Results for "arbitration"

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As Ladenburg Thalmann explores sale, one of its B-Ds is hit with GPB investor complaints

November 8, 2019

Ladenburg Thalmann Financial Services Inc. has been hit with fallout from GPB Capital Holdings. Ladenburg reported Friday morning that since July, one of its broker-dealers has been named in six customer arbitration complaints seeking $1.65...

Court upholds $3 million arbitration award against Spire Securities

November 6, 2019

A New York federal court has upheld a $3 million arbitration award holding Spire Securities responsible for failing to supervise one of its brokers who operated a Ponzi scheme. The broker, Patrick Evans Churchville, sold investments through...

Ex-Merrill Lynch broker wins $3.75 million arbitration award for defamation

November 5, 2019

A former Merrill Lynch broker won a $3.75 million Finra arbitration award against the firm over the way it described his departure. Jeffrey T. Rathmanner worked in Merrill's St. Paul, Minn., office from 1995 until April 2017, when he was fired...

Raymond James to pay $3.2 million to customers hurt by oil and gas investments

October 30, 2019

Finra arbitrators ordered Raymond James and Associates Inc. to pay $3.2 million to more than two dozen customers over unauthorized trading in oil and gas ventures. The three-person all-public Financial Industry Regulatory Authority Inc. panel...

Ex-UBS star broker called a 'bitch' by her boss wins $1.6 million discrimination claim

October 28, 2019

A former star broker for UBS Financial Services Inc. who was repeatedly called a "bitch" by her boss won a $1.6 million arbitration award last month. Chrisine Carona worked for UBS in Boston from March 2009 through July 2017 and currently is...

Securities lawyers call on Finra to halt expungement process

October 15, 2019

Securities lawyers representing investors released a report Tuesday showing that the arbitration process by which brokers can clear their records of customer disputes is rife with abuse and called on Finra to halt such proceedings. The study...

Finra panel orders former broker to pay Raymond James almost $1 million

October 15, 2019

A hearing panel of the Financial Industry Regulatory Authority Inc. has ordered former Raymond James broker John Charles Wyshak to pay the firm almost $1 million for breaching his agreement with the firm and to indemnify clients for churning...

Finra approves plan for specialized arbitrators to decide broker expungements

October 3, 2019

The Finra board has advanced proposals to reform the process by which brokers can clear their record of customer disputes and to curb the ability of brokers to become the beneficiary or executor of a customer's will. The Financial Industry Regulatory...

Leading expungement attorney accuses Finra staff of trying to influence arbitrators

September 23, 2019

This story has been revised to indicate that under Finra rules, arbitrators must review settlement documents before granting expungement. ​ A leading attorney representing brokers who are trying to clear customer disputes from their records...

House approves bill that would end mandatory arbitration in broker, adviser contracts

September 20, 2019

Advocates for prohibiting mandatory arbitration for investment disputes say House passage of arbitration legislation Friday gives the issue momentum even though the bill faces long odds of becoming law. The House approved the Forced Arbitration...

UBS 'raid' of Credit Suisse in U.S. prompts $9 million slap

September 18, 2019

A public spat between a pair of Swiss banking giants that erupted almost four years ago is now finally ending with a payment. It began in 2015, when Credit Suisse Group accused crosstown rival UBS Group of unfairly poaching staff from its U.S....

Finra panel orders Raymond James to pay former broker more than $500,000 for defamation

September 17, 2019

Finra arbitrators ordered Raymond James Financial Services Inc. to pay a former broker more than $500,000 for treating her unfairly while dismissing her. The three-person, nonpublic-majority Financial Industry Regulatory Authority Inc. arbitration...

Finra panel orders UBS to pay $555,000 to 91-year-old widow for losses tied to Ponzi scheme

September 12, 2019

Finra arbitrators ordered UBS Financial Services Inc. to pay $555,000 to an elderly Texas widow who claimed she lost hundreds of thousands of dollars in her individual retirement accounts due to unsuitable investments. Betty H. Bailey alleged...

Virginia poised to ban mandatory arbitration clauses for state-registered advisers

September 9, 2019

Investment advisers registered in Virginia will soon not be able to force clients into arbitration to settle disputes. A new state rule will go into effect on Sept. 16 that bans mandatory arbitration clauses in client contracts, according to...

401(k) court ruling could hurt retirement savers

September 7, 2019

A recent appeals court decision allowing Charles Schwab Corp. to force its employees to arbitrate disputes about the company's 401(k) plan could prove to be a negative development for 401(k) participants and their financial security in retirement....

Finra arb panel orders TD Ameritrade to pay $720,816 over alleged lack of oversight of RIA

September 3, 2019

A Finra arbitration panel ordered TD Ameritrade Inc. to pay an investor $720,816 in a case involving an alleged lack of oversight of an investment adviser to whom it provided custodial services. In an Aug. 28 award, a three-person, all public...

UBS hit with $4.4 million arb award over Puerto Rico bonds and funds

August 22, 2019

A group of investors who bought Puerto Rico bonds and closed-end funds won a $4.4 million arbitration claim against UBS Financial Services Inc. and its related business in Puerto Rico. The three investors and related trusts and businesses initially...

Brokerage customers winning more Finra arbitration cases

August 13, 2019

The number of Finra arbitration cases has declined through the first half of the year, but customer victories have increased. Financial Industry Regulatory Authority Inc. arbitration statistics posted on the regulator's website show there were...

FSC Securities facing arbitration claim over REIT and VA sales

August 12, 2019

FSC Securities Corp., a broker-dealer in the Advisor Group network, is facing a potential multi-million dollar arbitration claim by 13 investors alleging that three brokers at the firm made unsuitable recommendations by loading up their portfolios...

Finra arbitrators order Schwab to pay $347,000 to RIA owner for allegedly helping competitor

August 6, 2019

Finra arbitrators ordered Charles Schwab & Co. Inc. to pay $347,000 to the owner of a registered investment advisory firm for allegedly helping a former official of the RIA lure millions of dollars of assets to her own advisory firm. Joseph...

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