Letters To The EditorOct 1, 2008
Rules for departing reps’ client communications... Street Legal: A Suspicious Case From FINRAOct 1, 2008,By Bill Singer When a regulator fails to mean what it says... LPL Fined For Privacy FailuresSep 11, 2008,By Halah Touryalai LPL Financial is paying the price today for failing to safeguard its customers’ personal information.... BlotterSep 1, 2008,John Churchill Recycling Scam Perp Busted: Paul Merklingler of Novi, Mich., raked in $7.2 million from five investors between September 2006 and July 2007 with a simple... Are Fund Fees Excessive?Sep 1, 2008,By Stan Luxenberg Plaintiffs' lawyers periodically charge that mutual funds impose excessive fees. But costs in the industry have been declining steadily.... Blame the NudistsSep 1, 2008,Nate Wendler The free-flow of information is key to a healthy market.... From Russia, With LoveSep 1, 2008,John Churchill Bugged offices, bogus Russian court judgments and a company named Pluton from Tatarstan run by a convicted murderer it sounds like a Tom Clancy novel.... Street Legal: The “Yes” Man Who Said “No”Sep 1, 2008,By Bill Singer How a one-year suspension can last a lifetime.... What’s Next (For IBD Recruiting)?Aug 1, 2008,By Halah Touryalai An SEC proposal and an administrative law judge say client information belongs to the b/d, not the rep. What now... BlotterAug 1, 2008,John Churchill Hot-Handed Oldie Gets Jail: Eighty-one-year-old former Bayonne, New Jersey financial advisor Louis Cortellessa couldn't keep his gambling habits from... Massachusetts Says Merrill Defrauded ARS ClientsJul 31, 2008,By John Churchill It just keeps getting worse for big named Wall Street firms. Today, William Galvin, secretary of the Commonwealth, announced that he is suing Merrill Lynch for fraudulent auction-rate securities (ARS) sales. ... Wall Street Turf Wars: SEC Versus FedJul 24, 2008,By Kristen French Could it be that a turf war is breaking out? In testimony before Congress Thursday morning, Securities and Exchange Commission Chairman Christopher Cox asked legislators to give the SEC authority to regulate investment banks. ... UBS Sued By N.Y. AG For ARS FraudJul 24, 2008,By Halah Touryalai UBS is facing the first nationwide lawsuit regarding auction-rate securities compliments of the New York Attorney General, who sued the firm for securities fraud.... Post Bear, Regulatory Reform May Squeeze Brokerage MarginsJul 8, 2008,By Kristen French Increased regulation of the brokerage industry in the wake of the subprime crisis and Bear Stearns debacle could tighten the screws on brokerage business revenues and margins, says Ladenburg Thalmann analyst Dick Bove in a research report today. ... BlotterJul 1, 2008,Halah Touryalai A New York financial advisor was sentenced to five to 15 years in state prison for stealing more than $11 million from 53 clients.... Lobbying For LoveJul 1, 2008,Kristen French Even in the toughest of times, Wall Street finds the cash to pad the pockets of its favorite politicians — or, at least, the politicians favored to win. ... Street Legal: An Un-Settling ProblemJul 1, 2008,By Bill Singer Hasty settlements can prove troubling in your future, but they can also be difficult to undo. ... Tough Morning For Brokerage SectorJun 26, 2008,By John Churchill Stomachs are surely turning at the wirehouse brokerage firms this morning. Citigroup has been downgraded to an outright “Sell” by Goldman Sachs analyst William Tanona who is projecting the firm likely faces another $8.9 billion in writedowns. Tanona also downgraded the entire brokerage sector from “attractive” to “neutral” citing few short-term positives. Stocks of the all the major firms are getting hammered (see chart). ... I’d Like To Report To Prison, But I DiedJun 20, 2008,By Nancy DiCostanzo Quoting the theme song from M*A*S*H and faking your own death doesn't get you out of a 20-year jail sentence. Someone should probably let hedge fund manager Sam Israel III know. ... UBS Considers Divulging Client Names In Tax Evasion CaseJun 6, 2008,By John Churchill This weekend won’t likely be a relaxing one for UBS executives, private bankers and thousands of wealthy American clients. The New York Times reports today that the firm is under intense pressure from authorities as one of its top private bankers, Bradley Birkenfield, is expected to enter a guilty plea on Monday in a Florida court for conspiracy to defraud the U.S. government, or to put it plainly, helping U.S. clients evade taxes. The Times story indicates UBS is considering whether to divulge the names of 20,000 of its wealthy US clients. ... Spin-Rage Broker AcquittedJun 3, 2008
A Manhattan Criminal Court ruled yesterday that a hedge fund manager was not seriously injured when a stockbroker threw him off his exercise bike during a spin class at a health club. The stockbroker said, yeah, he threw the hedgie off his bike because he was grunting too loudly. True story. ... How Do You Like Me Now?Jun 1, 2008,By John Churchill When it began, the credit crisis had little to do with retail brokerage. After all, the fixed income departments were the ones who made the bad mortgage... ProspectingJun 1, 2008,By Susan Konig Many brokerage-industry watchers agree that mergers and acquisitions can be rather tiresome for clients, eroding their confidence in the firms and, often,... WHAT'S A 12B-1 FEE?Jun 1, 2008,By Stan Luxenberg For years, regulators have considered altering the 12b-1 fees imposed on mutual funds. But despite hearings and public debate, no new rules have appeared.... BLOTTERJun 1, 2008,John Churchill Expensive Bear Suit: Beverly Hills billionaire H. Roger Wang is suing Bear Stearns for allegedly duping him and his wife into buying 150,000 shares of... You're Fired, You're HiredJun 1, 2008,Halah Touryalai A lot of JPMorgan Chase employees are going to be in search of new digs very soon. The firm is expected to shed itself of 4,000 of its own staff about... Making Employees CountJun 1, 2008,BY ANNE FIELD When your firm begins to grow, you have to hire more staff, but that’s not enough. You have to develop solid processes to help them work efficiently, too... You've Got MailJun 1, 2008,By Bill Singer Once upon a time, Ma Bell owned the phones, the U.S. Postal Service delivered all the mail, and for emergencies you sent a Western Union telegram. Then... Guilty Plea On Tax Fraud Has UBS Management NervousMay 30, 2008,By John Churchill A former UBS private banker, Bradley Birkenfield, charged with helping U.S. clients evade millions in taxes is going to plead guilty in court next month, reports The Times Online, the web edition of the fabled London-based newspaper. ... Job TossMay 1, 2008,Kristen French New York City's Independent Budget Office estimates that the city could lose over 20,000 jobs in the financial sector over the next two years as the mortgage... A FALSE SENSE OF SECURITYMay 1, 2008,BY JOHN CHURCHILL Are closed-end fund preferred-auction securities safe? We consider CFPs to be the conservative's conservative security.... The Smaller They Are, The Harder They FallMay 1, 2008,By Bill Singer On April 28, 2003, the SEC, the NASD, the NYSE and various states announced a $1.4-billion landmark settlement with 10 of Wall Street's largest broker/dealers... Roids: Not Just For BaseballMay 1, 2008,Halah Touryalai Below is the transcript of an affidavit from a case in which Bear Stearns attempted to impose a temporary restraining order on departed broker Doug Sharon.... Anywhere But HereMay 1, 2008,By Halah Touryalai In July 2007, his firm, Bear Stearns, announced that two of its flagship hedge funds had collapsed. Not surprisingly, clients weren't too happy about... IT'S OKAY TO OUTSOURCEMay 1, 2008,Christina Mucciolo Johnne Syverson, co-founder of RIA firm Syverson Strege & Company, in West Des Moines, Iowa, has been outsourcing money-manager selection and portfolio... |
Current Issue Humbled But (Somehow) TriumphantBy Kristen French With reporting from John Churchill and Halah Touryalai Rescued by Bank of America from its near-death experience, Merrill Lynch is still managing to set the industry standard. advertisement Recent NewsREP. RESEARCHadvertisement BOOKS
This reference book was updated for 2008 and now contains over 900 pages of information on essential financial concepts and wealth management strategies for your work with wealthy clients. The book not only contains brief summaries of each topic, but it also contains many useful diagrams and charts that can be used with clients when explaining difficult financial concepts. The information in this book meets current FINRA/NASD guidelines. Click here. Bookstore
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