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So far Richard Frankowski has created 573 blog entries.

Most Common Investment Adviser Violations

Six investment adviser violations make up roughly 60% of all deficiencies the SEC's staff find when they investigate adviser offices, according to Renee Esfandiary, assistant director of the SEC's Office of Compliance, Inspections and Examinations. The investment adviser violations include: Compliance Rule Violations include not have written policies and procedures to ensure firm operations adhere to all adviser regulations, not following the firm’s own policies and procedures, or not having a chief compliance officer responsible for administering them. Disclosure Violations can occur when advisers fail to update their registration form ADV timely, file it with incorrect information, or do not provide clients or prospective clients with certain information at required times. Fiduciary Duty Investment adviser violations occur a when an adviser fails to act in a client's best interest, such as using client assets for an adviser’s own benefit or for the benefit of another client. This can constitute fraud. Part of this responsibility requires advisers to disclose any conflicts of interest. [...]

By |February 29th, 2016|Fraud, Press Releases & News, SEC|
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Former RBC Capital Markets Representative Submits Letter of AWC

Robert O'Keef, formerly a registered representative with RBC Capital Markets, LLC, submitted a letter of acceptance, waiver, and consent (AWC). O'Keef was registered as a General Securities Representative and General Securities Sales Supervisor with RBC from May 2006 to April 2014. He is currently not associated with any FINRA-registered firm. According to his letter of AWC, between October 1, 2012 and January 23, 2014, O'Keef exercised discretion in four customer accounts, without obtaining prior written authorization from the customers or prior written approval from his broker-dealer, a violation of FINRA Rules 2510(b) and 2010. O'Keef effected about 654 transactions in the securities accounts of the customers. All four customers had orally authorized O'Keef to exercise discretion in their securities accounts. However, O'Keef admitted that he did not obtain written authorization from his customers to exercise discretion in their accounts and that RBC did not approve these accounts for discretionary trading in writing. RBC prohibited the use of discretion, except in [...]

By |February 26th, 2016|FINRA, Press Releases & News|
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PIABA: Investors Owed Millions In Arbitration Awards Unable To Collect

According to the Public Investors Arbitration Bar Association (PIABA), FINRA is failing to help investors collect arbitration awards for damages from the brokers. Seventy-five FINRA arbitration awards, about a third of the 2013 total, are unpaid according to a report released by PIABA. That is $62 million in award money or about 25% of the total owed to investors for damages that year. PIABA, which is a not-for-profit bar association of attorneys who represent investors in securities arbitration and litigation, stated that those findings were "unconscionable." PIABA further claims that FINRA, which usually does not publish the percentage of total awards that go unpaid each year, is not doing enough to help the problem. The report claims that the majority of brokerage firms are underfunded, placing aside a "surprisingly" small amount of net capital that could be used to make those payments. "The arbitration award is meaningless if the broker or brokerage firm does not have the resources to pay [...]

By |February 25th, 2016|FINRA, Press Releases & News|
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FINRA Bars Broker For Market Manipulation

FINRA barred broker George Johnson from the securities industry for operating a manipulative trading scheme to artificially inflate the market price and trading volume for the common stock of IceWEB, Inc. FINRA additionally sanctioned Christoper Wynne, Johnson's supervisor, suspending him for two years in all capacities, barring him in a principal capacity, and fining him $25,000. Joseph Mahalick, a broker who worked with both Johnson and Wynne, was suspended for six months and fined $20,000 for falsifying firm records and has been barred from the securities industry in another action. All three worked for Meyers Associates L.P. in its Chicago branch during the time of the misconduct. FINRA discovered that over eight days, Johnson manipulated the market for IWEB by recommending that certain of his customers buy at increasingly high and artificially inflated prices while also recommending his other customers sell their shares, often matching trades between his own customers. FINRA also found that Johnson's motives for manipulating the stock [...]

By |February 23rd, 2016|FINRA, Fraud, Press Releases & News|
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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.