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FINRA Releases Report on Conflicts of Interest

By Jessica Antoniades of Shustak Reynolds & Partners, P.C. posted on Thursday, October 17, 2013.

The Financial Industry Regulatory Authority (FINRA) released a new report regarding conflicts of interest in the broker-dealer industry. FINRA began working on the report last year, when it started gathering data from 14 large firms regarding compliance procedures in place to monitor and prevent conflicts. The […] Read More

FINRA Expungement- Virtually Guaranteed in Settled Cases

By erwin Shustak of Shustak Reynolds & Partners, P.C. posted on Thursday, October 17, 2013.

Good news for registered reps seeking to expunge customer complaints from their CRD records. A report recently issued by PIABA, the association of lawyers who represent aggrieved investors, reveals that brokers were able to obtain the approval of arbitration panels to expunge the customer complaints from […] Read More

FINRA Issues New Expungement Guidance

By George Miller of Shustak Reynolds & Partners, P.C. posted on Saturday, March 16, 2013.

FINRA recently issued new guidance to arbitrators further tightening the already limited grounds under which brokers may obtain expungement of customer information from their CRD record. The move follows a recent tide of criticism against FINRA and the SEC for, critics say, looking the other way when member […] Read More

R. Allen Stanford’s Ponzi Scheme- Fraud for Securities That Never Existed?

By erwin Shustak of Shustak Reynolds & Partners, P.C. posted on Wednesday, October 16, 2013.

Most of us who follow Ponzi schemes, scams and scoundrels remember R. Allen Stanford’s long standing Ponzi scheme. He now resides in a Fed Pen, serving a 110 year sentence for running a 20 year scam which offered high-interest cd’s purportedly on deposit with the Stanford Int’l […] Read More

SEC Announces “Tough Cop” Approach to Enforcement

By Jessica Antoniades of Shustak Reynolds & Partners, P.C. posted on Monday, October 14, 2013.

Securities and Exchange Commission Chair Mary Jo White recently announced plans to widen the scope of SEC enforcement to investigate, uncover and punish smaller violations of securities regulations. In her speech before the Securities Enforcement Forum last Wednesday, White emphasized the goal of SEC enforcement to […] Read More

FINRA Update: Should Broker-Dealers Be Required To Carry Insurance?

By George Miller of Shustak Reynolds & Partners, P.C. posted on Tuesday, October 1, 2013.

the Financial Industry Regulatory Authority (FINRA), Wall Street’s largest self-regulatory agency, announced it would consider whether broker-dealer firms should be required to carry insurance to help ensure payment of arbitration awards issued through FINRA’s dispute resolution forum. Virtually all broker-dealers require their customers […] Read More

Securities Regulation Update: JOBS Act Loosens Restrictions On Crowdfunding Investments

By George Miller of Shustak Reynolds & Partners, P.C. posted on Tuesday, October 1, 2013.

as part of a broad change to the securities regulations, President Obama signed into law the “Jumpstart Our Business Startups Act”, or “JOBS Act”. Part of the government’s broader stimulus package, the Act was intended to encourage small business growth by loosening decades-old […] Read More

SEC Implicates Texas Money Manager in Forex Trading Scheme

By George Miller of Shustak Reynolds & Partners, P.C. posted on Monday, July 15, 2013.

The Securities and Exchange Commission has filed a formal complaint against Kevin G. White of Plano, Texas, and two entities through which the SEC alleges he operated a significant Foreign Exchange (Forex) trading scheme, KGW Capital Management, LLC and Revelation Forex Fund, L.P. According to the […] Read More

Mass. Securities Regulator Launches Investigation Into Unsuitable REIT Sales

By George Miller of Shustak Reynolds & Partners, P.C. posted on Thursday, July 11, 2013.

Massachusetts Secretary of the Commonwealth William Galvin recently announced the state has issued subpoenas to Morgan Stanley, UBS, Fidelity, Merrill Lynch, Wells Fargo and Schwab in connection with an investigation the state recently launched concerning sales of Real Estate Investment […] Read More

FINRA Cautions Investors: Alternative Funds Are Not Typical Mutual Funds

By George Miller of Shustak Reynolds & Partners, P.C. posted on Tuesday, June 11, 2013.

FINRA issued its latest “investor alert” warning the public about increasingly-popular alternative mutual funds. According to FINRA, alternative mutual funds–sometimes referred to as “alt funds”–are publicly offered, SEC-registered funds that hold more non-traditional assets and employ more complex […] Read More