FINRA Investigating National Securities Broker
FINRA has filed a complaint against broker Vito Balsamo alleging that Balsamo was “selling away” ownership interests in a limited liability company named V.W. Industries, LLC without getting prior written approval from his member firm. Selling away occurs when an investment professional sells or offers securities not held or offered by the brokerage firm with […]
Department Of Labor Releases Proposal On Expanding Fiduciary Duties
Yesterday, the United States Department of Labor released a hotly anticipated and controversial proposal that would make financial advisers put their clients’ interests before their own when recommending retirement investment products. The rule, which is staunchly opposed by numerous people in the brokerage community, will broaden the number of financial advisers subject to the fiduciary […]
NYC Comptroller Wants Brokers To State They Are Not Fiduciaries
New York City comptroller Scott M. Stringer is pushing the state legislature to pass a law that would clarify the distinction between brokers and investment advisers to investors. Stringer’s proposal would mandate that all financial advisers directly state whether they must act in their clients’ best interests. “We need a uniform, national fiduciary standard, but […]
SEC Chairwoman Claims Fiduciary Battle Just Getting Started
Mary Jo White, Chairwoman of the SEC, told legislators that the agency will continue at its own pace, over an extended period of time, to address raising investment advice standards for brokers. The agency will not be rushed by a similar Department of Labor rule currently pending. White stated before the House Financial Services Committee […]
SEC To Develop Fiduciary Rule For Brokers
SEC Chair Mary Jo White stated that the agency will create stricter rules for broker. By doing so, the SEC will enter a long-standing war between Wall Street and the White House, which has asserted that biased financial advice is costing investors millions of dollars. White’s comments follow on the heels of a move by […]
Georgia Financial Adviser Accused Of Defrauding Elderly Couple
The Frankowski Firm is continuing its investigation of Leavitt Sanders and the firms with which he has been associated as further allegations surface against them. John D. and Maxine S. Bankston of Lilburn, Georgia have accused financial adviser Leavitt Sanders of fraud and numerous securities violations. The couple, who are in their eighties, filed their […]
FINRA Sanctions Alabama Broker Terry Bagwell
Alabama stockbroker and supervisor Terry Bagwell submitted a Letter of Acceptance, Waiver, and Consent (“AWC”), accepting and consenting to FINRA’s findings that he violated the regulatory authority’s rules. Bagwell, who is currently associated with Pruco Securities, LLC, was the supervisor of a registered representative who sold eighteen individuals millions of dollars in investments as part […]
Frankowski Firm Investigating Leavitt F. Sanders And Associated Firms
The Frankowski Firm is investigating the potential claims of people who invested with Leavitt F. Sanders and the firms with which he has been associated (the “Sanders Entities”). These entities include: Leavitt Financial Group, Inc., Sanders Yearian Advisory Group, Inc., Triad Advisors, Inc., TD Ameritrade, Inc., IFC Holdings, Inc. d/b/a INVEST Financial Corporation, and Capital […]
Connecticut Financial Adviser Admits Securities Fraud
Noah Myers, a financial adviser from Lyme, Connecticut, pleaded guilty in federal court this week to defrauding a number of his client through what is called a “cherry-picking” securities fraud. Myers waived his right to indictment and entered his plea before U.S. District Judge Stefan Underhill in Bridgeport, Connecticut. Myers, who was first investigated by […]
Judges Declines To Dismiss Principal Investment Groups Excessive Fee Suit
U.S. District Judge John A. Jarvey, an Iowa federal judge, decided not to dismiss a case alleging investment managers Principal Management Corp. and Principal Global Investors, LLC took too much on fees they charged a retirement plan investing in particular mutual funds. Judge Jarvey ruled that American Chemical & Equipment Inc 401(K) Retirement Plan (ACE) […]
