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FINRA Rule Would Prohibit Settlement Conditioned On Agreement Not To Oppose Expungement

By George Miller of Shustak Reynolds & Partners, P.C. posted on Monday, March 3, 2014.

The Financial Industry Regulatory Authority (FINRA) recently announced a new proposed rule that would prohibit member firms and registered representatives from conditioning settlement on, or otherwise compensating customers for, an agreement not to oppose expungement requests. According to FINRA, the proposed rule will help preserve the integrity […] Read More

FINRA Sanctions Berthel Fisher for Compliance Failures

By Jessica Antoniades of Shustak Reynolds & Partners, P.C. posted on Wednesday, February 26, 2014.

The Financial Industry Regulatory Authority (FINRA) recently fined the independent broker-dealer Berthel Fisher & Co. Financial Services Inc. and one of its affiliates $775,000 for compliance failures. According to FINRA, Berthel Fisher failed to supervise the sale of alternative investments, including non-traded real estate investment trusts (REITs) […] Read More

Owners of Pacific Property Assets/Apartments America Charged With Fraud

By George Miller of Shustak Reynolds & Partners, P.C. posted on Friday, February 7, 2014.

The FBI recently indicted Michael Stewart of Phoenix, Arizona, and John Packard, of Long Beach, California, for allegedly operating a massive real estate ponzi scheme fraud through their companies, Pacific Property Assets (PPA) and Apartments America, LLC (AA). According to the SEC, which previously brought civil […] Read More

San Francisco Art Dealers Implicated in $3.4 Million Ponzi Scheme

By George Miller of Shustak Reynolds & Partners, P.C. posted on Monday, January 27, 2014.

The FBI recently announced a 12-count federal indictment against Anthony Barreiro and Ernest Ray Parker, a/k/a Ray Parker Gaylord, two art dealers who reside in San Francisco and Dallas. The indictment alleges that Barreiro and Parker operated a Ponzi scheme fraud through several phony businesses, including ARTLoan Financial […] Read More

Los Angeles Pastor Arrested For Running Ponzi Scheme Fraud

By George Miller of Shustak Reynolds & Partners, P.C. posted on Monday, January 20, 2014.

The FBI recently announced that it has arrested Luis Alonso Serna, a pastor based in the San Fernando valley area of Los Angeles, in connection with a federal indictment alleging he ran a Ponzi scheme which bilked upwards of 70 investors out of more than $4 […] Read More

Morgan Stanley Year-End Technology Glitch Reported

By George Miller of Shustak Reynolds & Partners, P.C. posted on Monday, December 30, 2013.

A new technology glitch is impacting Morgan Stanley Wealth Management’s ability to re-balance its clients’ brokerage accounts. According to an anonymous source at the firm, the glitch was so significant that the firm’s wealth management division called a “crisis management” meeting late last week. Morgan Stanley […] Read More

Crowdfunding: What Investors Need to Know

By George Miller of Shustak Reynolds & Partners, P.C. posted on Friday, December 6, 2013.

Congress enacted the “Jumpstart Our Business Startups Act”-or JOBS Act-as part of the federal government’s ongoing efforts to stimulate the economy. The Act was intended to spur small business growth by loosening decades-old rules prohibiting the solicitation and sale of private placement investments […] Read More

Senate Considers Regulation of Virtual Currencies

By Jessica Antoniades of Shustak Reynolds & Partners, P.C. posted on Wednesday, November 20, 2013.

The virtual currency Bitcoin was the subject of a hearing held this week by the U.S. Senate Committee on Homeland Security and Governmental Affairs. The hearing focused on potential implications of the rise of virtual currencies, also known as digital currencies, in today’s market. Appearing at […] Read More

FINRA Announces New Version of BrokerCheck

By Mary Scott of Shustak Reynolds & Partners, P.C. posted on Wednesday, November 13, 2013.

The Financial Industry Regulatory Authority (“FINRA”) is making it easier than ever to research an investment professional’s background. On November 12, 2013, FINRA announced its release of an enhanced version of BrokerCheck, the online tool that allows investors to check the background of registered brokers and brokerage firms. In its news release, […] Read More

Securities fraud – SAC Capital to pay $1.8 billion in fines

By Jonah Toleno of Shustak Reynolds & Partners, P.C. posted on Tuesday, November 5, 2013.

Hedge fund SAC Capital Advisors has agreed to pay $1.8 billion in fines and plead guilty to securities fraud charges, according to United States prosecutors. Manhattan federal Judge Laura Taylor Swain issued an order today setting a hearing for this Friday, where SAC Capital will plead guilty […] Read More