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Obviously, the decision to expunge complaints from brokers’ records will always remain somewhat controversial. Almost all client/broker contracts have a clause that sends client complaints to an arbitration board before allowing public complaints; and this appears fair to both clients and brokers. Future clients certainly deserve a warning about brokers who haven’t acted in their

The Justice Department has unsealed indictments against seven individuals, all of whom are or have been affiliated with Platinum Partners L.P. (Platinum), purportedly a $1.7 billion hedge fund based in New York City. Charges Against Platinum Charged with securities fraud, investment adviser fraud, securities fraud conspiracy, investment adviser fraud conspiracy, and wire fraud conspiracy are

The Financial Industry Regulatory Authority (FINRA) announced on October 20, 2016 that it is seeking SEC approval of proposed rules to help prevent the financial exploitation of seniors and other vulnerable adults. FINRA’s proposed rules would require firms to make reasonable efforts to obtain the name of and contact information for a trusted contact person

The Stockbroker Malpractice team of McCarthy, Lebit, Crystal & Liffman Co., LPA  is investigating claims against Mark N. Wesley, a former broker with Ameriprise Financial Services. Wesley, who worked in Independence, Ohio, now is out of the industry. Mark Wesley’s Fraudulent Practices According to his public record, Wesley recently was “permitted” by the Ameriprise to resign

On October 17, 2016, broker-dealer ProEquities, Inc. of Birmingham, Alabama was censured and fined $165,000 by FINRA. The firm consented to the sanctions and to the entry of findings that (among other things) it failed to establish, maintain, and enforce adequate written procedures to supervise sales of non-traditional Exchange Traded Funds or “ETFs”. The findings

This summer, the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC) both fined Merrill Lynch, the brokerage arm of Bank of America Corporation, for negligently failing to adequately disclose information in connection with the sale of a product called “Strategic Return Notes” (“SRNs”). These structured notes were issued by Merrill Lynch’s

Our financial advisor malpractice team is now accepting cases for review involving thirteen investment advisory firms penalized by the Securities and Exchange Commission (SEC). These firms provided customers with false information about AlphaSector Index Funds, a series of products designed by defunct investment manager F-Squared Investments and its former CEO Howard Present. F-Squared’s False Reporting

The Financial Industry Regulatory Authority (FINRA) announced on October 20, 2016 that it is seeking SEC approval of proposed rules to help prevent the financial exploitation of seniors and other vulnerable adults. FINRA’s proposed rules would require firms to make reasonable efforts to obtain the name of and contact information for a trusted contact person

The Stockmarketloss investment fraud team at McCarthy, Lebit, Crystal & Liffman Co. LPA is investigating claims against stockbroker Dominic Tropiano, formerly of America Northcoast Securities in Cleveland, OH. During much of Tropiano’s tenure with America Northcoast Securities, he allegedly serviced customers’ accounts and solicited securities sales despite the fact that he was neither registered with