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California Supreme Court Brings Substantial Change to Employee/Independent Contractor Classification

By Jessica L. Mackaness, Esq. of Shustak Reynolds & Partners, P.C. posted on Tuesday, May 22, 2018.

On April 30, 2018, the California Supreme Court issued its long-awaited opinion in Dynamex Operations West, Inc. v. Superior Court, which significantly changed the standard for determining whether workers in California should be classified as “employees” or as “independent contractors” for purposes of the wage orders adopted by California’s Industrial Welfare Commission [...] Read More

MERRILL BROKER FIRED OVER $524.00 EXPENSE REIMBURSEMENT: THE TREND CONTINUES ON EXPENSE INFRACTIONS

By Erwin Shustak, Esq. of Shustak Reynolds & Partners, P.C. posted on Wednesday, May 16, 2018.

The industry-wide crackdown on expense account improprieties continues. In recent blogs I wrote about the crackdown by FINRA, the Financial Industry Regulatory Authority, and member firms on violations of expense reimbursement policies [...] Read More

New SEC Rulemaking Package Seeks to Enhance Retail Investor Protection and Awareness

By Erik M. Ideta, Esq. of Shustak Reynolds & Partners, P.C. posted on Wednesday, May 2, 2018.

On April 18, 2018, the SEC voted 4 to 1 to propose the Standards of Conduct for Investment Professionals Rule making Package, a package designed to enhance the protection and decision-making of retail, or “Main Street,” investors. Read More

FINRA Proposes New Anti-Churning Rule

By Erwin J. Shustak, Esq. of Shustak Reynolds & Partners, P.C. posted on Wednesday, April 25, 2018.

In an effort to locate and identify brokers who excessively trade their clients’ accounts to benefit themselves through excessive trading commissions to the detriment of their clients, FINRA announced a new proposal to widen the net to ensnare brokers who “churn” client accounts. Read More

Rogue Brokers in the News; Fraudsters and Thieves of Client Funds

By Erwin J. Shustak, Esq. of Shustak Reynolds & Partners, P.C. posted on Tuesday, April 24, 2018.

Two rogue brokers made the news this week. One, a former Ameriprise broker in Los Angles, was arrested by the FBI and charged with money laundering and federal fraud... Read More

SEC to Consider New Fiduciary Rule Proposal

By George C. Miller, Esq. of Shustak Reynolds & Partners, P.C. posted on Thursday, April 12, 2018.

Signaling the next chapter in the slow moving “fiduciary rule” saga, the Securities and Exchange Commission will meet next week to discuss the framework for a new, SEC-backed standard of conduct for brokers... Read More

OGC and Enforcement at SEC Speaks 2018 - Words Matter, Process Matters, Homework Matters

By Dennis A. Stubblefield & Matias Montillano of Shustak Reynolds & Partners, P.C. posted on Tuesday, March 27, 2018.

Dennis Stubblefield, a Partner at the firm, recently attended SEC Speaks, the Commission’s annual conference in which senior staff from all divisions and offices announce and comment upon key developments from the past year and set forth coming priorities [...] Read More

Securities Law Update: The “Completely Irrational” Standard for Reversing Legal Error in FINRA Arbitration

By James Reynolds, Esq. of Shustak Reynolds & Partners, P.C. posted on Tuesday, March 20, 2018.

For those entrepreneurial enough to form, own and operate a successful RIA firm, while there is great satisfaction in being the “captain of your own ship”, most RIA owners really have no idea of the market value of their firms. Read More

RIA Lawyer Update: How and When to Value an RIA Firm?

By Erwin J. Shustak, Esq. of Shustak Reynolds & Partners, P.C. posted on Tuesday, March 6, 2018.

For those entrepreneurial enough to form, own and operate a successful RIA firm, while there is great satisfaction in being the “captain of your own ship”, most RIA owners really have no idea of the market value of their firms. Read More

Wells Fargo Wealth Management Division Faces SEC Investigation on Sales Practices

By George C. Miller, Esq. of Shustak Reynolds & Partners, P.C. posted on Monday, March 5, 2018.

Wells Fargo & Co. disclosed in a recent regulatory filing that its Wealth Management division, which includes FINRA member firm Wells Fargo Clearing Services, LLC (formerly Wells Fargo Advisors, LLC), is the subject of an SEC investigation to determine whether the firm accepted improper client referrals in violation of securities laws.  Read More