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Wells Fargo Strikes Deal To Recruit 250 Credit Suisse Advisors

By George C. Miller, Esq.  of Shustak Reynolds & Partners, P.C. posted on Friday, October 23, 2015.

Credit Suisse has announced plans to wind down its U.S. private banking division, which means the bank’s approximately 250 brokers will need to find a new home whether they like it or not. Rather than buying Credit Suisse’s boutique brokerage division outright, Wells Fargo recently announced an agreement with Credit Suisse to “recruit” […] Read More

Investment News Article Indicates Stalling in Women Obtaining Leadership Positions in Financial Services Industry

By Jonah A Toleno, Esq.  of Shustak Reynolds & Partners, P.C. posted on Monday, October 19, 2015.

Investment News released an online article last week indicating that women’s advancements into senior positions at financial advisory firms have stalled. While women comprise approximately half of the total number of employees at a typical advisory firm […] Read More

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