How to Protect Client AssetsNov 1, 2006By Jason Van Steenwyk Liquidity claims against professionals, business owners and wealthy individuals are rising. What can you do to help clients minimize risk of losses... BlotterNov 1, 2006John Churchill SEC Busts Another Ponzi: The SEC filed securities fraud charges against Salvatore Favata, the former president of National Consumer Mortgage (NCM), a... Listen to Your ClientNov 1, 2006By Ann Therese Palmer If a client insists on liquidating part of her portfolio, particularly assets that are heavily concentrated, it's very risky to ignore her request... Secret Agreements with Clients Can BackfireNov 1, 2006By Bill Singer NASD has been watching for brokers and firms who borrow from clients, agree to share losses or settle disputes privately... Fighting the U5Nov 1, 2006By Jacob H. Zamansky New York's highest court will soon decide whether a brokerage employee can contest the language an employer uses in the Form U5... Skirts Vs. Smith BarneyNov 1, 2006Angela Covo Less than 10 years after they settled the infamous boom-boom room case, Smith Barney is being sued for discrimination again. The new case, Fassbender... Fight ClubOct 1, 2006By Kevin Burke Scrappy independent b/d's are swinging back against an NASD regime that they say has beaten them down and largely ignored their concerns... Mediation MamboOct 1, 2006Halah Touryalai If you've got legal trouble, October may be your lucky month: It's mediation month. The program of events, sponsored by the NASD, kicks off on Oct. 3... Creditors Snatch Collection PlateOct 1, 2006John Churchill If you're bankrupt, giving money to a religious institution is not an option, says one court. ... The Long Arm of NASDOct 1, 2006By Bill Singer In arbitration, the SRO warns you don't have Constitutional protection. But, there are limits... Deciphering the Rules of Retirement AdviceOct 1, 2006By John Churchill Some advisors have long ignored parts of ERISA when consulting participants of 401(k) plans. Now they don't have to. Still, the Street is confused over what the new pension laws really mean when it comes to reirement advice... Agent or Fiduciary?Oct 1, 2006By Ann Therese Palmer The line between brokers and fiduciaries has gotten blurry. When does a broker cross over?... Cockroaches of the Investment BusinessSep 1, 2006By Kristen French Securities regulators say that 60 percent to 70 percent of the complaints they receive concerning fraud are committed by unregistered individuals, while 97 percent to 98 percent of registered reps have virtually spotless records... A Moving TaleSep 1, 2006By Bill Singer You may be exposing yourself to big problems if you don't update your address in the CRD... Preying on SeniorsSep 1, 2006Kristen French “Seniors” account for 44 percent of all investor complaints received by state securities regulators and that number could grow in coming years, according to the North American Securities Administrators Association... Advisor BewareSep 1, 2006
Registered reps always have an obligation to do what is in the best interests of their customers, which includes making recommendations that are suitable for their investment objectives and risk tolerance.... Utah's Naked Short Selling Law on HoldSep 1, 2006Kristen French The Securities Industry Association (SIA) and Wayne Klein, the director of Utah's Division of Securities, have agreed to put on hold Utah's recently approved “failure to deliver” law... BlotterSep 1, 2006
Number 19 for Spitzer; Oppenheimer Broker Fingered; A.G. Edwards Dinged by NYSE... Pru Agrees to $600 Million Market-Timing SettlementAug 29, 2006By Kristen French Prudential Equity Group, a broker/dealer subsidiary of Prudential Financial, got slammed Monday with one of the biggest settlements seen in a market timing case: $600 million in fines, restitution and penalties.... Put It in Writing: Investors Want Arbitrators to Explain Their AwardsAug 16, 2006By Karen Donovan Lawyers who represent investors in securities arbitrations hope that a proposed NASD rule will take effect soon. ... NYSE Fines A.G. Edwards for Excessive Fees and Failure to SuperviseAug 7, 2006By John Churchill New York Stock Exchange Regulation handed down a $900,000 fine to A.G. Edwards today, marking the regulator’s first fine for abuses in fee-based accounts. The firm was also charged with failure to supervise staff, including one particularly wayward branch manager.... Ready to Punch the Clock?Jul 1, 2006By Halah Touryalai Most registered reps compare themselves to professionals, such as doctors and lawyers. But, in fact, it seems that, financial advisors may be held to the same labor law standards as an hourly employee ... Testing the CaseJul 1, 2006By Bill Singer Sometimes it's better to fight than to settle... BlotterJul 1, 2006John Churchill SEC Tackles Wachovia Insider... One More Snag in Merrill-Advest DealJul 1, 2006Kristen French Two former Advest reps, William Fenwick and Timothy Fisher, have filed a class-action lawsuit against Merrill Lynch and Advest... Morgan v. MeowJul 1, 2006Kristen French Morgan Stanley fought Meow, and won. Seriously. ... Working ConflictJun 1, 2006By Bill Singer That second job can cost you your first one... Overtime Settlements Stacking UpJun 1, 2006Halah Touryalai Citigroup agreed in mid-May to pay a record $98 million to past and present advisors to settle their overtime-pay claims. It's the fourth major financial firm to settle a class-action suit regarding overtime pay within the past 10 months... Balancing Act?Jun 1, 2006
Not when it comes to the interests of an advisor's client. They win out over your firm's dictates every time, though an advisor should be diplomatic in dealing with their supervisors... Writing the Firm's BibleMay 1, 2006By Bill Singer NASD's baffling approach to Written Supervisory Procedures... The Argument Over ArbitrationMay 1, 2006BY KRISTEN FRENCH AND ANN THERESE PALMER Arbitration used to be relatively quick and cheap. Not anymore, and no one - not firms nor lawyers, nor brokers, nor customers - seems to like it. What to do?... Cashin' InMay 1, 2006
What's an advisor's obligation when an elderly client wants to liquidate her investment portfolio, which consists entirely of stocks...
May 1, 2006
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