According to a recent investmentnews.com article the Financial Industry Regulatory Authority (FINRA) “is warning firms about the use of designations implying special expertise in working with older investors.” FINRA performed a survey in 2011 about the use of “senior designations.” They surveyed 157 firms that varied in terms of “size, location, product mix and business [...]
The Financial Industry Regulatory Authority (FINRA) recently said in a release that “it has fined UBS Securities LLC $12 million for violating Regulation SHO (Reg SHO) and failing to properly supervise short sales of securities.” UBS has “neither admitted nor denied the charges, but consented to the entry of FINRA’s findings.” FINRA alleges that these [...]
Andrew Haigney recently wrote an interesting article for businessinsider.com where he called investment advice “one of the greatest scams of our time.” His motivation for writing his article was to expand on the theme of Yale University’s Chief Investment Officer David Swensen’s August NY Times Opinion piece about mutual funds where he called for an [...]
According to the Investment News, Finra will be proposing a rule change that might help brokers pursue class action employment claims. The Financial Industry Regulatory Authority Inc. wants to ban from its arbitration forums so called “collective action” claims brought under the Fair Labor Standards Act or the Age Discrimination in Employment Act. That would [...]
The White Law Group often serves as local counsel throughout California for out-of-state attorneys in FINRA securities arbitration matters. California Bar Rules require that an attorney be licensed in the state of California to participate in a California arbitration or that the attorney partner with a local attorney. The White Law Group, LLC is a [...]
The White Law Group is investigating possible investment fraud scams involving gold. With gold prices reaching record highs, financial advisors are increasingly turning to gold-related investments to increase returns. The North American Securities Administrators Association (NASAA) recently reminded investors to be cautious about jumping onto the gold bandwagon. David Masset, NASAA President and North Carolina [...]
The White Law Group is investigating securities fraud claims involving the ultra-short bond funds Schwab YieldPlus (SWYPX) and Schwab YieldPlus Select (SWYSX). Based on our investigation, it appears that these funds were marketed as conservative and an alternative to money-market funds to retirees and other investors. Unfortunately, these investments were not the well-diversified, safe funds [...]
Are you a financial advisor or registered representative who needs legal representation in a regulatory inquiry brought by FINRA, the SEC, or a State Regulatory body? The White Law Group may be able to help. With over 30 years of securities experience, including substantial experience working at the SEC and FINRA on enforcement actions, The [...]
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, [...]
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 [...]