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January 18, 2019
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Blog, Current Investigations
Jay R. Weiser – Despain Financial Corporation According to the Financial Industry Regulatory Authority (FINRA) on January 17, Jay R. Weiser was barred from the securities industry for failure to provide testimony in an investigation. According to the Letter of Acceptance, Waiver and Consent, in November 2018,
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January 17, 2019
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Blog, Current Investigations, Securities Fraud
Merrill Lynch Advisor Thomas Buck According to reports this week, federal prosecutors are asking a judge to impose a 78-month prison sentence on Thomas Buck, the former Merrill Lynch broker who in 2018 pled guilty to one count of securities fraud and agreed to pay a $5 million penalty. Buck’s sentencing hearing is
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January 16, 2019
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Blog
Federal Board Attempts to Invalidate $6 Billion in Puerto Rico Bondholder Debt After an investigation of all debt issued by Puerto Rico, a federal control board seeks to invalidate more than $6 billion worth of debt. According to reports yesterday, the board that oversees Puerto Rico’s finances stated this week
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January 15, 2019
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Blog, Securities Fraud
“Selling Away” – Can FINRA brokerage firm’s be held responsible for the investment losses incurred on investments sold directly by their agent/advisor to the client even if the investment was not authorized by the firm? The following is a brief discussion on what has become known as “selling
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January 15, 2019
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Blog, Securities Fraud
How is the Government Shutdown Affecting the SEC? As you surely know by now, thousands of workers have been furloughed as a result of the U.S. government shutdown on December 22. All “nonessential” functions have been paused as President Donald Trump and congressional leaders try to reach an agreement. The
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January 14, 2019
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Blog, Current Investigations
FINRA Complaint Alleges Dennis Allen Hayes was “Selling Away” According to FINRA, the regulator’s Department of Enforcement has filed a complaint on January 11 against former financial advisor, Dennis Allen Hayes, for allegedly “selling away.” The complaint alleges that between March 2010 and June 2016 while
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January 14, 2019
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Current Investigations
Broker Investigation – Mark Lamendola – World Capital Brokerage According to the Financial Industry Regulatory Authority (FINRA), the regulator has barred financial advisor Mark Lamendola from the securities industry. According to FINRA’s Letter of Acceptance, Wavier & Consent, Lamendola allegedly made
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January 10, 2019
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Blog
8 Firms hit with FINRA Fines in 2018 According to Investment News, the Financial Industry Regulatory Authority (FINRA) hit the following 8 firms with multi-million dollar fines in 2018. Wedbush Securities – In February, FINRA fined Wedbush Securities $1.5 million for net capital deficiencies and for failing to
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January 9, 2019
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Blog
Could an expedited 1035 Exchange process lead to variable annuity switching? According to Investment News, annuity providers are finally moving into the 21st century in regards to the way a 1035 exchange will be processed. A 1035 exchange is a tax-free transfer from one annuity contract to another, and is a typically
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January 7, 2019
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Blog, Current Investigations
Worst Performing ETFs – Exchange Traded Funds – 2018 According to a recent article in Investment News, these are the 10 worst performing ETFs in 2018. “Most are considered trading vehicles and employ such strategies as double or triple leverage or the use of short positions, which is underscored by some
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