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Major SEC Enforcement Action Shows The Twists And Turns In Challenging The Use Of Administrative Proceedings
By Dennis A. Stubblefield, Esq. and Jeffrey T. Petersen, Esq. of Shustak Reynolds & Partners, P.C. posted on Thursday, June 25, 2015.
In the past two months, an SEC administrative proceeding against a well-known financial figure in New York has demonstrated the legal twists […] Read More
Respondent In SEC Administrative Proceeding Pushes Recent Adverse Ruling Against SEC In The Hill Case
By Jeffrey T. Petersen, Esq. and Dennis A. Stubblefield, Esq. of Shustak Reynolds & Partners, P.C. posted on Thursday, June 25, 2015.
In the past two months, an SEC administrative proceeding against a well-known financial figure in New York has demonstrated the legal twists […] Read More
Respondent Wins Preliminary Challenge to SEC Use of Administrative Proceedings -- But How Long Will it Last?
By Jeffrey T. Petersen, Esq. of Shustak Reynolds & Partners, P.C. posted on Friday, June 19, 2015.
A federal court in Georgia recently provided the first win to a respondent this year, granting a preliminary injunction against the SEC’s use of an Administrative Proceeding in Hill v. SEC. The court there used a two-part analysis in ruling against the SEC […] Read More
Is Your U4 Accurate?: New FINRA Rule Requires Heightened Background Checks
By Jessica A. Antoniades, Esq. of Shustak Reynolds & Partners, P.C. posted on Monday, June 1, 2015.
FINRA's new Rule 3110(e) is set to take effect July 1, 2015. The rule will require many firms to intensify background checks and investigation policies for new hires. Under the new rule, firms must verify the "good character, business reputation, qualifications and experience of an applicant before the member applies to register that applicant with FINRA." […] Read More
Financial Advisor Deferred Compensation On The Rise
By George C. Miller, Esq. of Shustak Reynolds & Partners, P.C. posted on Monday, June 1, 2015.
Wall Street firms are increasing the percentage of wages paid to financial advisors as "deferred compensation." The shift comes in the wake of the "great migration" of advisors from wirehouse firms, like Morgan Stanley, Merrill Lynch and UBS to independent platforms offered by LPL Financial, Raymond James, Wells Fargo, Commonwealth and others […] Read More
FINRA's Revised Broker-Check Rule
By Erwin J. Shustak, Esq. of Shustak Reynolds & Partners, P.C. posted on Monday, June 1, 2015.
FINRA (The Financial Regulatory Authority), which supervises broker-dealers and the more than 650,000 financial advisers, recently proposed a rule that would require brokerage firms to include links on the firm’s web site to the public, Broker-Check records, containing background information on the firm’s financial advisers. […] Read More
FINRA's Revised Broker Comp. Disclosure Proposal
By Erwin J. Shustak, Esq. of Shustak Reynolds & Partners, P.C. posted on Thursday, May 28, 2015.
After dropping its proposal in June, 2013 that would have required brokers to disclose recruiting bonuses and "up-front" forgivable loans they receive for switching firms, FINRA (the Financial Industry Regulatory Authority), which oversees all broker-dealers and the more than 650,000 registered financial representatives, yesterday released a revised compensation disclosure proposal. […] Read More
FINRA Arbitration Panel Finds Morgan Stanley Promissory Note Unenforceable
By George C. Miller, Esq. of Shustak Reynolds & Partners, P.C. posted on Thursday, May 14, 2015.
After a three year litigation between Morgan Stanley and its former advisor, John Offenburger, a FINRA arbitration panel recently held that Morgan Stanley's promissory note was unenforceable […] Read More
The Top 25 Independent Brokerage Firms By Revenue
By Jonah A. Toleno, Esq. of Shustak Reynolds & Partners, P.C. posted on Friday, May 1, 2015.
Investment News released a list today of the top 25 independent broker-dealers ranked by 2014 total revenues, with LPL Financial LLC in first place, followed by Ameriprise Financial Services and Raymond James Financial Services LLC. […] Read More
FINRA ANNOUNCES TOLL-FREE HELP LINE FOR SENIOR INVESTORS
By George C. Miller, Esq. of Shustak Reynolds & Partners, P.C. posted on Friday, May 1, 2015.
The Financial Industry Regulatory Authority (FINRA), a private corporation charged with regulating the securities industry, recently launched a toll-free help line to assist senior investors with concerns about their brokerage accounts and investments. Senior investors […] Read More