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SEC to Consider New Fiduciary Rule Proposal
By George C. Miller, Esq. of Shustak Reynolds & Partners, P.C. posted on Thursday, April 12, 2018.
Signaling the next chapter in the slow moving “fiduciary rule” saga, the Securities and Exchange Commission will meet next week to discuss the framework for a new, SEC-backed standard of conduct for brokers... Read More
OGC and Enforcement at SEC Speaks 2018 - Words Matter, Process Matters, Homework Matters
By Dennis A. Stubblefield & Matias Montillano of Shustak Reynolds & Partners, P.C. posted on Tuesday, March 27, 2018.
Dennis Stubblefield, a Partner at the firm, recently attended SEC Speaks, the Commission’s annual conference in which senior staff from all divisions and offices announce and comment upon key developments from the past year and set forth coming priorities [...] Read More
Securities Law Update: The “Completely Irrational” Standard for Reversing Legal Error in FINRA Arbitration
By James Reynolds, Esq. of Shustak Reynolds & Partners, P.C. posted on Tuesday, March 20, 2018.
For those entrepreneurial enough to form, own and operate a successful RIA firm, while there is great satisfaction in being the “captain of your own ship”, most RIA owners really have no idea of the market value of their firms. Read More
RIA Lawyer Update: How and When to Value an RIA Firm?
By Erwin J. Shustak, Esq. of Shustak Reynolds & Partners, P.C. posted on Tuesday, March 6, 2018.
For those entrepreneurial enough to form, own and operate a successful RIA firm, while there is great satisfaction in being the “captain of your own ship”, most RIA owners really have no idea of the market value of their firms. Read More
Wells Fargo Wealth Management Division Faces SEC Investigation on Sales Practices
By George C. Miller, Esq. of Shustak Reynolds & Partners, P.C. posted on Monday, March 5, 2018.
Wells Fargo & Co. disclosed in a recent regulatory filing that its Wealth Management division, which includes FINRA member firm Wells Fargo Clearing Services, LLC (formerly Wells Fargo Advisors, LLC), is the subject of an SEC investigation to determine whether the firm accepted improper client referrals in violation of securities laws. Read More
California Securities Lawyer Update: FINRA No Longer Will Require B-D's to Supervise Unaffiliated RIA's
By Erwin J. Shustak, Esq. of Shustak Reynolds & Partners, P.C. posted on Thursday, March 1, 2018.
Under a FINRA proposal released this week, broker-dealers may no longer be required to supervise the activities of their registered representatives performed at unaffiliated RIA firms. The rule, if adopted, will substantially reduce the burden of B-D’s monitoring the outside business activity of the firm’s brokers performed at unrelated RIA firms. Read More
UBS Adds New Non-Compete Clause To Bonus Agreements
By George C. Miller, Esq. of Shustak Reynolds & Partners, P.C. posted on Wednesday, February 21, 2018.
Just months after exiting The Broker Protocol, UBS Financial Services has reportedly added a broad non-solicitation clause to bonus agreements certain advisors are required to sign before receiving their 2017 production bonuses... Read More
Federal Court Denies Broker-Dealer's Request for Internal FINRA Documents in SEC Enforcement Action
By Erik M. Ideta, Esq. of Shustak Reynolds & Partners, P.C. posted on Friday, February 16, 2018.
On February 13, 2018, a federal district court judge denied a U.S. broker-dealer’s request for leave to compel internal regulatory documents from FINRA in an SEC enforcement action captioned SEC v. Lek Securities Corp., et al... Read More
Maserati-Buying Insurance Agent Admits to Stealing $1.5 Million from Elderly Clients
By Jessica L. Mackaness, Esq. of Shustak Reynolds & Partners, P.C. posted on Friday, February 9, 2018.
On February 5, 2018, a San Diego insurance agent, Shawn Heffernan, pleaded guilty to defrauding senior citizens and others out of nearly $1.5 million by soliciting funds for “investments,” and then spending the money on personal items such as jewelry, a Maserati, and three rental properties. Read More
California Securities Lawyer Update: FINRA Releases 2018 Regulatory and Examination Priorities Letter
By George C. Miller, Esq. of Shustak Reynolds & Partners, P.C. posted on Monday, February 12, 2018.
Each year, the Financial Industry Regulatory Authority (FINRA) outlines its core areas of focus through its annual Regulatory and Examination Priorities Letter. This year’s letter highlights a number of longstanding areas of focus, including fraud, suitability, anti-money laundering and private placement investments, as well as several new categories. Here are FINRA’s top priorities for 2018: Read More