As a national securities litigation law firm and investor protection advocate, the firm often speaks to investors who have experienced trouble with their investments in variable annuities and how they were sold. While variable annuities are a perfectly acceptable investment for the right investor, they are not for everyone and some sales practices associated with [...]
The North American Securities Administrators Association (NASAA), a leading international investor protection organization, recently released its 2010 list of “Top Investor Traps.” The NASAA notes that in todays’ economic times that it is tempting for investors to jump at investment opportunities to try to gain back past losses. NASAA President, Denise Voight Crawford, said, “investors [...]
According to the Investment News, home loan giant Wells Fargo & Co. has agreed to pay $11.2 million to settle federal securities charges involving mortgage-based investments that Wachovia Capital Markets LLC sold to the Zuni American Indian tribe and other investors. According to a complaint filed by the Securities and Exchange Commission, Wachovia sold the [...]
The White Law Group is investigating securities fraud claims involving Provident Royalties, LLC. Specifically, the firm is investigating whether the broker-dealers that recommended Provident Royalties failed to perform the necessary due diligence prior to recommending the investment for sale to its clients. More than 60 independent broker-dealers sold the private placements issued by Provident Royalties, [...]
Established in 1832, Janney Montgomery Scott is a Philadelphia, Pennsylvania based FINRA broker-dealer. Janney Montgomery Scott has from time to time drawn the attention of securities regulators, including FINRA, as a result of its trading practices and supervisory systems. Market Timing Back in 2005, FINRA (then the NASD) announced that it had fined Janney Montgomery [...]
FINRA recently announced that it has fined Edward D. Jones & Co., L.P. of St. Louis $900,000 for its failure to timely deliver official statements to customers who purchased new-issue municipal securities and related supervisory and recordkeeping failures. With limited exceptions, broker-dealers selling a new-issue municipal securities are required under the rules of the Municipal [...]
FINRA recently announced that it has fined Deutsche Bank Securities, Inc. $7.5m for “negligently misrepresenting” delinquency information on subprime mortgages underlying securities issued in 2006. FINRA found that Deutsche misrepresented and underreported the share of delinquent mortgages in the prospectus supplements of six subprime residential mortgage-backed securities (RMBS) worth $2.2bn. Deutsche described in these supplements [...]
FINRA recently announced that it has fined Piper Jaffray & Co. $700,000 for violations related to its failure to retain approximately 4.3 million emails from November 2002 through December 2008. Piper Jaffray also failed to inform FINRA of its email retention and retrieval issues, which impacted the firm’s ability to comply completely with email extraction [...]
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. The White Law Group has its offices in Chicago, Illinois and Boca Raton, Florida because of the obvious benefits of being located so close to the FINRA [...]
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. The White Law Group has its offices in Chicago, Illinois and Boca Raton, Florida because of the obvious benefits of being located so close to the FINRA [...]