Investment News

LPL Settles with NASAA for $26 Million for Unregistered, Non-Exempt Equities or Fixed-Income Securities

Posted on Thursday, May 17th, 2018 at 7:31 am    

In May 2018, LPL Financial LLC settled with and agreed to pay the North American Securities Administrators Association (NASAA) as much as $26 million plus 3% simple interest per year to repurchase securities from investors that were held in LPL accounts determined to have been unregistered, non-exempt equity or fixed-income securities sold since Oct. 1, […]

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Erez Law Investigating Claims Involving UBS’s V10 Enhanced FX Carry Strategy

Posted on Tuesday, February 17th, 2015 at 11:26 pm    

Erez Law is investigating claims regarding UBS’s V10 Enhanced FX Carry Strategy (“V10”), “in which the switch from long to short and back is systematically driven by a trading algorithm,” according to UBS’ website. When the European debt crisis hit in mid-2010, however, the index to which the notes were tied lost 26 percent in […]

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SEC Charges VCAP Securities and Brett Thomas Graham with Committing Fraud During CDO Liquidations

Posted on Friday, February 20th, 2015 at 9:22 am    

The Securities and Exchange Commission recently announced charges against New York City-based brokerage firm VCAP Securities and its CEO, Brett Thomas Graham, for fraudulently deceiving other market participants while conducting auctions to liquidate collateralized debt obligations (CDOs). VCAP and Graham together agreed to pay almost $1.5 million to settle the SEC’s charges, and Graham is […]

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Erez Law and Aldarondo & Lopez Bras File Claim Against UBS for Elderly Couple With $850,000 Losses Related to UBS Funds and Puerto Rico Bonds

Posted on Wednesday, June 10th, 2015 at 4:35 pm    

Erez Law and Aldarondo & Lopez Bras recently filed a claim against UBS Financial Services, Inc. and UBS Financial Services Inc. of Puerto Rico (“UBS”) on behalf of a 63-year-old man and his 62-year-old wife for more than $850,000 in losses related to UBS/UBS-PR branded Puerto Rico Funds and Puerto Rico bonds. Aldarondo & Lopez […]

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Justice Finally Catches Up with Mark Manuel, alleged promoter of MPire and MRT; He Is Sentenced to 10 Years in Prison for Mail Fraud

Posted on Friday, May 1st, 2015 at 9:37 am    

Mark Manuel, who was alleged to have been a promoter of the schemes known as MPire and MRT, was sentenced to 10 years in federal prison for fraud, in an unrelated scheme known as Eden Gifted Products. Mark Manuel was one of three defendants sentenced to prison in July, 2014. United States Attorney Bill Nettles […]

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Erez Law Investigating Claims Involving Former Wells Fargo Broker Who Ran Miami Nightclub

Posted on Tuesday, April 28th, 2015 at 8:42 am    

Erez Law is investigating claims regarding Aaron Robert Parmether (CRD #2546369, Fort Lauderdale, FL), also known as Ron Parmether. Parmether recently submitted an AWC in which he was barred from association with any FINRA member in any capacity. See FINRA Case #2011030405801. Parmether was associated with Wells Fargo Advisors LLC from October 2011 until his […]

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SEC Approves FINRA Rule to Prohibit Conditioning Settlements on Expungement

Posted on Sunday, July 27th, 2014 at 10:12 pm    

The Securities and Exchange Commission recently approved the implementation of FINRa Rule 2081, which prohibits brokers from making settlements of customer disputes contingent on the claimant’s agreement not to oppose expungement of the dispute from the brokers’ public record. Once information is expunged from the CRD system, it is permanently deleted and becomes unavailable to […]

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SEC Charges Compel Morgan Stanley to Pay $275 Million for Misleading Investors in Subprime RMBS Offerings

Posted on Thursday, July 24th, 2014 at 10:34 pm    

The Securities and Exchange Commission recently charged three Morgan Stanley entities with misleading investors in a two residential mortgage-backed securities (RMBS) securitizations that the firms underwrote, sponsored, and issued. In anticipation of the charges, Morgan Stanley submitted an offer of settlement, which the SEC accepted, wherein Morgan Stanley would pay $275 million to be returned […]

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Investment Advisors Slip Through Enforcement Cracks, According to SEC Commissioner Daniel Gallagher

Posted on Monday, May 12th, 2014 at 6:31 pm    

In a recent speech, Daniel Gallagher, a member of the Securities and Exchange Commission stated that a large number investment advisers may be violating securities law and committing other misconduct without consequence because the Securities and Exchange Commission does not examine them as closely as it does brokers, reported Investment News. “In reality, there are […]

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Morgan Stanley Smith Barney Fined $5 Million for Supervisory Failures Related to Sales of Shares in 83 Initial Public Offerings to Retail Customers

Posted on Thursday, May 8th, 2014 at 10:45 am    

FINRA recently fined Morgan Stanley Smith Barney, LLC (“MSSB”), $5 million for supervisory failures related to initial public offerings between February 16, 2012 and May 1, 2013. During this time, MSSB sold shares to retail customers in 83 IPOs, including Facebook and Yelp, without having adequate procedures and training to ensure that its sales staff […]

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