# Shustak Reynolds: Securities Attorney, FINRA Attorney, Securities Arbitration Attorney

> Core Practice: Securities, Litigation, and Arbitration\. Representing Broker\-Dealers, Registered Persons \& Investment Advisers\. SEC/FINRA Litigation/Enforcement Actions\. Complex Business Disputes\. Corporate \& Securities Transactions\.

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## Pages
- [Accomplishments](https://shu.mbmedia.dev/accomplishments/)
- [Professionals](https://shu.mbmedia.dev/attorneys/)
- [AI Policy](https://shu.mbmedia.dev/ai-policy/)
- [Privacy Policy](https://shu.mbmedia.dev/privacy-policy/)
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## Posts
- [Could Thousands of Investment Advisers Be Forced Back to State Registration?](https://shu.mbmedia.dev/blog/could-thousands-of-investment-advisers-be-forced-back-to-state-registration/): The Securities and Exchange Commission's recent review of the investment adviser registration threshold could have significant consequences for thousands of registered investment advisers \(“RIAs”\)\. If the SEC ultimately raises the assets\-under\-management \(“AUM”\) threshold required for federal registration, many advisers currently registered with the SEC could be required to withdraw their federal registrations and return to state regulation\.
- [Called to Testify Before the SEC? What Every Adviser Needs to Know Before Walking Into That Room](https://shu.mbmedia.dev/blog/called-to-testify-before-the-sec-what-every-adviser-needs-to-know-before-walking-into-that-room/): You open your mailbox and find an envelope from the Securities and Exchange Commission\. Inside is a subpoena directing you to appear for sworn testimony\. Your heart races\. What does this mean? Are you in trouble? What should you do next? If you are an individual investor, a financial advisor, or any financial professional who has received a notice from the SEC, you are not alone\. SEC investigations touch thousands of people each year, including many who are witnesses rather than targets\. This blog post explains what to expect during an SEC on\-the\-record testimony or deposition and offers practical tips to help you prepare for your appearance\.
- [FINRA Arbitration In 2026 And Beyond: Key Trends, Notable Awards, And The Road Ahead](https://shu.mbmedia.dev/blog/finra-arbitration-in-2026-and-beyond-key-trends-notable-awards-and-the-road-ahead/): The FINRA arbitration forum remains the primary venue for resolving disputes between investors and the broker\-dealers and investment advisers who serve them\. Over the past twelve months, the forum has produced several landmark awards that captured the attention of the financial services industry, while simultaneously launching the most comprehensive review of its arbitration rules in decades\. For broker\-dealers and investment advisers navigating this environment, understanding the current state of play is essential to managing risk, evaluating litigation exposure, and preparing for a regulatory landscape that may look markedly different by the end of 2027\.
- [When FINRA Comes Calling: Who Pays for the Lawyer?](https://shu.mbmedia.dev/blog/when-finra-comes-calling-who-pays-for-the-lawyer/): Regulatory inquiries from FINRA, the SEC, the DFPI, or the California Department of Insurance often raise an uncomfortable question for financial\-services firms and their personnel: who pays for the employee’s lawyer? Under California Labor Code section 2802, employers must indemnify employees for necessary expenses incurred as a direct consequence of performing their job duties\. In Grissom v\. Vons Companies, Inc\., the California Court of Appeal held that this obligation can include reimbursement of attorney’s fees incurred by an employee who reasonably retains independent counsel in connection with matters arising from the course and scope of employment\.
- [The New 2026 ICC Arbitration Rules: What Businesses and Their Lawyers Need to Know](https://shu.mbmedia.dev/blog/the-new-2026-icc-arbitration-rules-what-businesses-and-their-lawyers-need-to-know/): The International Chamber of Commerce \(ICC\) remains the world's leading institution for the administration of international commercial arbitrations\. On June 1, 2026, the ICC's revised Arbitration Rules took effect\. While many of the revisions codify practices that had already developed in ICC proceedings, several changes are significant and will affect the strategy, cost, and efficiency of future arbitrations\.

## Offices
- [San Francisco](https://shu.mbmedia.dev/office/san-francisco/)
- [Los Angeles](https://shu.mbmedia.dev/office/los-angeles/)
- [Irvine](https://shu.mbmedia.dev/office/irvine/)
- [San Diego](https://shu.mbmedia.dev/office/san-diego/)
- [New York](https://shu.mbmedia.dev/office/new-york/)

## Professionals
- [Robert R\. Boeche II](https://shu.mbmedia.dev/professional/robert-r-boeche-ii/)
- [George C\. Miller](https://shu.mbmedia.dev/professional/george-c-miller/)
- [Erwin J\. Shustak](https://shu.mbmedia.dev/professional/erwin-j-shustak/)
- [Paul A\. Reynolds](https://shu.mbmedia.dev/professional/paul-a-reynolds/)
- [Michelle Backe](https://shu.mbmedia.dev/professional/michelle-backe/)

## News \& Articles
- [$5 Million Arbitration Award We Obtained Against Morgan Stanley for Two Broker Clients Reinstated and Confirmed on Appeal](https://shu.mbmedia.dev/news-articles/5-million-arbitration-award-we-obtained-against-morgan-stanley-for-two-broker-clients-reinstated-and-confirmed-on-appeal/): Although it took almost two years, we are pleased to announce that a $5 million arbitration award we obtained for two firm clients has been confirmed on appeal\. On June 30th the California Court of Appeal reversed a lower court and reinstated and confirmed a $5 million arbitration award that a San Diego\-based FINRA panel assessed against Morgan Stanley in favor of our clients, two brokers whom Morgan Stanley had recruited from UBS in 2008\. In reversing the trial court and confirming the arbitration award, the Court of Appeals overturned the lower court’s order which had vacated the award on the grounds that one of the three arbitrators, industry panelist Barry Kersh, failed to make required disclosures when he was selected as one of the three panelists to hear the case\.
- [Recent Recognitions of Our Firm](https://shu.mbmedia.dev/news-articles/recent-recognitions-of-our-firm/): We are pleased to announce that three of our attorneys received the 2014 San Diego Business Journal ”Best of the Bar” Award in several categories: Erwin Shustak – Securities Litigation and Business Litigation; Jonah Toleno – Securities Law and Business Litigation; and George Miller – Securities Arbitration and Business Litigation\. From more than 200 attorneys in San Diego, Erwin, Jonah and George were chosen as the most outstanding in San Diego after over 1,000 votes were cast from 146 firms throughout the area\. Shustak Reynolds \& Partners congratulates Erwin, Jonah and George, and all of the 2014 “Best of the Bar” honorees\.
- [Dennis Stubblefield Joins Our Firm – Our Newest Partner](https://shu.mbmedia.dev/news-articles/dennis-stubblefield-joins-our-firm/): We welcome our new partner, Dennis Stubblefield, to the firm\. Dennis, who will head the firm’s Orange County office in Irvine, served nearly seven years with the SEC’s Enforcement Division\. His practice will continue to emphasize defense of SEC and FINRA investigations and enforcement actions, broker\-dealer and investment adviser compliance and risk management, internal investigations, and representation of broker\-dealers and financial services firms and individuals in litigation and arbitration matters\.
- [Representing Clients in SEC Investigations](https://shu.mbmedia.dev/news-articles/representing-clients-in-sec-investigations/)
- [Fall 2014 FINRA Update: Automated Customer Account Data Collection, Arbitrator Diversity And Higher Arbitration Fees](https://shu.mbmedia.dev/news-articles/fall-2014-finra-update-automated-customer-account-data-collection-arbitrator-diversity-and-higher-arbitration-fees/): FINRA’s Account Data Collection System Under Scrutiny In recent years, everyone–from businesses, to government agencies and individuals– has turned to technology to simplify life and streamline the way things are done\. Or at least that is the idea behind the Financial Industry Regulatory Authority’s \(FINRA\) proposed Rule 4540 and “Comprehensive Automated Risk Data System” \(CARDS\), a massive technology\-based initiative that would require brokerage firms to upload detailed account information and trade data to FINRA for computerized, rule\-based analysis\. FINRA believes the initiative will allow it to more closely supervise brokerage firms, monitor trading activity and detect wrongful or suspicious activity more quickly and less expensively than traditional review methods\. Regulators also claim the routine collection of trade data will lessen the burden on firms during FINRA examinations and inquiries\.

## Categories
- [Blog](https://shu.mbmedia.dev/blog/category/blog/)

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