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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

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