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UPDATE: Schwab Wins Fight Over Class Action Waivers, For Now

By George Miller of Shustak Reynolds & Partners, P.C. posted on Monday, February 25, 2013.

Just over one year ago, FINRA initiated disciplinary proceedings against Charles Schwab & Co. claiming, amongst other things, that the firm violated FINRA rules by requiring customers to sign agreements containing broadly-worded class action waivers. In an unusually long, 48-page written decision issued last […] Read More

UBS Admits Role in Massive Libor Interest Rate Scandal, Will Pay $1.5 Billion Fine

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

December 20, 2012. UBS has agreed to pay a $1.5 billion fine after after regulators in the United States, United Kingdom and Switzerland alleged the firm had lead a huge conspiracy to artificially inflate the Libor interest rate. In somewhat of a rare move, the […] Read More

Rancho Santa Fe “Investment Guru” Pleads Not Guilty to Fraud Charge

By George Miller of Shustak Reynolds & Partners, P.C. posted on Wednesday, October 10, 2012.

Earlier this year, the Securities and Exchange Commission charged James B. Catledge, Derek F.C. Elliott and several related entities with fraud in connection with the sale of unregistered investments in the “Juan Dolio Resort” and another property located in the Dominican Republic. According to […] Read More

SEC Accuses San Diego Advisor Ray Lucia of Misleading Investors

By George Miller of Shustak Reynolds & Partners, P.C. posted on Thursday, September 6, 2012.

In early September 2012, the SEC initiated formal cease and desist proceedings against San Diego-based financial advisor Raymond J. Lucia, Sr. and his company, Raymond J. Lucia Companies, Inc. According to the SEC, Lucia mislead investors by claiming his proprietary “Buckets of […] Read More

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