Results for "arbitration"

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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...

Adviser must pay former employer $358,000 for violating employment contract

September 10, 2019

An adviser who left an LPL Finanical affiliate to set up his own firm with Commonwealth Financial must pay his old employer $358,000, according to an arbitration award. After 18 years of employment, Jeremy Bok left Planned Financial Services...

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...

Merrill Lynch pays $40 million settlement over broker churning, faces second claim for $42 million

July 19, 2019

Merrill Lynch last month paid a stunning $40 million settlement to a customer who alleged his broker churned his account and is facing a similar claim for $42 million from another customer who had the same broker. The broker, Charles E. Kenahan,...

Finra arbitrators order Morgan Stanley to pay $3.3 million for concealing evidence

July 18, 2019

Finra arbitrators ordered Morgan Stanley to pay $3.3 million to investors in a Puerto Rico bond case, most of it because the firm allegedly concealed evidence in a hearing. The three-person all-public Financial Industry Regulatory Authority...

Finra panel awards investors $1.16 million over sales of REITs, other complex products

July 17, 2019

Finra arbitrators awarded six investors $1.16 million in a case in which they alleged Berthel Fisher & Co. Financial Services Inc. sold them inappropriate complex investments. The three-member, all-public Financial Industry Regulatory Authority...

Finra arbitrators slap $1.46 million award on former Cadaret broker

July 9, 2019

Finra arbitrators awarded an investor $1.462 million against a former Cadaret, Grant & Co. broker who failed to appear at the arbitration hearings. The investor, Janet Zagaro, filed a claim in April 2018 against Cadaret, Grant, as well as its...

Finra panel awards $513,715 to divorcee who says Edward Jones rep favored husband

June 26, 2019

Finra arbitrators awarded $513,715 to a North Dakota woman who claimed Edward Jones improperly delayed payments to her following a bitter divorce because its representative favored her ex-husband. The three-person Financial Industry Regulatory...

Finra arbitrators ding firm, executives $3 million for broker's outside business at his own RIA

June 21, 2019

Finra arbitrators awarded $3 million to investors who allege they were ripped off by a broker operating an outside business not properly overseen by his firm. In a 2-1 vote, the Financial Industry Regulatory Authority Inc. panel found Spire...

Vermont establishes restitution fund for victims of investment fraud

June 19, 2019

Vermont victims of investment fraud will be more likely to recover money thanks to a restitution fund the state created this week. The state will supply the fund by siphoning a portion of monetary settlements from securities enforcement cases,...

Edward Jones loses round in court against former broker who defected to Ameriprise

June 14, 2019

Edward D. Jones & Co. on Thursday suffered a setback in its fight to recoup client assets from a former broker who bolted to rival Amerprise Financial Services earlier this year. A state judge denied Jones' request for a temporary restraining...

Couple in Morgan Stanley advisory account wins $519,000 arb case over unsuitable investments

May 20, 2019

Finra arbitrators awarded $519,089 to a couple who claimed a Morgan Stanley broker recommended inappropriate complex investments. The three-person, all-public Financial Industry Regulatory Authority Inc. panel found in favor of Stephen R. Balok...

Finra rogue broker rule would affect 61 firms

May 15, 2019

As part of its crackdown on rogue brokers, the Financial Industry Regulatory Authority Inc. has identified 61 firms that would face restrictions under a newly proposed Finra rule. Finra currently has a little more than 3,700 broker-dealers under...

Finra proposal to restrict recidivist behavior a good start — but more needs to be done

May 14, 2019

Recently, the Financial Industry Regulatory Authority Inc. published a proposal to impose restrictions on firms with a significant history of misconduct. Finra wants to label firms with high numbers of disclosures and with a history of employing...

Finra plan to address unpaid arbitration award problem deserves fair hearing

May 11, 2019

The Finanical Industry Regulatory Authority Inc. finally may have come up with a fair way to ensure that investors who win arbitration awards actually receive them. Under a new rule proposal, Finra would require firms with a track record of...

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