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Ray Lucia, Sr. And His "Buckets of Money" Strategy: A Bloodbath For His Clients
By Erwin J. Shustak, Esq. of Shustak Reynolds & Partners, P.C. posted on Wednesday, October 7, 2015.
Ray Lucia, Sr. is a San Diego based “financial adviser” whom the Securities and Exchange Commission (“SEC”) barred from the securities industry in 2013 and fined he and his firm $300,000.00 for allegedly misrepresenting a retirement investment “strategy” known as the “Buckets of Money” program. Last month, the SEC voted to uphold that decision which strongly criticized Lucia and his deceptive “Buckets of Money” sales pitch. […] Read More
How Should the SEC Increase Examinations of RIA Firms?
By George C. Miller, Esq. of Shustak Reynolds & Partners, P.C. posted on Wednesday, October 7, 2015.
For at least the past decade, financial advisers have been steadily moving from traditional broker-dealer firms to independent RIAs. While brokerage firms are regulated by FINRA--and subject to rigorous FINRA examinations at least every two years--most RIAs are regulated by the SEC where, on average, RIA firms are examined just once every ten years. […] Read More
SEC SHOWS WILLINGNESS TO COMPROMISE IN WAKE OF FUROR OVER ITS USE OF IN-HOUSE COURTS
By Jeffrey T. Petersen, Esq. of Shustak Reynolds & Partners, P.C. posted on Friday, September 25, 2015.
We have been regularly updating the wave of lawsuits that have been filed against the SEC this year, charging that the Commission’s use of in-house courts to try civil actions against individuals is unconstitutional. […] Read More
Former Morgan Stanley Adviser Pleads Guilty to Data Hacking Charges
By Erwin J. Shustak, Esq. of Shustak Reynolds & Partners, P.C. posted on Friday, September 25, 2015.
Former Morgan Stanley financial adviser Galen Marsh plead guilty to accessing the firm’s computer network without permission, some of which information wound up on a public website. […] Read More
Finra Amendment Makes U4 and U5 Expungements More Difficult
By Erwin J. Shustak, Esq. of Shustak Reynolds & Partners, P.C. posted on Tuesday, September 22, 2015.
FINRA’s Board of Governors voted to implement several key regulatory changes for broker-dealers including one that will make it harder for brokers to expunge, or erase, customer complaints from their CRD records. […] Read More
Recent Appellate Action SEC Use of In-House Courts Shows the Courts Recognize the Major Importance of the Issue
By Dennis Stubblefied, Esq. of Shustak Reynolds & Partners, P.C. posted on Friday, September 18, 2015.
Two federal appellate courts, the Seventh and Second Circuits, respectively, have recently weighed in on the issue of the SEC’s use of in-house administrative judges in civil enforcement […] Read More
Massachusetts Securities Department Investigates Funds' Accounting Problems
By Erwin J. Shustak, Esq. of Shustak Reynolds & Partners, P.C. posted on Tuesday, September 15, 2015.
Massachusetts Secretary of the Commonwealth, William Galvin, responsible for policing the state’s securities laws, announced his office sent letters to Bank of New York Mellon Corp. […] Read More
Investment Advisor Who Stole $43 Million from Ex-Hockey Star Convicted
By Erwin J. Shustak, Esq. of Shustak Reynolds & Partners, P.C. posted on Friday, September 11, 2015.
Former investment manager Joseph Zada, charged with swindling $43 million from former Detroit Red Wings star Sergei Fedorov was convicted in Florida last week […] Read More
Litigation Update: California Summary Judgment Rules to be Amended
By Jessica H. Antoniades, Esq. of Shustak Reynolds & Partners, P.C. posted on Friday, September 4, 2015.
Governor Jerry Brown recently signed Senate Bill 470, which amends California Code of Civil Procedure section 437c regarding summary judgment and summary adjudication. In addition to correcting grammar throughout the code section, the amendments will excuse judges from ruling on all evidentiary objections deemed not material to a motion for summary judgment. […] Read More
FSC Securities Corp Hit With $1.28 Million FINRA Arbitration Award Arising Out Of Ponzi Scheme Featured On “American Greed”.
By Erwin J. Shustak, Esq. of Shustak Reynolds & Partners, P.C. posted on Friday, August 28, 2015.
FSC Securities Corp. has been assessed $1.28 million by a FINRA arbitration panel for losses sustained by several investors who were swindled by con man Aubrey Lee Price […] Read More