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Morgan Stanley Ordered to Pay $5 Million to Recruited Brokers
By George Miller of Shustak Reynolds & Partners, P.C. posted on Wednesday, June 20, 2012.
June 20, 2012. Shustak Reynolds & Partners, P.C., announces that it obtained a FINRA Panel award of $5 million dollars for a team of two San Diego based financial advisors who were recruited by Morgan Stanley and falsely induced to leave their positions at UBS in […] Read More
Shustak Reynolds & Partners, P.C. Obtains $486,615 FINRA Arbitration Award Against MSSB and Citigroup for Misrepresentations Made to Financial Advisor During Recruitment
By George Miller of Shustak Reynolds & Partners, P.C. posted on Monday, June 18, 2012.
The firm announces that it obtained a $486,615.77 FINRA arbitration award against Morgan Stanley Smith Barney (“MSSB”), Citigroup Global Markets Holdings, Inc. and Citigroup Global Markets, Inc. (“Citigroup”) on behalf of a financial advisor formerly employed by Citigroup’s Smith Barney division (“Smith […] Read More
Shustak Reynolds & Partners, P.C. Obtains $622,000.00 FINRA Arbitration Award Against Fidelity
By George Miller of Shustak Reynolds & Partners, P.C. posted on Friday, June 8, 2012.
The firm announces that it obtained a $622,000.00 FINRA arbitration award against Fidelity Brokerage Services LLC (“Fidelity”) on behalf of an 86 year old investor who had opened a joint account at a San Diego Fidelity office. The amount awarded the firm’s […] Read More
FINRA Enhances BrokerCheck System
By George Miller of Shustak Reynolds & Partners, P.C. posted on Thursday, June 7, 2012.
The Financial Industry Regulatory Authority (FINRA) recently re-vamped its online BrokerCheck portal to help users more easily access disclosure information concerning investment advisers. Where the old system only displayed BrokerCheck reports, the new system, where applicable, also displays the Investment Adviser Public […] Read More
SEC Charges Absolute Fund Advisors With Operating “Ponzi-like” Scheme
By George Miller of Shustak Reynolds & Partners, P.C. posted on Monday, June 4, 2012.
the SEC filed a Complaint in the U.S. District Court for the Southern District of New York against Absolute Fund Advisors, LLC, Absolute Fund Management, LLC and Jason J. Konior seeking an injunction preventing the defendants from operating a “Ponzi-like” scheme […] Read More
FINRA-Schwab Fight Over Class Action Waivers is Ongoing
By George Miller of Shustak Reynolds & Partners, P.C. posted on Friday, February 24, 2012.
In early February, FINRA initiated disciplinary proceedings against Charles Schwab & Co. claiming the firm violated FINRA rules by requiring its customers to sign account documents containing broad “class action waivers.” FINRA claims Schwab amended its customer agreements in October 2011 […] Read More
Top Ten Unsuitable Investments to Watch Out For
By SHUSTAK REYNOLDS & PARTNERS of Shustak Reynolds & Partners, P.C. posted on Monday, February 6, 2012.
These are the Top Ten Unsuitable Securities Investments to Watch Out For during 2012, as compiled by FINRA. For most investors, these investments may be unsuitable; complex; very risky and not easily understood: 1. Private Placements- Risks- highly illiquid; minimal disclosure; […] Read More
FINRA Cautions Against Chasing High Yields In A Low Rate Environment
By George Miller of Shustak Reynolds & Partners, P.C. posted on Thursday, February 2, 2012.
In January, the Federal Reserve announced it will keep interest rates low until at least late 2014 in a continued effort to buttress the fledgling economic recovery. In what has become a market dominated by low interest rates, yields on Treasuries also […] Read More
Merrill Lynch Pays the Piper for Failing to Arbitrate Promissory Note Disputes
By George Miller of Shustak Reynolds & Partners, P.C. posted on Thursday, January 26, 2012.
As the latest in a series of large fines levied against the nation’s few remaining wirehouse firms in early 2012, FINRA announced on Wednesday, January 25, that it fined Merill Lynch, Pierce, Fenner & Smith $1 million for refusing to arbitrate promissory […] Read More
FINRA Fines Citigroup $725,000 for Failure to Disclose Conflicts of Interest
By George Miller of Shustak Reynolds & Partners, P.C. posted on Thursday, January 19, 2012.
FINRA started the new year off by levying a $725,000.00 fine against Citigroup Global Markets, Inc., for failing to disclose potential conflicts of interest in certain research reports the firm published from January 2007 through March 2010. According to FINRA, Citigroup (a) […] Read More