Only a few months after withdrawing from the Protocol, UBS Financial Services is requiring brokers waiting for their 2017 bonuses to sign agreements that open them to lawsuits and arbitration complaints if they try to contact former clients within 12 months of leaving the U.S. broker-dealer unit of the Swiss bank. […]
Brokers
Commentary, news and links of interest to financial advisers.
Rule 8210 – How You Respond Makes a Difference
For FINRA member firms, and employees of FINRA firms (even those who are not registered) FINRA Rule 8210 (Provision of Information and Testimony and Inspection and Copying of Books) gives FINRA the authority to request documents and testimony from firms, registered persons, and, in FINRA’s view, other persons and entities […]
Why advisors will feel freer to make career moves in 2018
Many financial advisers are shaking off the uncertainties of 2017 and getting ready to consider making the moves that they had put on hold. In my view, this means more advisors will be making strategic moves in the next year even as packages remain off the stratospheric highs of 2015-16. […]
FINRA Hearing Panel Dismisses Charges against Registered Rep.
In a rare decision, a FINRA hearing panel dismissed all charges against a registered representative who was accused of falsifying firm records, by waiving his commissions on mutual fund transactions. The hearing panel found that FINRA failed to meet its burden of proof, and after a hearing, dismissed the charges. […]
SEC Files Fraud Charges Against Brokers Targeting Federal Retirees
Elder fraud is becoming a significant concern of regulators, and firms. As the older population grows, so do the issues related to them and their money. We have covered this topic before, and the SEC recently charged four former Atlanta-area brokers with fraudulently inducing federal employees to roll over holdings […]
Record SEC Award Expected for JPMorgan Whistleblowers
The SEC is expected to present the largest whistleblower award in its history – possibly $70.6 million or more to be shared by two whistleblowers in a case involving a former adviser at JPMorgan Chase – according to a SEC letter released by one of the whistleblowers. The award results […]
Not All Trial Lawyers Can Handle All Kinds Of Trials
I am a trial lawyer, a litigator, and have been at it for over 30 years. While I have represented clients at trial, in state and federal courts, most of my trial experience is in securities arbitrations, and virtually all of my work is in the securities area. The point […]
Markups, Markdowns
In recent years, markups have become a growing concern for regulators, and brokerage firm markup policies and procedures have come under increasing scrutiny from the SEC and the NASD. Essentially, a markup, or markdown, is the amount of money above (or below) the “inside” market that a broker dealer may […]
Five-Year Statute Applies to Claims for Disgorgement
The Supreme Court ruled [June 5, 2017] that claims for disgorgement brought by the SEC are governed by a five-year statute of limitations. The Court’s unanimous opinion in Kokesh v. SEC, No. 16-529, slip op. at 5 (U.S. June 5, 2017) (Sotomayor, J.), held that disgorgement, as it is applied […]
Bored Traders on Tinder
A Symptom of Wall Street Revenue Dip One bond trader says he’s been slipping out early to watch his kids play sports. A fund manager says his office just staged a golf retreat. A trading supervisor at another bank confides he’s swiping through a lot of profiles on Tinder, the […]
