Recent Blog Posts
Financial Firm Censured and Fined by FINRA for Multiple Violations
Recently, the Financial Industry Regulatory Authority (FINRA) censured Caldwell International Services Corporation and fined the firm $1,000,000. The company was also forced to pay $1,026,089.48 in restitution to the affected clients. The penalties came in response to the company’s repeated violations of fiduciary duty to its customers and violations investment regulations. The firm’s principal,… Read More »
The History Of Troubled NFLPA Registered Financial Advisors
Since its inception in 2002, the NFLPA Financial Advisor program has had more than its fair share of troubled financial advisors registered in the program. Kirk Wright, Nelson “Keith” Bond, Jeffrey Rubin, Kurt Barton, Jinesh “Hodge” Brahmbhatt, Aaron Parthemer, Sylvester King, Jr., Jonathan Schwartz, and Ash Narayan were all registered in the NFLPA Financial… Read More »
Financial Adviser Charged with Fraud for Cherry-Picking Trades and Misleading Investors
The Securities and Exchange Commission (SEC) recently announced fraud charges against Laurence I. Balter, a financial adviser based in Hawaii. The charges were brought in relation to operations Balter conducted through his investment firm, Oracle Investment Research. According to the allegations, he ‘cherry-picked’ successful trades and assigned them to his own personal account and… Read More »
The SEC Has Charged UBS Financial Services With the Failure to Adequately Supervise its Sales Staff
The Securities and Exchange Commission (SEC) recently reached a $15 million settlement with the financial services giant UBS. The settlement came in relation to charges that the company failed to adequately educate, train and supervise members of its sales team. As a result of these failures, sales representatives were unable to fairly inform clients… Read More »
What You Need to Know About Using BrokerCheck
When it comes to investing, there is nothing more important than ensuring that you are working with a qualified (and trustworthy) broker. Are you confident that you can trust your investment adviser? It is reasonable to be concerned as it can be difficult to be certain that you are working with the right person…. Read More »
FINRA Issues Fine for Florida Brokerage
Recently, the Financial Industry Regulatory Authority (FINRA), cited a Boca Raton brokerage firm for overcharging its clients. The company, Summit Brokerage Services, Inc. was fined a total of $75,000 and was also ordered to pay an additional $83,757 in financial restitution to affected customers. In doing so, Summit Brokerage did not admit to, or… Read More »
FINRA Takes Disciplinary Action Against Two Florida Companies
According to reporting from the South Florida Business Journal, two Boca Raton companies, Newbridge Securities Corp and Shearson Financial Financial Services LLC, have been disciplined by the Financial Industry Regulatory Authority (FINRA). Newbridge was accused of overcharging customers in relation to sales orders, as a result they have agreed to pay a fine of… Read More »
Financial Adviser Induced Investments with False Statements, Stole from Client
According to a press release from the Securities and Exchange Commission (SEC), Nicholas M. Mitsakos, a California-based financial adviser, stole more than $800,000 from a client. Using his company Matrix Capital Markets, LLC, Mr. Mitsakos took in more than $2 million from the client before siphoning off 40% of the investment for his own… Read More »
NFL Player Files Lawsuit Against Former Financial Advisers
Recently, InvestmentNews.com reported that Pro Bowl NFL player Dez Bryant had filed a breach of fiduciary duty lawsuit against his former investment advisers. The lawsuit also accuses his ex-advisers, a group led by current Texas State Senator Royce West, of fraud and gross negligence. All financial advisers have a legal obligation to look out… Read More »
Morgan Stanley Advisor found Guilty of Churning, Having Affair with Married Client
Morgan Stanley financial advisor Ami Forte purportedly had more than a decade-long affair with client and co-founder of the Home Shopping Network, Roy Speer, and made 12,000 thousand unauthorized trades on Speer’s account and generated $40 million in fees, according to an Investment News report. Speer’s widow filed a FINRA arbitration proceeding against Forte… Read More »
