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Cantor Fitzgerald to Pay $7.3 Million for Selling Unregistered Stock

By Erwin J.Shutak, Esq.  of Shustak Reynolds & Partners, P.C. posted on Monday, January 4, 2016.

The Financial Industry Regulatory Authority FINRA ordered investment bank Cantor Fitzgerald & Co. to pay $7.3 million in sanctions for allegedly selling billions of unregistered microcap shares […] Read More

Cetera Advisers Consider Leaving in Light of RCS Capital Woes

By Erwin J.Shutak, Esq.  of Shustak Reynolds & Partners, P.C. posted on Wednesday, December 30, 2015.

As Cetera Financial Group’s parent, RCS Capital, implodes under the weight of accounting irregularities and increasing regulatory scrutiny, many Cetera advisors are considering whether to stay the course or jump ship […] Read More

LPL Cuts Workforce and Delays Raises for Employees

By Erwin J.Shutak, Esq.  of Shustak Reynolds & Partners, P.C. posted on Wednesday, December 30, 2015.

LPL Financial announced this week it was doing more belt-tightening and has eliminated 70 jobs […] Read More

Comprehensive Asset Management Agrees to Pay $475K Fine for Annuity Abuse Charges

By Erwin J.Shutak, Esq.  of Shustak Reynolds & Partners, P.C. posted on Monday, December 28, 2015.

New Jersey based Comprehensive Asset Management and Servicing, Inc. has agreed to pay FINRA a $475,000 fine to settle allegations that the firm failed to […] Read More

Fidelity Hit With $1 Million Fine for Failing to Detect Fraud Against Seniors

By Erwin J.Shutak, Esq.  of Shustak Reynolds & Partners, P.C. posted on Thursday, December 24, 2015.

This week FINRA hit the retail brokerage arm of Fidelity Investments with a $1 million fine and sanction for failing to detect and protect is clients, mostly seniors […] Read More

Credit Suisse Sues UBS for Raiding it's Brokers

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

As we reported previously, Credit Suisse has decided to exit the retail U.S. brokerage market and has been in discussions with Wells Fargo to transition Credit Suisse brokers to Wells Fargo where they can have access to […] Read More

JP Morgan Agrees to Pay $300+ Million to Settle SEC Charges

By Erwin J.Shutak, Esq.  of Shustak Reynolds & Partners, P.C. posted on Monday, December 21, 2015.

JP Morgan announced that it will pay over $300 million to settle SEC charges that it failed to disclose […] Read More

FINRA Seeks SEC Approval of New Broker Compensation Disclosure Rule

By George C. Miller, Esq.  of Shustak Reynolds & Partners, P.C. posted on Thursday, December 17, 2015.

On Wednesday, the Financial Industry Regulatory Authority (FINRA) submitted proposed Rule 2273 to the SEC for formal approval. The rule, titled “Educational Communication Related to Recruitment Practices and Account Transfers,” […] Read More

Morgan Stanley Axes 1,200 Jobs

By Erwin J. Shustak, Esq.  of Shustak Reynolds & Partners, P.C. posted on Wednesday, December 9, 2015.

Morgan Stanley announced it will eliminate 1,200 positions, amounting to 25% of the firm’s entire fixed income trading staff as well as other infrastructure […] Read More

SEC Enforcement Breaks Records in Fiscal 2015

By Erwin J. Shustak, Esq.  of Shustak Reynolds & Partners, P.C. posted on Tuesday, December 1, 2015.

The Securities and Exchange Commission focused on several new types of financial and securities abuses during 2015 and filed a record number of enforcement actions and fines against companies and individuals […] Read More