Brokering AdviceDec 1, 2005,By Andrew Osterland Nothing ruins a Sunday afternoon football game for Roy Diliberto more than one of those ads about stockbrokers who are unusually committed to their clients.... Nowhere to HideDec 1, 2005,By Bill Singer Andrew Davis Mills was a salesperson and assistant manager in the women's shoe department at Nordstrom's in San Diego. Apparently, Mills and his colleagues were having some difficulty meeting their monthly sales quota the old-fashioned way. So, these enterprising employees came up with a foolproof scheme: Use their own credit cards to purchase enough shoes to meet their monthly quota, then return the purchases for full credit.... Comings & GoingsDec 1, 2005
Terry Kassel, head of Merrill Lynch's human resources department, will be retiring at the end of this year, after 20 years with the firm and four years... BlotterDec 1, 2005,John Churchill Hackers Beating the Market: The SEC is suing Estonian investment bank Lohmus Haavel & Viisemann of Tallinn, Estonia, and two employees, for gaining access... BlotterNov 1, 2005
Cooked Books: Philip Bennett, former CEO of Refco Inc., the largest independent commodities and futures exchange, was arrested on securities fraud charges... Market-Timer Banned and FinedNov 1, 2005,John Churchill Theodore Sihpol III, a former broker at Banc of America Securities (BAS), and poster boy for the market-timing scandals and the first target of Spitzer... Will Reform Drive Brokers From 529 Sales?Nov 1, 2005,By Lauren Barack It wasn't tainted research. It wasn't late trading. It wasn't even good for a lot of headlines. But it was another ugly moment for investment advisors... You Have to AskNov 1, 2005,By Bill Singer In October 2003, a back-office glitch made Robert Burns the recipient of $12,000 that did not belong to him. Burns was an advisor with Merrill Lynch,... Supplemental InquiryNov 1, 2005
Q: Is there any way my employer can find out if I receive W-2 income from other sources, which, by the way, are not from other brokerage firms? When I... Raging BullOct 1, 2005,Kevin Burke A member of the New York Stock Exchange was arrested in late August for allegedly issuing a death threat to another seat holder who sued to block the... Foul or FairOct 1, 2005
Q: I'm 54 years old and, 19 years ago, was the first woman hired by my firm, which settled a sexual discrimination complaint filed by women employees... When in Doubt, Refer to the The BookOct 1, 2005,By Bill Singer It's one of those stories that makes an advisor realize: That could have been me. In September 1999, Customer X and her husband transferred their son's... Ducking the VA StormOct 1, 2005,By Kristen French Can the folks who market variable annuities and have gotten slammed by regulators for how they line their pockets in the process force the industry that... Onus on OSJs and BOMsOct 1, 2005,Susan Konig In mid-September, the SEC ordered Raymond James Financial Services (RJFS) to pay a $6.9 million fine for failing to supervise Dennis Herula, a former... Play Time Is Over for CitizensOct 1, 2005,John Churchill Citizens Financial Group is punishing its brokerage force for targeting elderly bank customers in the sale of its high-risk variable annuities. How? By... Regulation With a SmileOct 1, 2005,John Churchill It's a fact that busy workers are happy workers. Or is it the other way around? Either way, it may help explain the apparent mirth at the SEC. The federal... BlotterOct 1, 2005
Lawyers, Drugs and Money: Consuelo Marquez, an ex-Lehman Brothers broker who worked at the firm from 1995 to 2000, pleaded guilty in federal court in... She's Baaaack...Sep 1, 2005,John Churchill Hydie Sumner is on the cusp of winning a battle many think she was crazy for waging. Sumner, a former broker who successfully sued Merrill Lynch for sexual... Whistleblower's LamentSep 1, 2005,John Churchill Peter Scannell wants his cut. The former Putnam Investments employee, who blew the whistle on the Boston-based fund giant's market-timing practices, has... Ready to Punch a Time ClockSep 1, 2005,By Kristen French Big full-service brokerage houses like Merrill Lynch, Morgan Stanley, UBS and Smith Barney have long tried to have it both ways: hiring brokers as employees... The Real Arbitration NightmareSep 1, 2005,By Greg Bailey Henry Ford famously offered to deliver his Model T in any color, so long as it was black. Customers in the securities industry have roughly the same amount... Under SiegeSep 1, 2005,BY KAREN DONOVAN ON ITS WEB SITE, THE NASD SAYS THE HEART OF ITS MISSION IS TO ENFORCE SECURITIES LAWS IN A VIGOROUS, FAIR AND EFFECTIVE MANNER. ASK ANY BROKER/DEALER... Expunge BathSep 1, 2005
Q: I received customer letters, written after a nasty falling-out, that my firm said would appear on my internal U4, but not my public statement. The... The Battle at HomeSep 1, 2005,John Churchill The war in Iraq has cost Elton Johnson just about everything. Johnson, owner and operator of Amerivet Securities, a small broker/dealer in Inglewood,... Regulate Thyself (Better)Sep 1, 2005,BY KAREN JONES In the wake of the Wall Street scandals of the past few years, it was inevitable that government regulators would take a look at how the self-regulatory... Squawk BlocksSep 1, 2005,Kevin Burke The SEC has charged four brokers and a daytrader with cheating investors through a fraudulent scheme that used squawk boxes to eavesdrop on confidential... Misleading FaxSep 1, 2005,John Churchill The SEC recently charged a pair of pump-and-dumpers whose worst offense might be their poor impersonation of a stockbroker. The defendants in the case... Morgan Women Fired UpSep 1, 2005,Kristen French Discrimination lawsuits against Morgan Stanley could start rolling in from brokers laid off in August, say labor lawyers. The firm got rid of 1,000 low... A Rule Not Meant to Be BrokenSep 1, 2005,By Bill Singer The way things started out, William Scott seemed like a class act. In 2002, when his employer, Prudential Securities, decided to create a complex by merging... The Military Needs Protection TooAug 1, 2005,By John Churchill The House of Representatives has approved a bill that would stiffen rules governing the way mutual funds, high-cost loans and other financial products... The High Price of Foot DraggingAug 1, 2005,By Bill Singer Contesting arbitrations is often a smart move especially for reps who believe they were unjustly accused or that the settlement demanded by the customer... Suitable for Blaming?Aug 1, 2005
Q: I just opened an account for a new client who said he had lost a lot of money with another firm. The ACAT (automated customer account transfer) delivered... The Price of RedemptionAug 1, 2005,By Stan Luxenberg When regulators began attacking rapid trading of mutual funds, many funds rushed to slap on redemption fees. The SEC encouraged the practice, proposing... The Ten to Watch 2005: Learning to Live With the New NormalAug 1, 2005,By Matt Barthel IT TOOK SOME TIME, but the brokerage industry finally is coming to terms with the death in the family. In this case, the dear departed is a way of operating... Cover Your A** With PaperAug 1, 2005,By Bruce Sankin Who would have thought that a piece of regulatory paperwork could rank among an advisor's best friends? But it's true. The piece of paperwork in question... |
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
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