The White Law Group, LLC » Morgan Stanley

Delray Beach Securities Fraud Lawyer

D. Daxton White — Wed, 29 Sep 2010 13:39:32 +0000

Are you seeking to recover investment losses incurred as a result of the fraud or negligence of your financial professional or brokerage firm? 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.

The White Law Group exclusively represents investors seeking to recover investment losses incurred as a result of the fraud or negligence of their financial professional or broker-dealer. We review investment fraud cases involving all FINRA registered broker-dealers and have handled cases against most of the major broker-dealers, including Morgan Stanley, Wachovia, Wells Fargo, Banc of America, Merrill Lynch, Smith Barney, UBS, Edward Jones, Raymond James, Securities America, Royal Alliance, RBC Capital and Ameriprise.

The securities cases we review often involve some form of the following type of securities fraud: unsuitability, churning (or excessive trading), unauthorized trading, failure to execute, improper use of margin, and overconcentration (holding of an inordinately large position of one investment).

We review tons of securities cases per year involving all manner and scope of securities frauds, but it seems that many of the cases that we review often involve the same general types of investment products. Interestingly, these investment products are also the same products that pay financial advisors the highest commission. The investment products that we most see being abused in reviewing securities fraud cases are cases involving REITs, variable annuities and variable universal life policies, Promissory Notes, Tenants-In-Common (TICs), and mutual funds (particularly proprietary mutual funds – when a brokerage firm pushes its own mutual funds (i.e. a UBS financial advisor recommending UBS mutual funds)).

To speak to an experienced securities attorney, please call The White Law Group at 312-238-9650. For more information on the firm, please visit our website at http://www.whitesecuritieslaw.com.

Delray Beach Securities Fraud Attorney

D. Daxton White — Wed, 29 Sep 2010 13:38:22 +0000

Are you seeking to recover investment losses incurred as a result of the fraud or negligence of your financial professional or brokerage firm? The White Law Group may be able to help.

To speak to an experienced securities attorney, please call The White Law Group at 312-238-9650. For more information on the firm, please visit our website at http://www.whitesecuritieslaw.com.

Boca Raton Securities Fraud Lawyer

D. Daxton White — Wed, 29 Sep 2010 13:36:33 +0000

Are you seeking to recover investment losses incurred as a result of the fraud or negligence of your financial professional or brokerage firm? The White Law Group may be able to help.

The securities cases we review often involve some form of the following type of securities fraud: unsuitability, churning (or excessive trading), unauthorized trading, failure to execute, improper use of margin, and overconcentration (holding off an inordinately large position of one investment).

To speak to an experienced securities attorney, please call The White Law Group at 312-238-9650. For more information on the firm, please visit our website at http://www.whitesecuritieslaw.com.

Boca Raton Securities Fraud Attorney

D. Daxton White — Wed, 29 Sep 2010 13:34:51 +0000

Are you seeking to recover investment losses incurred as a result of the fraud or negligence of your financial professional or brokerage firm? The White Law Group may be able to help.

To speak to an experienced securities attorney, please call The White Law Group at 312-238-9650. For more information on the firm, please visit our website at http://www.whitesecuritieslaw.com.

Chicago Securities Fraud / Investment Fraud Lawyer

D. Daxton White — Wed, 29 Sep 2010 13:31:59 +0000

Are you seeking to recover investment losses incurred as a result of the fraud or negligence of your financial professional or brokerage firm? The White Law Group may be able to help.

The securities cases we review often involve some form of the following type of securities fraud: unsuitability, churning (or excessive trading), unauthorized trading, failure to execute, improper use of margin, and overconcentration (holding off an inordinately large position of one investment).

To speak to an experienced securities attorney, please call The White Law Group at 312-238-9650. For more information on the firm, please visit our website at http://www.whitesecuritieslaw.com.

Chicago Securities Fraud / Investment Fraud Attorney

D. Daxton White — Wed, 29 Sep 2010 13:30:26 +0000

Are you seeking to recover investment losses incurred as a result of the fraud or negligence of your financial professional or brokerage firm? The White Law Group may be able to help.

The securities cases we review often involve some form of the following type of securities fraud: unsuitability, churning (or excessive trading), unauthorized trading, failure to execute, improper use of margin, and overconcentration (holding off an inordinately large position of one investment).

To speak to an experienced securities attorney, please call The White Law Group at 312-238-9650. For more information on the firm, please visit our website at http://www.whitesecuritieslaw.com.

Securities Fraud Investigation Involving CIT InterNotes

D. Daxton White — 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 to 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.

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

FINRA Suspends North Miami Beach Financial Advisor Stephen Alan Jaffe

D. Daxton White — Mon, 23 Aug 2010 18:25:53 +0000

FINRA recently announced that it has suspended North Miami Beach, Florida financial advisor Stephen Alan Jaffe from association with any FINRA member in any capacity for one month. Without admitting or denying the findings, Jaffe consented to the described sanction and to the entry of findings that he was the broker of record for a customer’s non-discretionary account at his FINRA member firm and exercised discretion in the customer’s account in multiple transactions without written authorization. The findings further stated that Jaffe completed annual certifications for his firm, in which he attested that he had not exercised full or partial trading authorizations over any client account without having obtained the required approvals.

Unless a brokerage account is specifically set up as discretionary (with agreements indicating that the client understands that the financial advisor has authority to direct the trading in the account), stockbrokers are required to speak to the client prior to every transaction. Failure to do so is a violation of FINRA rules.

According to his FINRA Broker Report, Stephen Alan Jaffe has been a financial advisor in South Florida (North Miami Beach and Aventura) for the following broker-dealers – Wells Fargo Advisors, LLC, UBS Financial Services, and Morgan Stanley DW, Inc.

If you have questions regarding investments you made with Stephen Alan Jaffe, 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 and Florida, including reviewing securities fraud claims in North Miami Beach, Aventura, South Beach, Coral Gables, Coconut Grove, Hollywood, and Fort Lauderdale.

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.

UBS Promissory Note Securities Litigation

D. Daxton White — Mon, 26 Jul 2010 23:37:30 +0000

The White Law Group is currently representing two former UBS financial advisors in a litigation matter involving their alleged promissory note obligation to UBS. Based on our preliminary investigation, it appears that these particular financial advisors were forced to leave UBS because UBS did away with a trading program that was critical to their business and that the platform’s elimination greatly impacted their ability to effectively service their clients.

Notwithstanding the fact that these financial advisors were basically forced to leave UBS and their business has suffered as a result, UBS has sent the advisors a demand letter for the amounts they owe on their promissory note agreements and has indicated that they intend to file claims against these financial advisors for breach of contract if the matters are not quickly resolved.

We are investigating whether other UBS financial advisors were similarly forced to leave the firm as a result of the elimination of any trading platforms. Such information would assist us in demonstrating that UBS’s failure to provide these financial advisors with the necessary trading platform to conduct their business was a firm wide issue that impacted many financial advisors.

If you have any information that would assist us in our investigation, please contact our Chicago, Illinois office at 312-238-9650.

The White Law Group is a national securities litigation law firm with offices in Chicago, Illinois and Boca Raton, Florida. The firm is intimately familiar with the unique issues involved in promissory note cases, often representing financial advisors in promissory note litigation matters, and having (in the past) handled promissory note litigation cases on behalf of many of the larger broker-dealers (including Banc of America Investment Services, Morgan Stanley Smith Barney, Wells Fargo, Wachovia, and Ameriprise).

For more information on the firm, please visit our website at http://www.whitesecuritieslaw.com.

Possible Securities Fraud Investigation Involving Morgan Stanley Smith Barney financial advisor David Sheinheit

D. Daxton White — Wed, 21 Jul 2010 14:23:50 +0000

The White Law Group is investigating the trading practices of Morgan Stanley Smith Barney financial advisor David Sheinheit. Specifically, we are investigating whether Mr. Sheinheit inappropriately invested a retired investor’s retirement assets and/ or failed to implement a hedging strategy discussed by Mr. Sheinheit and the investor.

According to his FINRA Broker Report, Mr. Sheinheit is a financial advisor in Morgan Stanley Smith Barney’s Aventura, Florida office. Prior to working for Morgan Stanley Smith Barney, Mr. Sheinheit was a registered-representative with Citigroup Global Markets and Prudential Securities.

If you have any information that may assist The White Law Group in its investigation into Mr. Sheinheit’s trading practices, please contact our Chicago office at 312-238-9650.