The Clean Slate ClubMay 1, 2008,By Karen Donovan The proposed FINRA rule would change current practice-which renders arbitrations a virtual black box in which the arbitrators need not explain how they decide a case.... Former Bear Broker Gets Okay From JudgeApr 4, 2008,By Halah Touryalai A Bear Stearns broker is free to take his clients with him to his new digs at Morgan Stanley, a Massachusetts judge ruled today. ... BLOTTERApr 1, 2008,John Churchill Seminar Scammers Busted The SEC has filed civil fraud charges against Linda Woolf and David Gengler, promoters of Teach Me to Trade (TMTT) classes, mentoring... CLIENTS IN YOUR POCKETSApr 1, 2008,Halah Touryalai Playing hopscotch from one firm to another, without losing all of your clients, may soon get a little easier. That is, if the SEC's proposed amendment... Runaway Growth: Rep-As-Advisor Assets ExplodeApr 1, 2008,Kristen French Just over a year ago, fee-based brokerage accounts got the ax when the Financial Planning Association (FPA) successfully sued the SEC to overturn the... THE FAILURE CHAINApr 1, 2008,BY JOHN CHURCHILL Consider the Curious and Rather Grotesque Case of Gary J. Gross, a financial advisor from (where else?) Boca Raton, Fla. Gross' U4 is close to 100 pages... THE ECLIPSE OF PAPERApr 1, 2008,BY CHRISTINA MUCCIOLO RegentAtlantic Capital was ahead of the game. In 1996, the fee-only RIA in Chatham, N.J., went paperless a move that put it a decade ahead of its peers.... The Seven Financial Sins Of Millionaire HouseholdsApr 1, 2008,By Stephen Gresham Raising five kids in any U.S. metro area means big bucks if you want the best in education a challenge well known to one affluent family who faced a total... One Too Many For The RoadApr 1, 2008,By Bill Singer Drinking and driving is a very bad idea for a lot of reasons. But did you know how bad it can be for your job? If you have between two and five prior... Wall Street RompsMar 12, 2008,By Christina Mucciolo As former New York Governor Eliot Spitzer learned this week—after being ousted for clandestine trysts with expensive call girls—prostitution is illegal. Spitzer was not the first (nor the last) high-profile person to enjoy expensive romps with ladies of the evening (clients one through eight have yet to be ferreted out).... BLOTTERMar 1, 2008,John Churchill Strippers, Guns N' Money: The SEC filed a civil action recently against five unregistered Florida brokers who were operating a pump-and-dump scheme out... Looking Out For Numero UnoMar 1, 2008,By Stephen Gresham Top advisors know that there is an uneasy balance between helping their clients and protecting themselves. The reality is that providing a high level... Atlas ShruggedMar 1, 2008,By Bill Singer Sometimes the weight of world comes crashing down around your shoulders. I suspect that's how registered representative Jason N. Slezak, his assistant... The Arbitration Debate ContinuesFeb 26, 2008,By David Geracioti Is arbitration fair? Do retail investors get a fair shake in arbitration hearings, considering one member of the three-member panel is an industry person? The argument has been ongoing, with the most recent salvo fired off by a new academic study. The study suggests that unless you work on Wall Street, you probably don’t think arbitration is very fair (the Bloomberg news story on the survey). ... 401(k) Participants Win Right to SueFeb 21, 2008,By Halah Touryalai Yesterday’s U.S. Supreme Court ruling allowing individual 401(k) account holders to sue plan administrators may cause some angst among advisors. ... Spinning Out Of ControlFeb 1, 2008,By Bill Singer Acting as Rocky Mountain Securities & Investments Inc.'s (RMSI) President, Director, Registered Financial and Operations Principal (FINOP), and Compliance... Do Your Clients Know Who You Are?Feb 1, 2008,By Christina Mucciolo What to do with the securities industry's Depression-era regulations that have investors confused over the difference between a registered investment... BlotterFeb 1, 2008,John Churchill Too Much Volume: The Financial Industry Regulatory Authority (FINRA) fined 19 broker/dealers in January a total of $2.8 million for substantially overstating... The Ultimate Contrarian PlayFeb 1, 2008
Depending upon who you listen to, we are either in a recession, or one is gathering on the horizon. (The Fed's Beige Book says no recession just slower... Sink Or Swim?Feb 1, 2008,By Stephen Gresham I was watching a TV documentary recently about a middle-aged man who was preparing to swim the English Channel. A reporter asked him why he had chosen... Fuss Over Broker Expungement ContinuesJan 29, 2008,By Kristen French Apparently, some people still think it’s far too easy for brokers to wipe their records clean, particularly where customer dispute information is concerned. A story on SmartMoney ... SEC’s RAND Study ReleasedJan 3, 2008,By Christina Mucciolo The SEC released the results of the RAND study today, which examined two issues: how broker/dealers and investment advisors market and provide products and services to investors, and how investors understand the differences between investment advisors and broker/dealers. ... Top Compliance Issues In 2008Jan 1, 2008,By Susan Konig If you thought compliance and regulatory scrutiny couldn't get any more intense, welcome to 2008. Consumer protection is expected to be the driving force... BlotterJan 1, 2008,John Churchill Not The Glengarry Leads: In December, the SEC charged former San Francisco-based stockbroker Sidney Mondschein with securities fraud and regulatory violations.... When Management Pushes Managed AccountsJan 1, 2008
All the major firms are doing it. If you think there are better investment options for your clients, tell management in writing (and keep copies). You... A Taxing ProblemJan 1, 2008,By Bill Singer In March 2003, NASD received a customer complaint letter accusing registered representative Morton Bruce Erenstein of misrepresenting investments, recommending... Spitzer Returns! New York A.G. Probes Wall Street On Mortgage-Backed SecuritiesDec 5, 2007,By Halah Touryalai The punches keep on coming for some of Wall Street’s biggest firms. A handful of firms were sent subpoenas late this summer courtesy of New York State Attorney General Andrew Cuomo... “Top” Independent Advisor Falls From Grace?Dec 3, 2007,By Christina Mucciolo Frank Julian Bluestein may have flipped a nut. Bluestein was ranked number four on our “America’s Top 100 Independent Advisors” list, published in August of this year... BLOTTERDec 1, 2007,John Churchill Internet Securities Bust: Gerald Milligan and Andrew Mariani, of Wellington, Fla., were jointly charged by the FBI, a Florida district attorney and others,... The Fight Is OnDec 1, 2007,By Karen Donovan When a client opens a brokerage account, he agrees that he won't sue you, the registered rep, in a court of law. In opening the account, the client agrees... Sister Can You Spare A Dime?Dec 1, 2007,By Bill Singer Want to borrow some money from a client? Yeah, sounds a little shady on the face of it, but maybe you have good reasons. Well, proceed with caution. NASD... Morgan Stanley in the EEOC’s Sights on Age-Discrimination?Nov 29, 2007,By Christina Mucciolo The EEOC is investigating claims made by former Morgan Stanley advisors that the firm discriminated against older workers when it laid off 1,000 financial advisors back in 2005, according to a story in the Associated Press. ... Top Independent Advisor Under InvestigationNov 27, 2007,By Christina Mucciolo Frank Bluestein, an independent advisor formerly of Maximum Financial in Waterford, Mich., had the distinction of being number four on our “America’s Top 100 Independent Advisors” list (click here to see the list) with $1 billion in assets under management. Alas, Bluestein is currently being investigated by Michigan state securities regulators, and, possibly, the SEC. ... Securities Lobby To Members: We’ve Done Good In 2007, But We Need To Whip Washington Into ShapeNov 8, 2007
The securities industry’s biggest lobby held its annual meeting today, and, as usual, congratulated itself on the great job the industry has been doing in raising capital for business... Subprime Mess: Merrill and Goldman Reportedly Under Eye of SECNov 1, 2007,By John Churchill The subprime debt market blowup has had very different effects on Wall Street firms Goldman Sachs and Merrill Lynch. Goldman earnings shined in the third quarter, and Merrill earnings stunk. But according to news reports... |
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