Results for "arbitration"

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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...

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,...

Reining in expungements

September 27, 2015

The vote by the Finra Board of Governors to make it more difficult for brokers to expunge black marks from their public records is welcome, and should improve confidence that the arbitration system is fair to investors. When, as a study by the...

LPL and $775 million adviser part ways amid investigation

September 18, 2015

LPL Financial and its top adviser in Louisiana cut ties last month after the adviser received a Wells notice announcing an investigation by the Financial Industry Regulatory Authority Inc. Garrett Andrew Ahrens and his firm, Ahrens Investment...

Finra presses ahead with proposal to temper expungement

September 17, 2015

Finra's Board of Governors voted on Thursday to move ahead with two key regulatory initiatives for broker-dealers, including one that would amend codes of arbitration to make it tougher for brokers to erase black marks from their public record....

Finra board to consider tougher expungement guidance to arbitrators

September 15, 2015

The Finra board is set to vote on a proposal Thursday that would incorporate into its dispute-resolution rules a reminder to arbitrators about the significance of clearing wrongdoing from a broker's record. The board will consider making its...

Morgan Stanley ordered to pay $2.4M arbitration award over former broker's trades

July 28, 2015

A Finra arbitration panel has ordered Morgan Stanley to pay at least $2.4 million in the latest round of claims by clients of a former Mississippi broker who has repeatedly been accused of mishandling investments, . A group of physicians and...

Royal Alliance to pay $1.4 million over nontraded REIT, VA sales

July 16, 2015

Royal Alliance Associates Inc., one of four subsidiary broker-dealers of AIG Advisor Group, has been ordered to pay $1.4 million to three retirees over allegations that it was negligent in supervising sales of nontraded real estate investment...

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