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So far Richard Frankowski has created 573 blog entries.

Twelve Firms Fined For Cybersecurity Issues

FINRA dished out $14.4 million in fines to twelve firms for breaches pertaining to the retention of broker-dealers' and clients' electronic records, which the regulator says made the firms vulnerable to cybersecurity threats. The firms include Wells Fargo & Co. and RBC Capital networks, RBS Securities Inc., SunTrust Robinson Humphrey Inc., LPL Financial, Georgeson Securities Corp. and PNC Capital Markets. FINRA says they failed to maintain electronic records in a particular format designed to prevent alteration and destruction. "These disciplinary actions are a result of FINRA's focus on ensuring that firms maintain accurate, complete and adequately protected electronic records,” said Brad Bennett, FINRA's chief of enforcement, who is stepping down early next year. “Ensuring the integrity of these records is critical to the investor protection function because they are a primary means by which regulators examine for misconduct in the securities industry." The massive fine is in accordance with FINRA's wider crackdown on cybersecurity lapses, which it outlined earlier in 2016 as [...]

By |December 21st, 2016|FINRA, Press Releases & News|
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In for a Penny, In for More Than a Pound

Many people follow the stock market as a hobby. Some of them invest in “penny stocks,” which are stocks that are not listed on exchanges like the NYSE or NASDAQ. Instead they are listed on the pink sheets or the over the counter bulletin and trade for under $5 per share. Brokers do not generally recommend penny stocks because they are high risk. On rare occasions, however, they can produce great returns and the idea of striking it rich off of a long shot is sometimes too tempting to uninformed investors. Why penny stocks are a risky investment We want to look at the main reasons why penny stocks are a bad investment idea – for the first-time investor or the seasoned one. First, penny stocks are not sold by reputable companies (referred to as “blue chip”) with a well-established history. Most companies with these types of stocks are either newly-formed, or on the verge of bankruptcy. Second, penny stocks [...]

By |December 21st, 2016|Fraud|
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UDF In State Of Limbo

A year ago, real estate investment trust ("REIT") United Development Funding IV was accused of operating as a Ponzi scheme. Since then the FBI has raided its offices, the REIT's shares dropped to $3.20 before being delisted by the NASDAQ, and the SEC issued a Wells notice against it. As the year comes to an end, investors still have little information on the future of the UDF REITs. UDF manages four REITs, which have a combined total of $1.3 billion in assets, but they have not issued financial reports since November 2015. UDF IV, no longer listed on the NASDAQ, is currently trading on the OTC markets. The other three REITs are non-traded, meaning they are not traded on any public exchange. UDF III issued a letter to shareholders last week that detailed the events of last year, including what it calls "the attack" last December by Hayman Capital, a hedge fund with a short position in UDF IV [...]

By |December 14th, 2016|Legal Matters|
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What Investors Should Know about Real Estate Investment Trusts

A “good” investment portfolio is diverse, consisting of securities in a variety of industries. Brokers and financial advisors may recommend that you invest in real estate, and one way to do that it through a Real Estate Investment Trust, or REIT. REITs are a lot like mutual funds, in that they allow investors of all shapes and sizes to own a part of the holding. REITs come in two in forms: traded and non-traded. Traded REITs (those listed on the stock exchange) offer a number of benefits: they are relatively easy to buy and sell, operate with transparency, and generally offer a solid return on your investment. Non-traded REITs, however, are a different animal. There are a few things investors should know about the risks involved with these products before they agree to any purchases: Non-traded REITs are generally illiquid. REITs that are not on the stock exchange are difficult to sell, which can put investors in a bind if [...]

By |December 14th, 2016|Uncategorized|
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Disclaimer: Mr. Frankowski is licensed in Alabama,Florida and Texas. He is not licensed in any other state including Nevada and California. Mr. Frankowski has represented investors from all over the country in securities cases including: Alabama, California, Colorado, Florida, Georgia, Illinois, Kentucky, Louisiana, Mississippi, Nevada, New Mexico New York, North Carolina, Tennessee, Texas.