FINRA January 2017 Disciplinary Actions
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Charles Schwab Sued Over Own 401(k) Plan
A participant in the Charles Schwab Corp. 401(k) plan has sued the plan and corporate executives, claiming they violated their duties under the Employee Retirement Income Security Act (ERISA) by offering Schwab funds that were “more expensive than comparable alternatives available in the marketplace.” [su_spacer size=”10″] The suit was filed in United States District Court in […]
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 […]
Morgan Stanley Charged with Unethical Sales Contest
Massachusetts is seeking a censure, cease and desist and equitable relief for customers after charging Morgan Stanley with conducting an unethical sales contest, according to a recent Investment News article. The sales contest, which ran from January 2014 to April 2015, encouraged advisorsto get their clients to take out Morgan Stanley loans against their Morgan […]
Texas Broker-Dealer Fined Over Variable Annuities
An annuity exchange allows brokers to transfer an investor’s funds in an annuity to a new policy without incurring tax penalties. IMS Securities, a small broker-dealer firm, was fined $100,000 by FINRA for failing to supervise their brokers who used the annuity exchange to benefit themselves, according to a recent Investment News article. The brokers at IMS were […]
Broker Fined for Siphoning from Octogenarians
According to a recent Investment News article, First Heartland Capital broker Jerome Scott Krause must pay $600,000 in damages to an elderly Wisconsin couple. The couple alleged Krause abused his position as their broker to help himself to loans of their money without their consent. First Heartland Capital fired Krause in 2012 for allegedly borrowing money […]
Dez Bryant Sues Former Advisor
NFL star and Dallas Cowboy wide receiver Dez Bryant is suing his former advisor, Royce West. West is currently a Texas state senator. The suit claims that West breached his “professional and fiduciary duty.” [su_spacer size=”10″]West filed suit against Bryant last month, seeking financial compensation for damages Bryant allegedly caused to a house he rented. […]
Transamerica To Pay $3.8M For Excessive Fees
Transamerica has agreed to settle an excessive-fee lawsuit with its employees who participated in its 401(k) plan for $3.8 million. [su_spacer size=”10″]The Plaintiffs in the case allege that Transamerica and its affiliates breached their fiduciary duty under the Employee Retirement Income Security Act of 1974 for charging excessive administrative and investment management fees. [su_spacer size=”10″]Transamerica […]
Fidelity Sued For Alleged Fiduciary Breach
Participants in a Delta Air Lines Inc. 401(k) plan have sued units of Fidelity Investments, alleging a fiduciary breach in Fidelity’s role as record keeper. The suit, Fleming, et al. v. Fidelity Management Trust Co., et al., was filed May 20, 2015 in the U.S. District Court in Boston. Delta Air Lines, itself, is not […]
Leavitt Sanders’ Clients May Have Legal Rights
The Frankowski Firm, LLC has filed several lawsuits alleging that Leavitt Sanders and the entities he traded through committed investment fraud. These entities include Leavitt Financial Group, Inc., Sanders Yearian Advisory Group, Inc., Triad Advisors, Inc., IFC Holdings, Inc. d/b/a INVEST Financial Corporation, and Capital Asset Advisory Services, LLC. The investors allegedly defrauded, many of […]
