FRANKOWSKI FIRM INVESTIGATING POTENTIAL CLAIMS AGAINST MORGAN STANLEY FOR UNSUPERVISED SALES OF UNIT INVESTMENT TRUSTS
The Frankowski Firm is investigating potential claims against Morgan Stanley Smith Barney LLC, based on a $3.25 million fine and $9.78 million in customer restitution ordered by the Financial Industry Regulatory Authority (“FINRA”) against the firm for its supervisory failures related to short-term trades of unit investment trusts (UITs). A UIT is a company that […]
FINRA WARNS ARBITRATION PARTICIPANTS REGARDING USE OF NON-LAWER REPRESENTATIVES
The Financial Industry Regulatory Authority (“FINRA”) conducts more than 99% of the securities-related legal disputes in the United States, pursuant to FINRA’s code of arbitration procedures. Participants in FINRA arbitration may represent themselves, may have an attorney representative, and (subject to certain exceptions) may even hire a non-attorney representative. FINRA’s New York-based director of dispute […]
FINRA CENSURES QUESTAR CAPITAL CORP. FOR OVERCHARGING INVESTORS, SUPERVISORY FAILURES
The Financial Industry Regulatory Authority (“FINRA”) has accepted a letter of Acceptance, Waiver, and Consent from Questar Capital Corporation, of Minneapolis, Minnesota, for its failure to identify and apply sales charge waivers to eligible retirement accounts and charitable organizations. Without admitting or denying any findings made against it, Questar accepted a censure from FINRA and […]
FINRA Launches New Investment Protection to Combat Elder Abuse
Financial abuse of senior citizens is a growing trend as more and more Americans are living longer. All the wise steps financial advisors recommend to working adults saving for retirement can backfire spectacularly when retirees become the target of financial predators. To combat this, FINRA has drafted a new rule to target the financial exploitation […]
Why Members of Congress File Joint Statement of Disapproval Over Consumer Protection Measure
Mandatory arbitration has been slowly taking the place of class action lawsuits, at the behest of major corporations and financial institutions. This makes sense: arbitration allows companies to address each individual complaint filed as a stand-alone incident, whereas in a class-action lawsuit, even consumers who cannot afford individual representation can seek recompense. Fewer consumers able […]
Frankowski Firm Investigating Westpark Capital for Potential Broker Fraud and Negligence
The law offices of The Frankowski Firm, LLC are investigating customer complaints concerning Westpark Capital, Inc. for the potential sale of unsuitable investments to their customers and failure to diversify these customers’ accounts. The firm has its headquarters in Los Angeles, California, and FINRA records show it has been registered with both the SEC and […]
Berthel Fisher On Thin Ice With FINRA For Supervisory Failures
In 2014, FINRA fined Berthel Fisher & Co. Financial Services Inc. and one of its affiliates $775,000 for a number of failures to supervise sales of nontraded REITs and leveraged ETFs between 2008 and 2012. Now the company is on thin ice with FINRA again for failing to supervise the sale of an investment product. This […]
If I Lose Money, Can I Sue My Stockbroker or Financial Advisor?
When you invest your hard-earned money, you probably do so because you want to protect yourself in the future. Whether you are planning for your retirement, for a major purchase (like a home), for your children’s educational opportunities or are simply investing for fun, the goal is to make money, not lose it. But what […]
Robert Tricarico Sentenced To 3.5 Years In Prison For Client Theft
Robert Tricarico, a former LPL broker, pleaded guilty to stealing $1.2 million from a client by a federal court in Hartford, Connecticut and was sentenced to forty-one (41) months in jail. The Court also ordered him to pay restitution. Tricarico started his career as a broker in 1992 and spent ten years with Merrill Lynch. […]
FINRA Arbitrators Explaining Expungement Decisions More Thoroughly
FINRA arbitrators are starting to explain expungement decisions more thoroughly, getting rid of some of the mystery associated with removing customer disputes from brokers’ records. This can certainly be seen in recent awards. According to the Securities Arbitration Commentator, the number of explained decisions in cases where the parties reached a settlement has increased to […]