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About Richard Frankowski

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So far Richard Frankowski has created 573 blog entries.

They Took the Money and Ran: Identifying Stockbroker Fraud and Negligence

Everyone knows the name Bernie Madoff; he’s the man whose Ponzi scheme defrauded investors out of $65 billion, a scheme considered the largest act of financial fraud in history. What many investors do not realize, however, is that a Ponzi scheme is only one kind of broker fraud. The truth is investors throughout the country lose money all the time because of fraudulent or negligent actions by their brokers, brokerage firms, and advisors. How do you know if your broker has “done you wrong”? Very generally speaking, your broker owes you a duty of care. Anything he or she does that violates that duty, either out of negligence or fraudulent conduct, could make him or her liable for the losses you incur. If your broker or brokerage firm has not put your best interests first, and it resulted in a loss of assets for you, then you may be able to pursue a claim against them. If your broker lies [...]

By |November 22nd, 2016|Fraud|
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Oppenheimer & Co. Fined By FINRA

FINRA fined Oppenheimer & Co. $3.4 Million for failures in reporting internal discipline, giving information in arbitration cases, and offering sales discounts to customers. Between 2008 and 2016, the firm was on average four years late making 365 filings with FINRA, pertaining to disciplinary actions it took against its own brokers and arbitration and litigation settlements. The regulator also said that from 2010 to 2013, Oppenheimer did not provide documents to seven claimants in an arbitration case against ex-registered representative Mark Hotton. Oppenheimer has already paid $6 million to settle the claims alleged in that case. Additionally, FINRA said the firm overcharged 825 customers $1,010,327 between 2009 and 2015 for mutual funds shares because it did not apply the appropriate fee waiver. FINRA issued a $1.575 million fine and forced Oppenheimer to pay $703,122 to the arbitration claimants and $1,142,619 to its mutual fund customers. “It's important for firms to [...]

By |November 18th, 2016|FINRA, Press Releases & News|
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If Your FINRA Arbitration Panel Doesn’t Play Fair, Trust Richard S. Frankowski to Fight Back

A recent article in TheStreet.com looked into a serious problem with FINRA arbitration panels – namely, that arbitrators often fail to disclose when they have a conflict of interest. Who did they interview about the issues? None other than our firm founder, Richard S. Frankowski. And with good reason: while FINRA arbitrations are often the only way that investors can recoup their losses after an act of fraud or negligence by a broker or brokerage firm, very few attorneys throughout the country are familiar with them. Mr. Frankowski, however, specializes in FINRA arbitrations. The article details one of our cases in which an investorlost $4 million because of flawed investment strategies by Morgan-Keegan, a Memphis-based brokerage. Our client was awarded $.07 per dollar he lost by a panel of three arbitrators – one of whom “had disclosed that he was a non-partner ‘of counsel’ to Atlanta-based law firm FordHarrison since 2001, [but] had failed to mention that defendant [...]

By |November 17th, 2016|Legal Matters|
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Edward Jones Hit With Second Excessive Fee Suit

Edward Jones has been hit with a second excessive fee and self-dealing suit regarding its 401(k) plan. This is the second suit of this nature this year against the brokerage firm and just one of many that have been filed against other defendants this year. The suit alleges that the firm and a number of employees overseeing the retirement plan breached their fiduciary duties by selecting high-cost mutual funds when identical, lower-cost ones were available, choosing "an unreasonable number" of high-risk investment options, and including a "poorly performing" money market fund in place of a stable value fund. The excessive fee suit also claims Edward Jones entered into arrangements with such “product partners” whereby fund companies paid for access to the “captive market” of 401(k) participants by giving revenue-sharing fees to Edward Jones in return for “shelf space” on the retail side of the brokerage business. These revenue-sharing agreements, as the suit states, were "contingent upon" Edward Jones offering the [...]

By |November 16th, 2016|Press Releases & News|
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The recoveries, verdicts, favorable outcomes, and testimonials described on this site are not an indication of future results. Every case is different, and regardless of what friends, family, or other individuals may say about what a case is worth, each case must be evaluated on its own facts and circumstances as they apply to the law. The valuation of a case depends on facts, the damages, the jurisdiction, the venue, the witnesses, the parties, and the testimony, among many other factors. No representation is made that the quality of the legal services performed is greater than the quality of the legal services performed by other lawyers.

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.