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SEC Accuses San Diego RIA Total Wealth Management Of Using Client Money to Fund Earlier Fraud Settlement

By of Shustak Reynolds & Partners, P.C. posted on Monday, February 9, 2015.

The Securities and Exchange Commission filed charges against San Diego based investment advisor Jacob Cooper and his firm, Total Wealth Management. The SEC, which is seeking to freeze the firm’s assets, alleges that Cooper used client funds to settle an earlier SEC administrative action from last April. In that earlier action, the SEC accused Cooper […] Read More

Checking Out A Broker – FINRA’s Broker-Check

By Erwin J. Shustak Esq of Shustak Reynolds & Partners, P.C. posted on Thursday, January 29, 2015.

Too often investors learn of their broker’s true background, and past problems, too late. FINRA, the Federal Investor National Regulatory Authority, tasked with licensing and overseeing the more than 250,000 brokers in the country, has an easy to navigate tool on its website, www.finra.org, which Read More

Oppenheimer to Pay $20 Million to Settle With Regulators For Penny Stock Violations

By Nadia K. Ruyle Esq. of Shustak Reynolds & Partners, P.C. posted on Thursday, January 29, 2015.

Oppenheimer & Co has agreed to settle with the SEC and the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) for a combined $20 million in sanctions stemming from allegations the firm improperly sold penny stocks and ignored red flags. As part […] Read More

Fidelity Ordered to Pay $350,000 Fine for Overcharging Customers

By Jessica H. Antoniades, Esq. of Shustak Reynolds & Partners, P.C. posted on Wednesday, January 21, 2015.

The Financial Industry Regulatory Authority (“FINRA”) recently ordered Fidelity Investments to pay a $350,000 fine after determining the firm overcharged customers $2.4 million over a period of approximately 7 years. The overcharges affected over 20,000 customers, some of whom were double-billed […] Read More

New FINRA Rules Prohibit Compensation Sharing in the Securities Industry

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

The Securities and Exchange Commission recently approved the Financial Industry Regulatory Authority’s (FINRA’s) proposed Rule 2040 regarding Payments to Unregistered Persons. Section (a) of the Rule prohibits members or associated persons from, directly or indirectly, paying any compensation, fees, concessions, discounts, commissions or […] Read More

FINRA Warns Against Settlement Provisions To Silence Whistleblowers

By Nadia K. Ruyle, Esq. of Shustak Reynolds & Partners, P.C. posted on Tuesday, December 30, 2014.

The Financial Industry Regulatory Authority (FINRA) recently issued new guidance cautioning member firms about the use of broad confidentiality provisions in settlement agreements and discovery stipulations. According to FINRA, confidentiality provisions that may prevent or dissuade parties from reporting potential securities […] Read More

UPDATE: FINRA Arbitration Fee Rate Hike

By Jessica H. Antoniades, Esq. of Shustak Reynolds & Partners, P.C. posted on Tuesday, December 23, 2014.

Last week brought about an increase to the price of bringing a FINRA arbitration. Effective December 15, 2014, various fees associated with FINRA arbitration claims increased, including hearing session fees, filing fees and member process fees. These fee increases affect investors, […] Read More

Relationship Matters: Update On Tipper – Tippee Liability; Joseph Bartholomew Alleged Ponzi Scheme; And SEC’s New Fiduciary Rule

By Dennis A. Stubblefield, Esq. of Shustak Reynolds & Partners, P.C. posted on Friday, December 12, 2014.

"It's All About the Rel', 'bout the Rel', No Problem…" is a Meghan Trainor-inspired musical way to think about two big developments in the last week: the very big and very new news out of the Second Circuit on Insider […] Read More

Shustak Reynolds & Partners Investigating Potential Forex Fraud

By George C. Miller, Esq. of Shustak Reynolds & Partners, P.C. posted on Wednesday, December 10, 2014.

Shustak Reynolds & Partners is investigating a large potential fraud perpetrated by Michael Atkins, April Samson and others through several entities, including Aureus Capital, Pte. Ltd., a foreign exchange (Forex) trading firm purportedly based in Singapore. The company shuttered operations in the […] Read More

RBC Cuts International Wealth Management Platforms

By George C. Miller, Esq. of Shustak Reynolds & Partners, P.C. posted on Friday, December 5, 2014.

The Royal Bank of Canada (RBC), parent company of RBC Capital Markets, LLC, a FINRA broker-dealer, recently made widespread cuts to the firm’s international advisory, wealth management and private banking platforms. The cuts are expected to negatively impact dozens of international […] Read More