Insights
December 3, 2015
RCS Capital Corp. (“RCAP”) announced this week that it is closing its wholesaling brokerage division following a decline in sales of nontraded real estate investment trusts and allegations...
November 20, 2015
Scott Valente, a 58-year-old stock broker from upstate New York, was sentenced in federal court today to twenty years imprisonment for defrauding over a hundred investors out of over $10 million. He w...
November 16, 2015
Cetera Financial Group, which is a network of retail brokerages owned by RCS Capital Corporation, has stopped selling ARC-branded real estate investment trusts and other alternative investments. All t...
November 11, 2015
Investors Capital Corporation, a dually-registered independent Broker/Dealer and Investment Advisory firm, has a long history of malfeasance. In the summer of 2014, Patricia S. Miller, a former financ...
November 6, 2015
MetLife Inc., the biggest life insurer in the country, said that FINRA will seek a “significant fine” from the company’s broker-dealer unit as part of an investigation into potential...
October 29, 2015
In an administrative complaint, Massachusetts charged Fidelity Brokerage Services with dishonest and unethical behavior for letting unregistered investment advisors perform trades on the Fidelity brok...
October 28, 2015
FINRA has ordered five broker-dealers to reimburse clients a sum of $18.4 million for charging them improper fees on mutual funds. Edward Jones will pay $13.5 million, Stifel Nicolaus & Co., $2.9 ...
October 15, 2015
Voya Financial Advisors Inc., Transamerica Financial Advisors Inc. and four other independent broker-dealers failed to give clients appropriate discounts on large sales of nontraded real estate invest...
September 24, 2015
According to a FINRA Letter of Acceptance, Waiver and Consent (“AWC”), between about October 2008 and April 2009, registered representatives in two of Lincoln Financial Advisors Corporatio...
August 31, 2015
Jaime Feldman and her husband, James Boland, a couple of ex-Morgan Stanley brokers in the firm’s midtown Manhattan branch, have sued Morgan Stanley and the branch manager for $20 million in dama...
August 26, 2015
The SEC alerted brokerages that they need to monitor the sales of risky complex investments to retail clients better. The agency stated that after analyzing 26,600 transactions amounting to $1.25 bill...
August 21, 2015
FINRA is examining potential conflicts in interest regarding how firms compensate their brokers. In a targeted exam letter, FINRA asks firms about a number of compensation policies and practices, rang...
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