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Morgan Stanley’s New “3D” Technology Platform Widely Criticized

By George Miller of Shustak Reynolds & Partners, P.C. posted on Friday, August 31, 2012.

In the spring of 2012, Morgan Stanley Smith Barney began rolling out its new “3D” trading platform. Since its debut, the system has been widely criticized by brokers as being plagued by bugs, design flaws and glitches. While intended to be […] Read More

Merrill Lynch to Pay $40 Million in Deferred Comp Class Action Suit

By George Miller of Shustak Reynolds & Partners, P.C. posted on Thursday, August 30, 2012.

In late August, Merrill Lynch agreed to a proposed $40 million class action settlement to settle claims the firm refused to pay deferred compensation owed to its brokers after its 2008 merger with Bank of America. The case, which involves a class […] Read More

Morgan Stanley Ordered to Pay $5 Million to Recruited Brokers

By George Miller of Shustak Reynolds & Partners, P.C. posted on Wednesday, June 20, 2012.

June 20, 2012. Shustak Reynolds & Partners, P.C., announces that it obtained a FINRA Panel award of $5 million dollars for a team of two San Diego based financial advisors who were recruited by Morgan Stanley and falsely induced to leave their positions at UBS in […] Read More

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