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 […]
What Does the Financial Industry Regulatory Authority Do, Exactly?
When an investor is the victim of securities fraud or negligence, he or she can bring a claim for damages against the broker, advisor or firm. Much of the time, the case will be heard in front of an arbitration panel; this is because many investors have contracts that stipulate arbitration or medication to resolve […]
Aegis Capital Investigated By FINRA, SEC, And FINCEN
Aegis Capital Corp., which is a mid-sized brokerage firm out of New York City and has 415 registered representatives, is currently under investigation from three regulators, according to a document filed by the SEC. These regulators include the Financial Industry Regulatory Authority (FINRA), the Securities Exchange Commission (SEC), and the Treasury Department’s Financial Crimes Enforcement […]
Red River Securities Barred From Industry By FINRA For Oil And Gas Fraud
FINRA has barred Red River Securities, a broker-dealer formerly out of Plano, Tax, and its Chief Executive Officer Keith Hardwick for fraudulently selling five oil and gas joint ventures, calling the actions of both “egregious.” A FINRA panel mandated the firm and Hardwick pay $24.6 million in restitution to its clients. One client affected was […]
Craig David Dima Barred By FINRA
Craig David Dima, an ex-registered representative with K.C. Ward Financial in Ronkonkoma, New York, was barred from the securities industry by FINRA for making unauthorized and unsuitable trades amounting to roughly $15 million in a seventy-three (73) year old retiree’s account, as well as for misrepresenting the reasons for all the trades to the customer. […]
How FINRA Plans on Protecting Investors This Year
One of the most common claims our attorneys bring on behalf of clients is failure to supervise. Brokerages are responsible for the majority of their employees’ actions. When a broker or advisor is negligent, or guilty of fraud, an investor can seek compensation from the firm itself or from the supervisors for failure to supervise. […]
Can FINRA’s CEO Create a New Era of Transparency?
Robert Cook, CEO of FINRA, embarked on a “listening tour” late last year. He spent months meeting with regulators, policymakers, investors and brokers (among others) to discover their primary concerns and to hear their ideas. What has emerged, it seems, is an agenda that prioritizes transparency at every level. One of the primary focuses of […]