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FINRA Proposes New Anti-Churning Rule

By Erwin J. Shustak, Esq. of Shustak Reynolds & Partners, P.C. posted on Wednesday, April 25, 2018.

In an effort to locate and identify brokers who excessively trade their clients’ accounts to benefit themselves through excessive trading commissions to the detriment of their clients, FINRA announced a new proposal to widen the net to ensnare brokers who “churn” client accounts. Read More

Rogue Brokers in the News; Fraudsters and Thieves of Client Funds

By Erwin J. Shustak, Esq. of Shustak Reynolds & Partners, P.C. posted on Tuesday, April 24, 2018.

Two rogue brokers made the news this week. One, a former Ameriprise broker in Los Angles, was arrested by the FBI and charged with money laundering and federal fraud... Read More

SEC to Consider New Fiduciary Rule Proposal

By George C. Miller, Esq. of Shustak Reynolds & Partners, P.C. posted on Thursday, April 12, 2018.

Signaling the next chapter in the slow moving “fiduciary rule” saga, the Securities and Exchange Commission will meet next week to discuss the framework for a new, SEC-backed standard of conduct for brokers... Read More

OGC and Enforcement at SEC Speaks 2018 - Words Matter, Process Matters, Homework Matters

By Dennis A. Stubblefield & Matias Montillano of Shustak Reynolds & Partners, P.C. posted on Tuesday, March 27, 2018.

Dennis Stubblefield, a Partner at the firm, recently attended SEC Speaks, the Commission’s annual conference in which senior staff from all divisions and offices announce and comment upon key developments from the past year and set forth coming priorities [...] Read More

Securities Law Update: The “Completely Irrational” Standard for Reversing Legal Error in FINRA Arbitration

By James Reynolds, Esq. of Shustak Reynolds & Partners, P.C. posted on Tuesday, March 20, 2018.

For those entrepreneurial enough to form, own and operate a successful RIA firm, while there is great satisfaction in being the “captain of your own ship”, most RIA owners really have no idea of the market value of their firms. Read More

RIA Lawyer Update: How and When to Value an RIA Firm?

By Erwin J. Shustak, Esq. of Shustak Reynolds & Partners, P.C. posted on Tuesday, March 6, 2018.

For those entrepreneurial enough to form, own and operate a successful RIA firm, while there is great satisfaction in being the “captain of your own ship”, most RIA owners really have no idea of the market value of their firms. Read More

Wells Fargo Wealth Management Division Faces SEC Investigation on Sales Practices

By George C. Miller, Esq. of Shustak Reynolds & Partners, P.C. posted on Monday, March 5, 2018.

Wells Fargo & Co. disclosed in a recent regulatory filing that its Wealth Management division, which includes FINRA member firm Wells Fargo Clearing Services, LLC (formerly Wells Fargo Advisors, LLC), is the subject of an SEC investigation to determine whether the firm accepted improper client referrals in violation of securities laws.  Read More

California Securities Lawyer Update: FINRA No Longer Will Require B-D's to Supervise Unaffiliated RIA's

By Erwin J. Shustak, Esq. of Shustak Reynolds & Partners, P.C. posted on Thursday, March 1, 2018.

Under a FINRA proposal released this week, broker-dealers may no longer be required to supervise the activities of their registered representatives performed at unaffiliated RIA firms. The rule, if adopted, will substantially reduce the burden of B-D’s monitoring the outside business activity of the firm’s brokers performed at unrelated RIA firms. Read More

UBS Adds New Non-Compete Clause To Bonus Agreements

By George C. Miller, Esq. of Shustak Reynolds & Partners, P.C. posted on Wednesday, February 21, 2018.

Just months after exiting The Broker Protocol, UBS Financial Services has reportedly added a broad non-solicitation clause to bonus agreements certain advisors are required to sign before receiving their 2017 production bonuses... Read More

Federal Court Denies Broker-Dealer's Request for Internal FINRA Documents in SEC Enforcement Action

By Erik M. Ideta, Esq. of Shustak Reynolds & Partners, P.C. posted on Friday, February 16, 2018.

On February 13, 2018, a federal district court judge denied a U.S. broker-dealer’s request for leave to compel internal regulatory documents from FINRA in an SEC enforcement action captioned SEC v. Lek Securities Corp., et al... Read More