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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
Metlife Will Pay a “Significant Fine” to FINRA Over Variable Annuity Sales
By Erwin J. Shustak, Esq. of Shustak Reynolds & Partners, P.C. posted on Tuesday, November 24, 2015.
MetLife, Inc., the largest U.S. life insurer, has disclosed that FINRA has indicated it will seek a “significant fine” from MetLife as part of FINRA’s investigation of MetLife’s possible violations in the sale of variable annuities […] Read More
EX-Ameriprise Broker Sentenced to 7 Years in Prison for Stealing from Clients
By Erwin J. Shustak, Esq. of Shustak Reynolds & Partners, P.C. posted on Tuesday, November 24, 2015.
Former Ameriprise broker, Susan Elizabeth Walker of Minnesota, has been sentenced to seven years in in prison for stealing $1 million from her clients to pay for personal expenses including vacations and her children’s private school tuition. Walker plead guilty […] Read More
Credit Suisse Brokers Who Do Not Transition to Wells Fargo Will Lose Deferred Compensation
By Erwin J. Shustak, Esq. of Shustak Reynolds & Partners, P.C. posted on Tuesday, November 17, 2015.
Credit Suisse, like most brokerage firms, takes a portion of broker compensation and agrees to pay that compensation as “deferred compensation” years down the road. It is a way of enticing brokers to stay, and not leave, the firm. […] Read More
SEC Increases Examinations of RIA Firms
By Erwin J. Shustak, Esq. of Shustak Reynolds & Partners, P.C. posted on Monday, November 9, 2015.
An increasing number of FINRA registered brokers, and smaller broker-dealers, have given up their FINRA licenses and moved to the Registered Investment Advisory model […] Read More