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Crowdfunding: What Investors Need to Know
By George Miller of Shustak Reynolds & Partners, P.C. posted on Friday, December 6, 2013.
Congress enacted the “Jumpstart Our Business Startups Act”-or JOBS Act-as part of the federal government’s ongoing efforts to stimulate the economy. The Act was intended to spur small business growth by loosening decades-old rules prohibiting the solicitation and sale of private placement investments […] Read More
Senate Considers Regulation of Virtual Currencies
By Jessica Antoniades of Shustak Reynolds & Partners, P.C. posted on Wednesday, November 20, 2013.
The virtual currency Bitcoin was the subject of a hearing held this week by the U.S. Senate Committee on Homeland Security and Governmental Affairs. The hearing focused on potential implications of the rise of virtual currencies, also known as digital currencies, in today’s market. Appearing at […] Read More
FINRA Announces New Version of BrokerCheck
By Mary Scott of Shustak Reynolds & Partners, P.C. posted on Wednesday, November 13, 2013.
The Financial Industry Regulatory Authority (“FINRA”) is making it easier than ever to research an investment professional’s background. On November 12, 2013, FINRA announced its release of an enhanced version of BrokerCheck, the online tool that allows investors to check the background of registered brokers and brokerage firms. In its news release, […] Read More
Securities fraud – SAC Capital to pay $1.8 billion in fines
By Jonah Toleno of Shustak Reynolds & Partners, P.C. posted on Tuesday, November 5, 2013.
Hedge fund SAC Capital Advisors has agreed to pay $1.8 billion in fines and plead guilty to securities fraud charges, according to United States prosecutors. Manhattan federal Judge Laura Taylor Swain issued an order today setting a hearing for this Friday, where SAC Capital will plead guilty […] Read More
FINRA Releases Report on Conflicts of Interest
By Jessica Antoniades of Shustak Reynolds & Partners, P.C. posted on Thursday, October 17, 2013.
The Financial Industry Regulatory Authority (FINRA) released a new report regarding conflicts of interest in the broker-dealer industry. FINRA began working on the report last year, when it started gathering data from 14 large firms regarding compliance procedures in place to monitor and prevent conflicts. The […] Read More
FINRA Expungement- Virtually Guaranteed in Settled Cases
By erwin Shustak of Shustak Reynolds & Partners, P.C. posted on Thursday, October 17, 2013.
Good news for registered reps seeking to expunge customer complaints from their CRD records. A report recently issued by PIABA, the association of lawyers who represent aggrieved investors, reveals that brokers were able to obtain the approval of arbitration panels to expunge the customer complaints from […] Read More
FINRA Issues New Expungement Guidance
By George Miller of Shustak Reynolds & Partners, P.C. posted on Saturday, March 16, 2013.
FINRA recently issued new guidance to arbitrators further tightening the already limited grounds under which brokers may obtain expungement of customer information from their CRD record. The move follows a recent tide of criticism against FINRA and the SEC for, critics say, looking the other way when member […] Read More
R. Allen Stanford’s Ponzi Scheme- Fraud for Securities That Never Existed?
By erwin Shustak of Shustak Reynolds & Partners, P.C. posted on Wednesday, October 16, 2013.
Most of us who follow Ponzi schemes, scams and scoundrels remember R. Allen Stanford’s long standing Ponzi scheme. He now resides in a Fed Pen, serving a 110 year sentence for running a 20 year scam which offered high-interest cd’s purportedly on deposit with the Stanford Int’l […] Read More
SEC Announces “Tough Cop” Approach to Enforcement
By Jessica Antoniades of Shustak Reynolds & Partners, P.C. posted on Monday, October 14, 2013.
Securities and Exchange Commission Chair Mary Jo White recently announced plans to widen the scope of SEC enforcement to investigate, uncover and punish smaller violations of securities regulations. In her speech before the Securities Enforcement Forum last Wednesday, White emphasized the goal of SEC enforcement to […] Read More
FINRA Update: Should Broker-Dealers Be Required To Carry Insurance?
By George Miller of Shustak Reynolds & Partners, P.C. posted on Tuesday, October 1, 2013.
the Financial Industry Regulatory Authority (FINRA), Wall Street’s largest self-regulatory agency, announced it would consider whether broker-dealer firms should be required to carry insurance to help ensure payment of arbitration awards issued through FINRA’s dispute resolution forum. Virtually all broker-dealers require their customers […] Read More