Results for "arbitration"

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Cetera broker-dealers latest to file legal claim against Ohio National

November 21, 2018

This story has been updated to include additional information not available when originally published. The six broker-dealers in the Cetera Financial Group network have filed arbitration claims against Ohio National Life Insurance Co. and affiliates,...

Finra bars ex-Wells Fargo Advisors broker who just lost arbitration over loan

November 16, 2018

The Financial Industry Regulatory Authority Inc. on Thursday barred a former Wells Fargo Advisors broker who failed to cooperate with Finra regarding its investigation into his being fired by the firm more than two years ago. The broker, Terrence...

Commonwealth files Finra arbitration, lawsuit against Ohio National for 'unlawful' VA scheme

November 15, 2018

Commonwealth Financial Network has brought both a lawsuit and Finra arbitration against Ohio National Life Insurance Co. for the alleged "unlawful scheme" orchestrated by the insurer involving variable annuity compensation. Ohio National shocked...

Finra arbitrators award $1 million to retirement investors in fraud involving Texas REIT

November 9, 2018

Finra arbitrators awarded eight retirement investors more than $1 million in a case involving unsuitable investments in a Texas real estate investment trust. The plaintiffs alleged that IMS Securities Inc., a now-defunct brokerage that operated...

Credit Suisse hit again as Finra panel sides with second former broker on deferred compensation

November 7, 2018

A Finra arbitration panel has awarded $975,530 to a former Credit Suisse Securities broker who sought deferred compensation that he claimed was withheld when the Swiss bank closed its brokerage business in 2015. Nicolas Brine Finn, who now works...

How to tell good brokers from bad ones

November 2, 2018

Don't be so quick to believe the dirt you hear about brokers. That's the inescapable takeaway from research reported by Bloomberg News last week showing that false accusations of broker misconduct are disturbingly common. Dynamic Securities...

Morgan Stanley case shows how firms smear departing brokers

October 23, 2018

Dale Cebert was managing over $400 million for Morgan Stanley Smith Barney when the bank fired him. That wasn't the only blow. The bank also claimed he had drawn multiple customer complaints and run a side business without approval — allegations...

UBS loses $20 million arbitration award over Puerto Rico investments

October 22, 2018

UBS Financial Services Inc. has lost a roughly $20 million arbitration award involving Puerto Rico bonds and closed-end funds, the largest penalty that the wirehouse brokerage has had to pay to date in such cases. A Financial Industry Regulatory...

Ex-Wells Fargo brokers sue for damages, claiming they lost business in wake of scandals

October 18, 2018

Two brokers who left Wells Fargo Advisors at the start of the month have sued the firm, along with Wells Fargo Bank, alleging that the steady stream of scandals over the past two years at the bank and brokerage substantially damaged their business....

Finra arbitration panel orders Credit Suisse to pay former broker $844,621

October 12, 2018

A Finra arbitration panel awarded $844,621 to a broker who sought deferred compensation from Credit Suisse related to the firm's shutdown of its brokerage operation three years ago. The Financial Industry Regulatory Authority Inc. arbitrators...

PIABA: Finra proposal to ease oversight of brokers' outside activities would spur selling away

October 4, 2018

A Finra proposal to ease requirements for brokerages' oversight of their registered representatives' work outside the firm will create a regulatory "black hole" and lead to more investor rip-offs, according to new report from securities attorneys....

Discrimination claim filed by ex-Morgan Stanley rep sent to arbitration

October 4, 2018

In February, a black former Morgan Stanley registered rep sued the wirehouse, saying he was terminated following a "campaign of harassment," even after the settlement a decade ago of a class-action discrimination lawsuit. A federal judge on...

Finra arbitrators order Pennsylvania brokerage to pay client $1 million in damages

August 23, 2018

Financial Industry Regulatory Authority Inc. arbitrators ordered Pennsylvania-based Trustmont Financial Group Inc. to pay a client more than $1 million in damages. James E. Grimes accused Trustmont, headquartered in Greensburg, Penn., of breaching...

Finra panel awards clients $5 million for churning, but from defunct brokerage

August 14, 2018

The Financial Industry Regulatory Authority Inc. has slapped a defunct New York brokerage firm with a $5 million fine related to excessive account trading — churning — in what was supposed to be a conservative investment strategy. The challenge...

Finra arbitrator awards $1.5 million in damages to oil and gas investor

July 6, 2018

A Finra arbitrator has ordered Texas E&P Partners and its principal, Mark Plummer, to pay a former customer $1 million in punitive damages and $521,000 in compensatory damages. The customer, Eli Garza, claimed the firm and Mr. Plummer breached...

Former Bank of America employee files Finra arbitration claim

July 5, 2018

Former Bank of America Corp. employee Joe Voboril filed an arbitration claim against the firm, claiming he was wrongfully terminated after an investigation into another banker's alleged inappropriate sexual conduct, according to Mr. Voboril's...

Unpaid arbitration awards bill by Sen. Elizabeth Warren criticized at hearing

June 28, 2018

Legislation that would provide a remedy for unpaid securities arbitration claims was criticized at a Senate Banking Committee hearing Thursday. Written by Sen. Elizabeth Warren, D-Mass., the legislation would require the Financial Industry Regulatory...

Finra panel orders Woodbury to pay customers $1.1 million

June 26, 2018

A Financial Industry Regulatory Authority Inc. arbitration panel has ruled that Woodbury Financial Services must pay $970,107.21 in compensatory damages and $121,468 in interest to two clients as a result of the firm's failure to supervise a...

Sen. Warren gets Republican cosponsor on bill to fund unpaid arbitration awards

May 30, 2018

Bipartisan backing for legislation targeting unpaid Finra arbitration awards has supporters hoping the measure will advance this year. Under the bill, written by Sen. Elizabeth Warren, D-Mass., the Financial Industry Regulatory Authority Inc....

Arbitration over employment agreement nets adviser $267,000

May 21, 2018

In a Finra arbitration in which both the broker and the broker-dealer claimed breach of contract, Francis G. Mitchell has been awarded $784,800 and the firm — Coastal Equities — $517,575, for a net of $267,225 to the broker. The case involved...

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