We’re seeing a disturbing trend of financial advisers borrowing money from their own clients — a prohibited practice in the investment industry. Notwithstanding their claimed financial expertise, many brokers and investment advisers seem to run into personal money problems. Some turn to their clients for a way out. The adviser’s pitch usually goes something like …
InvestmentNews, an influential source of news, analysis, and information concerning the financial advisory community, has published a March 17, 2018 editorial that strongly urges the adoption of an idea for protecting investors who win arbitration awards against brokerage firms but are unable to collect because the firm is uninsured and goes out of business. And, the …
In February 2016, while Hugh Berkson was President of the Public Investors Arbitration Bar Association (PIABA), he researched and authored an extensive, groundbreaking report demonstrating that in approximately one out of three cases in which ripped-off investors win an arbitration award, the damages go unpaid, as does nearly $1 of every $4 awarded. His report …
Many people recently suffered a highly publicized financial disaster, accounts of which prominently concern the trading symbols VIX and XIV. We’re going to to attempt below to describe what happened in very simple terms. But as you’ll see, even the simplest description can be complicated. What’s XIV? XIV is the trading symbol for VelocityShares Daily …
As you cruise around our website, you’re likely to see references to the Financial Industry Regulatory Authority, more commonly known by the acronym “FINRA”. If you don’t know what FINRA is and what it does, here’s a brief explanation. About FINRA FINRA is a private corporation that regulates brokerage firms and helps to oversee stock …
There was a time when virtually 100% of our clients were from our home town and state of Cleveland, Ohio. If a brokerage firm customer was victimized in Cleveland or its environs by a sleazy or careless stockbroker, chances are we would be the investment fraud lawyers to whom the customer turned for help. Nationwide …
Stockbroker Christopher Tolmacs was found liable in FINRA arbitration for breach of fiduciary duty, gross negligence, willful wanton misconduct, conversion of funds, securities fraud and violation of the SEC Act of 1934. He was most recently employed with Triad Advisors, Harbinger Asset Management, LLC, and Harbinger Financial Group, Inc. His recommendation of unsuitable alternative investment …
FINRA has suspended Mount Pleasant, S.C. stockbroker Mark S. Perry from associating with any brokerage firm in any capacity for a period of eighteen months. Perry was most recently employed by Independent Financial Group. Before that, he was associated with Royal Alliance Associates and Cambridge Investment Research Advisors. Perry made unsuitable investment recommendations to four …
Beachwood and Independence, Ohio – Ryan Paugh is under FINRA investigation for violating NASD Rule 3040 and FINRA Rule 3040. Paugh has been associated with J.P. Morgan Chase Securities, and Chase Investment Services. He is being investigated for soliciting 5 individuals to participate in unregistered securities allegedly bearing high interest rates. The securities were for …
Scott Newsholme, of Farmingdale New Jersey has been charged by the U.S. Securities and Exchange Commission with stealing more than $1 million from clients. Newsholme was a tax preparer and investment advisor who convinced clients to invest in securities, private ventures, and businesses. He cashed their checks and pocketed the money to support his gambling …
