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Shustak Reynolds & Partners, P.C. Obtains $486,615 FINRA Arbitration Award Against MSSB and Citigroup for Misrepresentations Made to Financial Advisor During Recruitment

By George Miller of Shustak Reynolds & Partners, P.C. posted on Monday, June 18, 2012.

The firm announces that it obtained a $486,615.77 FINRA arbitration award against Morgan Stanley Smith Barney (“MSSB”), Citigroup Global Markets Holdings, Inc. and Citigroup Global Markets, Inc. (“Citigroup”) on behalf of a financial advisor formerly employed by Citigroup’s Smith Barney division (“Smith […] Read More

Shustak Reynolds & Partners, P.C. Obtains $622,000.00 FINRA Arbitration Award Against Fidelity

By George Miller of Shustak Reynolds & Partners, P.C. posted on Friday, June 8, 2012.

The firm announces that it obtained a $622,000.00 FINRA arbitration award against Fidelity Brokerage Services LLC (“Fidelity”) on behalf of an 86 year old investor who had opened a joint account at a San Diego Fidelity office. The amount awarded the firm’s […] Read More

FINRA Enhances BrokerCheck System

By George Miller of Shustak Reynolds & Partners, P.C. posted on Thursday, June 7, 2012.

The Financial Industry Regulatory Authority (FINRA) recently re-vamped its online BrokerCheck portal to help users more easily access disclosure information concerning investment advisers. Where the old system only displayed BrokerCheck reports, the new system, where applicable, also displays the Investment Adviser Public […] Read More

SEC Charges Absolute Fund Advisors With Operating “Ponzi-like” Scheme

By George Miller of Shustak Reynolds & Partners, P.C. posted on Monday, June 4, 2012.

the SEC filed a Complaint in the U.S. District Court for the Southern District of New York against Absolute Fund Advisors, LLC, Absolute Fund Management, LLC and Jason J. Konior seeking an injunction preventing the defendants from operating a “Ponzi-like” scheme […] Read More

FINRA-Schwab Fight Over Class Action Waivers is Ongoing

By George Miller of Shustak Reynolds & Partners, P.C. posted on Friday, February 24, 2012.

In early February, FINRA initiated disciplinary proceedings against Charles Schwab & Co. claiming the firm violated FINRA rules by requiring its customers to sign account documents containing broad “class action waivers.” FINRA claims Schwab amended its customer agreements in October 2011 […] Read More

Top Ten Unsuitable Investments to Watch Out For

By SHUSTAK REYNOLDS & PARTNERS of Shustak Reynolds & Partners, P.C. posted on Monday, February 6, 2012.

These are the Top Ten Unsuitable Securities Investments to Watch Out For during 2012, as compiled by FINRA. For most investors, these investments may be unsuitable; complex; very risky and not easily understood: 1. Private Placements- Risks- highly illiquid; minimal disclosure; […] Read More

FINRA Cautions Against Chasing High Yields In A Low Rate Environment

By George Miller of Shustak Reynolds & Partners, P.C. posted on Thursday, February 2, 2012.

In January, the Federal Reserve announced it will keep interest rates low until at least late 2014 in a continued effort to buttress the fledgling economic recovery. In what has become a market dominated by low interest rates, yields on Treasuries also […] Read More

Merrill Lynch Pays the Piper for Failing to Arbitrate Promissory Note Disputes

By George Miller of Shustak Reynolds & Partners, P.C. posted on Thursday, January 26, 2012.

As the latest in a series of large fines levied against the nation’s few remaining wirehouse firms in early 2012, FINRA announced on Wednesday, January 25, that it fined Merill Lynch, Pierce, Fenner & Smith $1 million for refusing to arbitrate promissory […] Read More

FINRA Fines Citigroup $725,000 for Failure to Disclose Conflicts of Interest

By George Miller of Shustak Reynolds & Partners, P.C. posted on Thursday, January 19, 2012.

FINRA started the new year off by levying a $725,000.00 fine against Citigroup Global Markets, Inc., for failing to disclose potential conflicts of interest in certain research reports the firm published from January 2007 through March 2010. According to FINRA, Citigroup (a) […] Read More

San Diego’s “Investment Placement Group” Pays $4 Million to Settle SEC Charges

By George Miller of Shustak Reynolds & Partners, P.C. posted on Tuesday, January 3, 2012.

Investment Placement Group (IPG), an independent brokerage firm headquartered in downtown San Diego, agreed in late December to pay the Securities and Exchange Commission (SEC) approximately $4 million in penalties to settle charges that the firm failed to supervise Aurelio Rodriguez, one […] Read More