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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

Wells Fargo Settles Deferred Comp Class Action For $7.4 Million

By George C. Miller, Esq. of Shustak Reynolds & Partners, P.C. posted on Tuesday, November 25, 2014.

Wells Fargo Advisors recently agreed to pay in excess of $7.4 million to settle a class action claim alleging the firm wrongfully withheld deferred compensation from retirement-aged advisors. The settlement is expected to be confirmed at an upcoming hearing in the Northern District […] Read More

FINRA's Account Data Collection System Under Scrutiny

By George C. Miller, Esq. of Shustak Reynolds & Partners, P.C. posted on Wednesday, November 12, 2014.

In recent years, everyone—from businesses, to government agencies and individuals—has turned to technology to simplify life and streamline the way things are done. Or at least that is the idea behind the Financial Industry Regulatory Authority’s (FINRA) proposed Rule 4540’s “Comprehensive Automated Risk […] Read More

Got Guidance? Not Much, Says Judge Rakoff, If SEC Admin Enforcement Carries The Day.

By Dennis Stubblefield, Esq. of Shustak Reynolds & Partners, P.C. posted on Friday, November 7, 2014.

This last week saw two notable developments: Judge Rakoff’s speech at PLI, and the NYT Op-Ed piece calling for the SEC to adopt a DMV-style “point” system to provide scaled-up deterrence and license-yanking for repeat offenders. In his address before PLI’s 46th Annual Institute […] Read More

FINRA Panel Awards Nearly One Million Dollars to Financial Advisor in Industry Employment Dispute

By Robert L. Hill, Esq. of Shustak Reynolds & Partners, P.C. posted on Monday, November 3, 2014.

A three-person FINRA arbitration panel recently awarded Maryland financial advisor Gary Padussis nearly $933,000.00 in damages against UBS Financial Services based upon Mr. Padussis’s claims UBS wrongly interfered with his business and client relationships while he was employed at the firm. The same […] Read More

SEC Subpoenas and Enforcement Actions On The Rise

By George Miller, Esq. of Shustak Reynolds & Partners, P.C. posted on Thursday, October 30, 2014.

In mid October of 2014, the Securities and Exchange Commission (SEC) reported that it filed a record 755 enforcement actions during the fiscal year ending September 2014. According to a press release issued by the agency, those actions included several first-ever cases, such […] Read More

Admin Proceedings On Steroids: The Sec's Improper End Run Around Having To Prove "Likelihood" In Federal Court

By Dennis A. Stubblefield, Esq. of Shustak Reynolds & Partners, P.C. posted on Wednesday, October 22, 2014.

A week after Commissioner Pinowar publicly questioned it, the SEC’s march toward admin enforcement seems inexorable. Tuesday brought two good articles on this troubling development, on page one of the Wall Street Journal, and on Bloomberg. Jean Eaglesham’s Wall Street Journal article […] Read More