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November 30, 2018
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Blog
Churning Losses Recovery According to the Financial Industry Regulatory Authority Inc. (FINRA), FINRA Arbitrators awarded more than $1 million to a client who alleged account churning by his broker at Legend Securities Inc. The FINRA panel of three awarded Herbert Voss $700,000 in punitive damages in addition to
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January 9, 2018
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Blog, Current Investigations, Securities Fraud
FINRA Orders Broker and Madison Avenue Securities to pay Court costs and fees According to the Financial Industry Regulatory Authority, an all-public FINRA arbitration panel has awarded a California investor the entire amount of her churning claim. The award is against broker David Lloyd Barber and his firm, Madison
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June 29, 2017
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Blog, Current Investigations, Securities Fraud
Recovery of Investment Losses due to Churning Fraud Are you a victim of churning fraud? If so, the securities attorneys of The White Law Group may be able to help you recover your losses by filing a FINRA arbitration claim against the brokerage firm that employed your advisor. The White Law Group continues to file
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March 6, 2014
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Blog, Securities Fraud
FINRA Churning awards Based on FINRA awards, it appears that churning continues to be a problem in the securities industry. From January 1, 2013 to December 31, 2013, there were 52 cases decided that at least mentioned churning as an issue in the case. Churning is an illegal and unethical practice that takes place
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April 3, 2013
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Securities Fraud
Concerned your broker may be churning your account? Churning claims arise out of the inherent conflict of interest involved because a financial advisor is compensated by commissions earned in buying and selling securities on behalf of a client. As long as financial advisors are compensated by commissions, the
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November 27, 2012
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Blog, Securities Fraud
What is Churning Fraud? Churning fraud is defined as an unethical practice employed by some financial advisors to increase their commissions by excessively trading in a client’s account. This practice violates various FINRA Rules and is often referred to as “churn and burn”, “excessive
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September 11, 2012
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Blog, Securities Fraud
According to reports, three former JP Turner & Company brokers have been accused by the Securities and Exchange Commission of defrauding clients out of $2.7 million by “churning” their accounts. The reports indicate that brokers Ralph Calabro of Matawan, N.J., and Jason Konner and Dimitrios Koutsoubos,
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August 7, 2012
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Blog, Securities Fraud
FINRA & NFA Rules Governing Churning Although the industry has done a decent job of curbing the churning of investors’ accounts (relative to the number of churning claims that existed in the 80’s and 90’s), such claims are still prevalent. According to statistics published by FINRA, there were 212
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January 4, 2012
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Blog, Securities Fraud
Have You Been a Victim of Excessive Trading? Has your account been excessively traded or churned by your financial advisor? If so, you may have a securities fraud claim to recover the damages resulting from Excessive Trading or Churning. FINRA Rule 2111 requires that broker-dealers must have a reasonable basis to
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