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 […]
Recent FINRA Disciplinary Fines And Sanctions
Arque Capital, Ltd. submitted a letter of acceptance, waiver, and consent in which the firm was censured and fined $50,000. Arque Capital did not admit or deny the findings but consented to the penalties and to the entry of findings that it sold about $3.53 million in an alternative investments called Renewable Secured Debentures to […]
SEC Adopts Securities Arbitration Fraud Intervention Rule
The SEC adopted a rule that will allow securities arbitrators to immediately disclose frauds that have the potential to threaten the investing public when they learn of such frauds in the midst of a case. The SEC’s acceptance of the rule ends years of debate over implementing such a rule that was first proposed after […]
Goldman Sachs, Citigroup Contracts Block Arbitration
The United States Court of Appeals for the second circuit ruled this week that a forum-selection clause in Goldman Sachs and Citigroup contracts preempts their responsibility under FINRA rules to arbitrate disputes with a customer. The Appellate Court had consolidated two separate cases brought by Golden Empire Schools Financing Authority and North Carolina Eastern Municipal […]
FINRA Panel Orders Morgan Stanley To Pay $4.5M
Morgan Stanley & Co. lost a FINRA arbitration dispute last week to Banco Nacional de Mexico SA. A FINRA panel ordered Morgan Stanley to pay the Mexican bank, commonly referred to as Banamex, $4.5 million, finding Morgan Stanley liable for negligence and negligent supervision. The case was filed by the bank against Morgan Stanley in […]
