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MF Global Clients to Recover 72 Cents on the Dollar
By George Miller of Shustak Reynolds & Partners, P.C. posted on Friday, December 9, 2011.
Bankruptcy Court judge in Manhattan, New York ruled today that James Giddens, the trustee appointed to liquidate MF Global Inc. following the firm’s October 2011 bankruptcy, may distribute an additional $2.2 billion to the firm’s former customers. While a small […] Read More
New SEC/FINRA alert on Broker-Dealer Branch Inspections and Broker Supervision
By of Shustak Reynolds & Partners, P.C. posted on Wednesday, November 30, 2011.
On November 30, 2011, the Securities Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) issued a Regulatory Risk Alert outlining effective policies and procedures for broker-dealer branch inspections and broker supervision. The alert serves as a reminder of existing Securities Exchange Act and […] Read More
Don’t Fall Victim To Affinity Fraud; If It Sounds Too Good To Be True, It Probably Is
By George Miller of Shustak Reynolds & Partners, P.C. posted on Wednesday, November 30, 2011.
It’s one of the oldest tricks in the book, and new clients routinely contact our firm after falling victim to it. A member of your community organization, a friend from work or perhaps even your child’s soccer coach recommends a new, “guaranteed” […] Read More
FINRA Sanctions 8 Firms for Due Diligence Failure in Private Placements
By Jonah Toleno of Shustak Reynolds & Partners, P.C. posted on Tuesday, November 29, 2011.
The Financial Industry Regulatory Authority (FINRA), the self-regulated organization responsible for overseeing brokers and broker-dealers, has sanctioned eight firms and ten individuals for recommending private placement investments without a reasonable basis to customers. Among the firms sanctioned are: NEXT Financial Group; Investors […] Read More
Federal Court Decision – Judge Rejects Citi’s Settlement with SEC
By Jonah Toleno of Shustak Reynolds & Partners, P.C. posted on Monday, November 28, 2011.
In a recent court decision, New York Federal Judge Jed Rakoff denied a motion to approve a settlement between Citigroup and the SEC arising out of charges that Citi misled investors about collateralized debt obligations. Judge Rakoff rejected the highly publicized […] Read More
Beware Private Placements; Risky Investments for Most
By of Shustak Reynolds & Partners, P.C. posted on Saturday, November 26, 2011.
November 26, 2011. We see more and more private placements being sold to unsuspecting investors, most of whom have little or no idea of the risks inherent in these investments. With very few exceptions, a private placement is a high risk investment; typically highly illiquid […] Read More
The Effect of California’s Expungement Rules on Registered Representatives and Investment Advisers
By George Miller of Shustak Reynolds & Partners, P.C. posted on Wednesday, November 23, 2011.
Registered representatives, investment advisers and others employed in the securities industry are required to disclose certain prior criminal convictions, including some “expunged” convictions, to the Financial Industry Regulatory Authority (FINRA) or the Securities and Exchange Commission (SEC) in connection with their employment. […] Read More
What Are Up-Front, Forgivable Loans?
By SHUSTAK REYNOLDS & PARTNERS of Shustak Reynolds & Partners, P.C. posted on Tuesday, November 15, 2011.
Up-front, forgivable notes have been used by brokerage firms for many years as a way to entice high producing brokers to join- and, hopefully, remain- at the firm recruiting the talent. Virtually all firms use these notes as a recruiting […] Read More
JP Morgan Chase Clients Sold Unsuitable Investments
By SHUSTAK REYNOLDS & PARTNERS of Shustak Reynolds & Partners, P.C. posted on Tuesday, November 15, 2011.
November 15, 2011. Unsuitable investments continue to be sold to unsuspecting clients of major brokerage firms. On November 15, 2011 FINRA, ordered JP Morgan Chase to reimburse clients $1.9 million for losses those investors sustained when JP Morgan sold them high risk, unsuitable unit […] Read More
SEC in S&P downgrade investigation?
By SHUSTAK REYNOLDS & PARTNERS of Shustak Reynolds & Partners, P.C. posted on Tuesday, September 20, 2011.
The SEC has subpoenaed various financial firms to investigate possible insider trading before US S&P credit rating downgrade” http://money.cnn.com/2011/09/20/news/economy/sec_sp_investigation/index.htm?iid=SF_BN_River Read More