors defrauded in securities, investment and financial business transactions. To contact The White Law Group, please call 312-238-9650. Or, for more information about The White Law Group or securities fraud, you can also visit our website at http://www.whitesecuritieslaw.com.

Investigation Into Possible Securities Fraud Involving Former UBS Financial Advisor Stephen Weatherly Of

CarterPA — Fri, 27 Aug 2010 21:28:49 +0000

The White Law Group is investigating a possible securities fraud claim on behalf an West Memphis, Arkansas investor involving former UBS Financial Services financial advisor Stephen Weatherly.

Specifically, we are investigating whether Mr. Weatherly improperly recommended that the retired investor invest a significant portion of his life savings in a AXA variable annuity. Not only did the variable annuity lock up the investor’s money (because of the high surrender charges), but it paid a substantial commission to the broker – which was likely his motivation in recommending it.

According to his FINRA Broker Reports (CRD), Stephen Weatherly is currently a registered representative with Merrill Lynch in Germantown, Tennessee. In addition to working at Merrill Lynch and UBS, he has also worked as a stockbroker at Wachovia Securities and Prudential.

If you have any information that may assist The White Law Group in its investigation, please contact the firm’s Chicago, Illinois office at 312-238-9650.

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

How to file a FINRA complaint

CarterPA — Fri, 27 Aug 2010 19:10:39 +0000

Whether you realized it at the time or not, when you established your brokerage account, you likely entered into an arbitration provision that provides that if you have a dispute with your broker-dealer you agree to waive your right to bring that claim in Court and to arbitrate that dispute through FINRA’s Dispute Resolution process. Typically, such arbitration provisions are enforceable and FINRA’s dispute resolution process is the proper venue for a securities related dispute between an investor and a financial professional or broker-dealer

FINRA (f/k/a the NASD) is an administrative body that regulates the securities industry and provides a forum for securities related disputes.

The good news is that the FINRA Dispute Resolution process is less costly and quicker than litigating in Court. The problem is that FINRA has its own set of rules (known as the FINRA Code of Arbitration). For those not experienced in arbitrating securities related disputes through FINRA, these rules can make the arbitration process daunting for even experienced attorneys that are used to litigating in Court.

However, if you are looking to file a FINRA complaint through FINRA’s dispute resolution process and to initiate an arbitration claim against your financial professional or broker-dealer, FINRA has set up an online filing procedure which can be accessed at: http://www.finra.org/ArbitrationMediation/Parties/ArbitrationProcess/ArbitrationOnlineClaimFiling/

To review the FINRA Code of Arbitration procedure, you can also visit: http://www.finra.org/ArbitrationMediation/Rules/CodeOfArbitrationProcedure/

Although the hiring of an attorney in securities arbitration matters is not required, it can be extremely beneficial. Typically, securities attorneys representing investors handle such cases on a contingency fee basis.

For more information on how to file a FINRA complaint, or to discuss your particular case with an attorney, feel free to contact The White Law Group at 312-238-9650.

Commodities Fraud and Futures Fraud Attorneys

CarterPA — Fri, 27 Aug 2010 18:21:45 +0000

The White Law Group represents investors who have suffered investment losses as a result of investments made with commodities or futures firms. These claims are typically arbitrated through the National Futures Association’s (NFA) dispute resolution process.

Arbitration is a process where the parties present their arguments and supporting evidence before an impartial third party (or arbitration panel) who decides how the matter should be resolved. NFA arbitration is generally faster and less expensive than formal litigation.

To speak with an attorney regarding a possible commodities or futures related litigation matter, please contact the firm’s Boca Raton, Florida office at 561-961-5411.

Wyoming Securities Laws

CarterPA — Thu, 26 Aug 2010 22:04:12 +0000

Each state has its own securities laws. The following are selected sections of the Wyoming securities laws that are generally applicable in FINRA arbitrations.

CHAPTER 4 – SECURITIES

17-4-101. Fraudulent practices prohibited in securities sales and purchases.

(a) It is unlawful for any person, in connection with the offer, sale or purchase of any security, directly or indirectly:

(i) To employ any device, scheme, or artifice to defraud;
(ii) To make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they are made, not misleading; or
(iii) To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person.

17-4-102. Fraudulent practices prohibited in advisory activities.

(a) It is unlawful for any person who receives any consideration from another person primarily for advising the other person as to the value of securities or their purchase or sale, whether through the issuance of analyses or reports or otherwise:

(i) To employ any device, scheme, or artifice to defraud the other person; or

(ii) To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon the other person.

If you have questions about a state securities law, The White Law Group may be able to help. 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. With over 30 years of securities law experience, including experience working at FINRA (f/k/a the NASD) and the SEC, The White Law Group has the expertise to help investors defrauded in securities, investment and financial business transactions.

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

Wisconsin Securities Laws

CarterPA — Thu, 26 Aug 2010 22:02:47 +0000

Each state has its own securities laws. The following are selected sections of the Wisconsin securities laws that are generally applicable in FINRA arbitrations.

DFI−Sec 4.06 Prohibited conduct. (1) The following
are deemed “dishonest or unethical business practices” or “taking
unfair advantage of a customer” by a broker−dealer under s.
551.412 (4) (m), Stats., without limiting those terms to the practices
specified herein:
(b) Inducing trading in a customer’s account which is excessive
in size or frequency in view of the financial resources and
character of the account;
(c) 1. Recommending to a customer the purchase, sale or
exchange of any security without reasonable grounds to believe
that the recommendation is suitable for the customer on the basis
of information furnished by the customer after reasonable inquiry
concerning the customer’s investment objectives, financial situation
and needs, and any other information known by the broker−
dealer;

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

West Virginia Securities Laws

CarterPA — Thu, 26 Aug 2010 22:01:07 +0000

Each state has its own securities laws. The following are selected sections of the West Virginia securities laws that are generally applicable in FINRA arbitrations.

Pursuant to the authority delegated to the Commissioner by §32-4-402(b)(9) and §32-4-412 of the Code of West Virginia, the following transaction is determined to be exempt from the registration provisions of Chapter 32 of the Code of West Virginia: (4) In all sales to non-accredited investors (as the term is defined in Regulation D under the Securities Act of 1933), the issuer and any person acting on its behalf shall have reasonable grounds to believe and after making reasonable inquiry shall believe that the investment is suitable for the purchaser upon the basis of the facts if any disclosed by the purchaser as to his or her other security holdings and financial situation and needs.

13.05 Prohibited Business Practices. The following are deemed “dishonest or unethical practices in the securities business” by an investment adviser under §32-2-204(g) of the Code of West Virginia, without limiting those terms to the practices specified in this section: (3) Inducing trading in a customer’s account that is excessive in size or frequency in view of the financial resources and character of the account;

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

Washington Securities Laws

CarterPA — Thu, 26 Aug 2010 21:59:37 +0000

Each state has its own securities laws. The following are selected sections of the Washington securities laws that are generally applicable in FINRA arbitrations.

RCW 21.20.035
Unlawful purchases or sales for customer’s account.
It is unlawful for a broker-dealer, salesperson, investment adviser, or investment adviser representative knowingly to effect or cause to be effected, with or for a customer’s account, transactions of purchase or sale (1) that are excessive in size or frequency in view of the financial resources and character of the account
RCW 21.20.702

Suitability of recommendation — Reasonable grounds required.
(1) In recommending to a customer the purchase, sale, or exchange of a security, a broker-dealer, salesperson, investment adviser, or investment adviser representative must have reasonable grounds for believing that the recommendation is suitable for the customer upon the basis of the facts, if any, disclosed by the customer as to his or her other security holdings and as to his or her financial situation and needs.

(2) Before the execution of a transaction recommended to a noninstitutional customer, other than transactions with customers where investments are limited to money market mutual funds, a broker-dealer, salesperson, investment adviser, or investment adviser representative shall make reasonable efforts to obtain information concerning:

(a) The customer’s financial status;
(b) The customer’s tax status;
(c) The customer’s investment objectives; and
(d) Such other information used or considered to be reasonable by the broker-dealer, salesperson, investment adviser, or investment adviser representative in making recommendations to the customer.

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