The Law of the Financial Markets from Top Securities Lawyers
Wednesday, April 23, 2025
When changing firms, and moving between two firms that are part of the Broker Recruiting Protocol, can the broker take client account numbers with her. We get that question a lot. Under the Protocol a broker may take only the client name, address, phone number, email address, and account title […]
A new report from TD Ameritrade Institutional, which gathered data from current and former brokerage reps, illustrates a generally positive attitude toward the RIA channel and signals a continuation of the migration trend.The findings from the 2019 Benchmarking and Independence report showed that 44% of brokers surveyed said the likelihood […]
After inquiries by the SEC, FINRA and the FBI, GPB Capital has announced significant losses in the value of its investment funds. Two of its funds, GPB Holdings II and GPB Automotive Portfolio, have reported losses of 25.4% and 39%, respectively according to InvestmentNews.com GPB Capital Holdings is a New York based […]
The SEC has voted to propose rule amendments to improve the information that investors receive regarding the acquisition and disposition of businesses. The proposed amendments are also intended to facilitate more timely access to capital and to reduce complexity and compliance costs of these financial disclosures. “The proposed rules are, […]
The SEC announced that JPMorgan Chase Bank N.A. will pay more than $135 million to settle charges of improper handling of “pre-released” American Depositary Receipts (ADRs). ADRs are U.S. securities that represent foreign shares of a foreign company and they require a corresponding number of foreign shares to be held […]
The SEC charged Robert Alexander with fraudulently raising approximately $9 million from more than 50 individuals by selling investments in Kizzang LLC, a purported online gaming business. Alexander misled investors to believe they would make at least 10 times their investment, and also stated that he had put millions of […]
The SEC maintains a list of unregistered entities that it alleges uses misleading information to solicit non-US investors known as PAUSEor fake firms. It recently updated that list to add four firms that are impersonating real firms, and 9 bogus firms. The list, known as the Public Alert: Unregistered Soliciting Entities […]
The Securities and Exchange Commission filed charges and obtained an asset freeze against the individuals and companies behind a $102 million Ponzi scheme that bilked investors throughout the U.S. According to the SEC’s press release, the defendants defrauded more than 600 investors through sales of securities in issuers they controlled, […]
The Securities and Exchange Commission charged Merrill Lynch, Pierce, Fenner & Smith with misleading customers about how it handled their orders. Merrill Lynch agreed to settle the charges, admit wrongdoing, and pay a $42 million penalty. According to the SEC’s order, Merrill Lynch falsely informed customers that it had executed […]
The U.S. has opened a criminal investigation into whether traders manipulated prices in the $550 billion market for unsecured bonds issued by Fannie Mae and Freddie Mac, according to people familiar with the matter.The probe, parts of which were described by four people familiar with it, shows that investigations by […]
