Results for "arbitration"

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Triad Advisors to pay more than $200,000 for failing to give sales charge discounts on unit investment trusts, Finra says

March 17, 2016

Triad Advisors, a Norcross, Ga.,-based broker, has agreed to pay more than $200,000 in fines and restitution for failing to give some of its customers sales charge discounts on unit investment trusts, according to a settlement letter with the...

Wave of Finra arbitration claims expected from bad bets on energy

March 16, 2016

Clint Manzonie, 42, of Parker, Colo., says he lost $1 million, part of the proceeds from the sale of his construction business. James and Patricia Merritt of St. Augustine, Fla., a couple in their mid-70s, claim they lost about $400,000 of their...

Weeding out rogue brokers

March 13, 2016

A recent academic paper revived the issue of rogue brokers, a problem the industry has been struggling with for some time but has yet to solve. The working paper comes from professors at the University of Minnesota and the University of Chicago,...

Wall St. critic Warren grills Finra's Ketchum on regulator's ability to protect investors

March 3, 2016

Sen. Elizabeth Warren, D-Mass., a leading Wall Street critic, raised doubts on Thursday about whether the financial industry can police itself. At a Senate Banking subcommittee hearing, Ms. Warren pressed Financial Industry Regulatory Authority...

Confirmation quagmire mustn't deter SEC

February 28, 2016

The likelihood of the two SEC nominees being confirmed anytime soon is slim, and getting harder to imagine by the day. But the commission has too much important work to tackle to let that hold them back. Even before the sudden death of Supreme...

Investors owed millions in arbitration awards getting stiffed, lawyer group says

February 25, 2016

The Financial Industry Regulatory Authority Inc. is doing a lousy job at helping investors collect arbitration awards for damages from their brokers, according to the Public Investors Arbitration Bar Association. Seventy-five Finra arbitration...

Morgan Stanley ordered to pay $8.8 million for unsupervised trading

December 23, 2015

The Securities and Exchange Commission announced it has ordered Morgan Stanley Investment Management and brokerage firm Societe Generale Americas to pay $8.8 million and $1 million respectively for what the regulator claims was unsupervised...

Cantor Fitzgerald ordered to pay $7.3M for allegedly selling unregistered stocks

December 21, 2015

The Financial Industry Regulatory Authority ordered investment bank Cantor Fitzgerald & Co. to pay $7.3 million in sanctions for allegedly selling billions of unregistered microcap shares and having inadequate supervisory policies and anti-money...

LPL to pay $750K in latest nontraded REIT case

December 16, 2015

LPL Financial has agreed to pay $750,000 to settle charges related to the sale of nontraded REITs to an 81-year-old investor in New Hampshire, an act which the state claims was both unsuitable and unlawful. According to the state's Bureau of...

Finra task force calls for higher arbitrator pay, greater transparency

December 16, 2015

Finra should pay arbitrators more, require explanations for arbitration decisions, and implement an automatic mediation process to improve its ability to address customer and broker complaints against brokerage firms, a task force said Wednesday....

Elderly woman awarded more than $1M in churning case against ex-Morgan Stanley broker

December 11, 2015

A Financial Industry Regulatory Authority Inc. arbitration panel awarded more than $1 million to an elderly woman who claimed she was ripped off by a former Morgan Stanley broker. Arbitrators recently found in favor of Genevieve Lenehan, 92,...

Broker claws back $1.2 million from Morgan Stanley in 'significant' promissory note case

December 4, 2015

Finra arbitrators cut by almost half a $2.9 million claim by Morgan Stanley against a broker for allegedly failing to pay back a loan from the firm. A Financial Industry Regulatory Authority Inc. arbitration panel recently ruled that Matthew...

Finra's Susan Axelrod: Finding a job you love is what matters

November 22, 2015

My professional life started on Wall Street — a male-dominated environment that has evolved a lot over the course of my career — and that has shaped who I am personally and professionally. In the summer of 1987, after my first year of law...

Investor lawyers say Finra moving too quickly on arbitration unit

November 2, 2015

Plaintiffs' attorneys representing investors are calling on Finra to slow down a proposal that would bring its dispute resolution arm back in house. The Public Investors Arbitration Bar Association said that the industry-funded broker-dealer...

Finra arbitration cases are down, but the rest of the year may tell another story

October 30, 2015

Finra has reported a decline in arbitration compared to this time last year. According to September 2015 statistics, 2,538 cases were filed year-to-date through Sept. 30, a 14% drop from the same period in 2014, when 2,935 cases were filed....

Latest sentencing in $1.2B Scott Rothstein Ponzi scheme

October 26, 2015

Five years after a South Florida lawyer went to prison for running a $1.2 billion Ponzi scheme, his financial adviser faced his own sentencing. In 2010, Scott Rothstein, an attorney with Rothstein Rosenfeldt Adler in Fort Lauderdale was sentenced...

Finra efforts fail to reduce brokers' record-cleansing: PIABA

October 20, 2015

Finra's efforts to limit brokers' ability to clear their records of alleged misconduct have failed to reduce the number of times it occurs, according to an investor advocate group. The Public Investors Arbitration Bar Association released a...

Mandatory arbitration reform on the docket at CFPB

October 7, 2015

A consideration by the Consumer Financial Protection Bureau to reform mandatory arbitration for disputes involving credit cards and bank accounts caused some to question whether the move would put pressure on financial regulators to ban the...

Mary Jo White's record scrutinized by critics and supporters

October 4, 2015

As she enters what could be her last year as chairwoman of the Securities and Exchange Commission, Mary Jo White has drawn both criticism and praise. But one thing her detractors and supporters agree on is that she has one of the toughest jobs...

As DOL fiduciary heats up, both sides dig in

October 4, 2015

The battle over a Labor Department proposal to raise investment advice standards for retirement accounts reached a new level of nasty last week, as supporters and opponents dug in for months of fighting ahead. Over the course of a few days,...

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