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UBS Pays $19.5 Million to Settle the SEC’s Charges That it Mislead Investors on Derivatives

By Katherine S. DiDonato, Esq.  of Shustak Reynolds & Partners, P.C. posted on Friday, October 16, 2015.

UBS AG has agreed to a $19.5 million settlement with the SEC over claims the bank misled investors about the risk tied to debt securities […] Read More

SEC Argues That Favorable Ruling for Respondent in the Eleventh Circuit Would Conflict With 7th and D.C. Circuit Precedent

By Jeffrey T. Petersen, Esq.  of Shustak Reynolds & Partners, P.C. posted on Friday, October 16, 2015.

Respondents challenging the constitutionality of SEC administrative proceedings imposing civil penalties on unregulated individuals have had a measure of success so far in the Northern District of Georgia […] Read More

Huge Civil Penalty Imposed on Respondent in SEC In-House Proceeding

By Jeffrey T. Petersen, Esq.  of Shustak Reynolds & Partners, P.C. posted on Wednesday, October 7, 2015.

Laurie Bebo, the former chief executive of Assisted Living Concepts, Inc. was hit with a $4.2 million civil penalty today after the SEC administrative law judge ruled that she had engaged in a fraudulent scheme […] Read More

Ray Lucia, Sr. And His "Buckets of Money" Strategy: A Bloodbath For His Clients

By Erwin J. Shustak, Esq.  of Shustak Reynolds & Partners, P.C. posted on Wednesday, October 7, 2015.

Ray Lucia, Sr. is a San Diego based “financial adviser” whom the Securities and Exchange Commission (“SEC”) barred from the securities industry in 2013 and fined he and his firm $300,000.00 for allegedly misrepresenting a retirement investment “strategy” known as the “Buckets of Money” program. Last month, the SEC voted to uphold that decision which strongly criticized Lucia and his deceptive “Buckets of Money” sales pitch. […] Read More

How Should the SEC Increase Examinations of RIA Firms?

By George C. Miller, Esq.  of Shustak Reynolds & Partners, P.C. posted on Wednesday, October 7, 2015.

For at least the past decade, financial advisers have been steadily moving from traditional broker-dealer firms to independent RIAs. While brokerage firms are regulated by FINRA--and subject to rigorous FINRA examinations at least every two years--most RIAs are regulated by the SEC where, on average, RIA firms are examined just once every ten years. […] Read More

SEC SHOWS WILLINGNESS TO COMPROMISE IN WAKE OF FUROR OVER ITS USE OF IN-HOUSE COURTS

By Jeffrey T. Petersen, Esq. of Shustak Reynolds & Partners, P.C. posted on Friday, September 25, 2015.

We have been regularly updating the wave of lawsuits that have been filed against the SEC this year, charging that the Commission’s use of in-house courts to try civil actions against individuals is unconstitutional. […] Read More

Former Morgan Stanley Adviser Pleads Guilty to Data Hacking Charges

By Erwin J. Shustak, Esq. of Shustak Reynolds & Partners, P.C. posted on Friday, September 25, 2015.

Former Morgan Stanley financial adviser Galen Marsh plead guilty to accessing the firm’s computer network without permission, some of which information wound up on a public website. […] Read More

Finra Amendment Makes U4 and U5 Expungements More Difficult

By Erwin J. Shustak, Esq. of Shustak Reynolds & Partners, P.C. posted on Tuesday, September 22, 2015.

FINRA’s Board of Governors voted to implement several key regulatory changes for broker-dealers including one that will make it harder for brokers to expunge, or erase, customer complaints from their CRD records. […] Read More

Recent Appellate Action SEC Use of In-House Courts Shows the Courts Recognize the Major Importance of the Issue

By Dennis Stubblefied, Esq. of Shustak Reynolds & Partners, P.C. posted on Friday, September 18, 2015.

Two federal appellate courts, the Seventh and Second Circuits, respectively, have recently weighed in on the issue of the SEC’s use of in-house administrative judges in civil enforcement […] Read More

Massachusetts Securities Department Investigates Funds' Accounting Problems

By Erwin J. Shustak, Esq.  of Shustak Reynolds & Partners, P.C. posted on Tuesday, September 15, 2015.

Massachusetts Secretary of the Commonwealth, William Galvin, responsible for policing the state’s securities laws, announced his office sent letters to Bank of New York Mellon Corp. […] Read More