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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

Welcome to our San Diego, California and New York, New York securities law blog

By of Shustak Reynolds & Partners, P.C. posted on Friday, December 23, 2011.

We established this blog to share stories and information about topics relevant to our practice. Our intent is to highlight local stories, as well as national subject matter, that we think you will find interesting. We will regularly update this blog and encourage […] Read More

Consumer Victory In New York Appellate Court Decision

By Tom Frost of Shustak Reynolds & Partners, P.C. posted on Tuesday, December 20, 2011.

The New York Court of Appeals handed a significant consumer victory to investors and current Attorney General Eric T. Schneiderman in its December 20, 2011 ruling in Assured Guaranty (UK) Ltd., v. JP Morgan Investment Management, Inc. The Court’s decision decided the frequently […] Read More

MF Global Clients to Recover 72 Cents on the Dollar

By George Miller of Shustak Reynolds & Partners, P.C. posted on Friday, December 9, 2011.

Bankruptcy Court judge in Manhattan, New York ruled today that James Giddens, the trustee appointed to liquidate MF Global Inc. following the firm’s October 2011 bankruptcy, may distribute an additional $2.2 billion to the firm’s former customers. While a small […] Read More

New SEC/FINRA alert on Broker-Dealer Branch Inspections and Broker Supervision

By of Shustak Reynolds & Partners, P.C. posted on Wednesday, November 30, 2011.

On November 30, 2011, the Securities Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) issued a Regulatory Risk Alert outlining effective policies and procedures for broker-dealer branch inspections and broker supervision. The alert serves as a reminder of existing Securities Exchange Act and […] Read More

Don’t Fall Victim To Affinity Fraud; If It Sounds Too Good To Be True, It Probably Is

By George Miller of Shustak Reynolds & Partners, P.C. posted on Wednesday, November 30, 2011.

It’s one of the oldest tricks in the book, and new clients routinely contact our firm after falling victim to it. A member of your community organization, a friend from work or perhaps even your child’s soccer coach recommends a new, “guaranteed” […] Read More

FINRA Sanctions 8 Firms for Due Diligence Failure in Private Placements

By Jonah Toleno of Shustak Reynolds & Partners, P.C. posted on Tuesday, November 29, 2011.

The Financial Industry Regulatory Authority (FINRA), the self-regulated organization responsible for overseeing brokers and broker-dealers, has sanctioned eight firms and ten individuals for recommending private placement investments without a reasonable basis to customers. Among the firms sanctioned are: NEXT Financial Group; Investors […] Read More

Federal Court Decision – Judge Rejects Citi’s Settlement with SEC

By Jonah Toleno of Shustak Reynolds & Partners, P.C. posted on Monday, November 28, 2011.

In a recent court decision, New York Federal Judge Jed Rakoff denied a motion to approve a settlement between Citigroup and the SEC arising out of charges that Citi misled investors about collateralized debt obligations. Judge Rakoff rejected the highly publicized […] Read More