A dually registered investment adviser and broker defended his investment strategy after being charged today by the Securities and Exchange Commission with switching clients in and out of related funds without telling them the changes would boost his commission.
Finra has shuttered a small Texas broker-dealer for allegedly charging clients excessive markups on $1.3 million in securities transactions.
Finra arbitrators have ordered a securities analyst who claims he was wrongfully fired by Rodman & Renshaw LLC in 2006 for attempting to lower a stock rating to pay the broker-dealer $10.7 million in damages.
Raymond James Financial Services Inc. early this month fired a broker who held key financial positions in local Connecticut politics after discovering he was under investigation for misappropriating clients' funds.
For the third time this summer, securities industry arbitrators have ordered brokerage units of Raymond James Financial Inc. to return money to clients who brought claims over frozen auction rate securities.
Low trading volume, credit crunch put firms in regulator's sights
One of the owners of the defunct oil and gas dealmaker Provident Royalties LLC has pleaded guilty to conspiring to defraud investors in a $485 million scheme that ensnared dozens of independent broker-dealers.
The Securities and Exchange Commission's warning to The Charles Schwab Corp. that it could face civil charges over two fixed-income mutual funds may have a direct effect on current and looming legal actions from investors over losses suffered in the funds.
Morgan Stanley Smith Barney LLC has lost a $3 million producing team of veteran Smith Barney brokers to rival J.P. Morgan Securities LLC.
Finra is playing hardball with a broker-dealer that recently lost a securities arbitration, according to the chief executive of the small broker-dealer that's battling with the regulator.
