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October 29, 2010
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Blog, Securities Fraud
In or about 2009, FINRA fined 25 broker-dealers a total of $2,145,000 for failures related to their completion of FINRA’s (then NASD’s) firm self-assessment of mutual fund breakpoint discount compliance. The self-assessment required firms that sold front-end load mutual funds to review their compliance in
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October 26, 2010
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Blog, Securities Fraud
The White Law Group reviews securities fraud cases throughout the country, including reviewing securities fraud cases involving all of the FINRA registered broker-dealers. Wedbush Securities is a FINRA registered broker-dealer founded in 1955. It is primarily a West Coast firm, with headquarters in Los Angeles,
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October 21, 2010
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Blog, Securities Fraud
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
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October 21, 2010
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Blog, Securities Fraud
Waddell & Reed’s sales practices have been the subject of regulatory inquiry on several occasions. Back in 2005, FINRA resolved its action against Waddell & Reed, Inc., of Overland Park, KS, arising from thousands of variable annuity exchanges made as part of the firm’s national switching campaign.
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October 20, 2010
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Blog, Securities Fraud
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
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October 19, 2010
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Blog, Securities Fraud
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
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October 18, 2010
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Blog, Securities Fraud
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
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October 14, 2010
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Blog, Securities Fraud
FINRA recently announced that it has fined HSBC Securities (USA) Inc. $375,000 for recommending unsuitable sales of inverse floating rate Collateralized Mortgage Obligations (CMOs) to retail customers. HSBC failed to adequately supervise the suitability of the CMO sales and fully explain the risks of an inverse
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October 12, 2010
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Blog, Securities Fraud
The Financial Industry Regulatory Authority (FINRA) has fined H&R Block Financial Advisors (now Ameriprise Advisor Services) $200,000 for failing to put in place the proper system to supervise its reverse convertible notes sales to retail clients. FINRA also suspended H & R broker Andrew MacGill for 15 days
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October 12, 2010
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Blog, Securities Fraud
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.
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