Contributing editor, Bill Singer, is a securities industry attorney who advocates on behalf of small- and mid-sized broker-dealers, registered persons, whistleblowers, and defrauded public investors.
Senator Tim Johnson (R- S.D.), incoming Senate Banking Committee Chair, began floating an amendment last week that would eliminate from Senate regulatory reform legislation the application of a fiduciary standard to investment advice provided by brokers. Instead, Johnson’s amendment calls for an 18-month SEC study on the fiduciary issue. But some say it may just be a negotiating tactic....
In her remarks before the Consumer Federation of America Thursday, SEC Chairman Mary Schapiro reiterated her commitment to creating a “strong fiduciary standard” for all securities professionals. She also called for clear point-of-sale disclosures, a re-assessment of 12b-1 fees, a closer look at target date funds and self-funding for the agency. ...
You may not remember our April 2008 cover story on Gary Gross, the Boca Raton, Florida, (where else?) broker with a 100-page, customer-complaint laden CRD. Gross apparently preyed on elderly people and a FINRA arbitration panel recently awarded $7 million to his victims, whom he defrauded. ...
Facing 22 years in jail for stealing $19 million from client retirement plans, Barry Stokes made creative use of his jail time while awaiting sentencing: He crafted voodoo dolls of his financial victims and stuck pins in them. ...
Advisors might think twice about taking a Friday off and leaving your book in the hands of your “capable” sales assistant (or client associate—whatever firms call trusted SAs these days). ...
Do any of your clients have a connection to the Mafia? Brian Hamburger, a lawyer specializing in securities law, says he represents a financial advisor who was threatened by someone claiming to have family in the Mob. ...
Now that we’re in the Great Recession, perhaps financial advisors should join—and we don’t mean join as in managing Taft-Hartley plans, either—the union movement. A thread on Registered Rep.’s Advisor Forum wonders: What if reps had a union?...
If electronic-trading pioneer and philanthropist Bernard Madoff was such a convincing fraud, how can your clients trust you? You’re all potential Madoffs now....
Ponzi, Ponzi Everywhere: The SEC either has a coincidental backlog of Ponzi scheme cases closing in the wake of Bernard Madoff, or the agency has put...
SEC In Madoff Squeeze: The $50 billion question on everyone's mind as investigators sift through files and records of Bernard Madoff is how and for how...
Registered Rep.: You say SEC Chairman Christopher Cox is being treated unfairly. Why? Philip Moyer: Companies need to report in an electronic data format...
Recent weeks have been tough at my law firm. I hesitate to answer my phone. One client sobs to me about the loss of his savings, his job and his career....
Head Exam, More Delays For Jail-Bound Hedgie: After faking his suicide and going on the lam for 23 days to avoid a 20-year jail sentence for swindling...
The American Dream Planner is designed to develop and stress- test wealth accumulation, management and transfer choices. The software accepts unlimited investments, tax deferred accounts, real property and business interests, income and expenses. Plans can include Trusts (Bypass, Marital, ILITs, CRTs, GRATs), SCINs, marketability and minority interest discounts and other techniques with income, gift and estate tax calculations. Data rich and interactive pie, line and bar charts and tabular data and mail merge provide a source for customizable reports. All versions can share encrypted data. The Personal Edition is intended for individuals with current estates of less than $3-5M. ...
