FINRA Sanctions Oppenheimer & Co. $2.9 Million for Unsuitable Sales of Non-Traditional ETFs and Related Supervisory Failures

The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Oppenheimer & Co. Inc. $2.5 million and ordered the firm to pay restitution of more than $716,000 to affected customers for selling leveraged, inverse and inverse-leveraged exchange-traded funds (non-traditional ETFs) to retail customers without reasonable supervision, and for recommending non-traditional ETFs that were…

James Noto Investigation

Stoltmann Law Offices is investigating James Noto, a registered representative with Summit Brokerage Services. Noto was the subject of a regulatory event and seven customer disputes. He was fined by Florida’s Department of Financial Services in 2013 after allegedly engaging in the insurance business without proper licensing. If you have lost money with Noto, please…

RBC Settles With FINRA Over Disclosing Tax and Court Liens for Registered Representatives

Last week, RBC Capital Markets wealth management division settled with the Financial Industry Regulatory Authority (FINRA) over an investigation the agency said revealed dozens of instances where the investment bank failed to update forms that disclose whether representatives have outstanding tax liens and civil judgments. Allegedly, the firm failed to update its reps Forms U4…

Suing Goldman Sachs for Improper Securities Lending Practices

The Securities and Exchange Commission (SEC) yesterday charged Goldman Sachs $15 million to settle charges that its securities lending practices violated federal regulations. According to the SEC Order, customers frequently ask broker-dealers such as Goldman to locate stock in order to short sell it. Granting that, means that the firm has borrowed, arranged to borrow,…

Update For Investors to Recover Financial Losses with Tom Buck and Merrill Lynch

Stoltmann Law Offices continues to investigate claims against Tom Buck, a former registered broker with Merrill Lynch in Indianapolis, Indiana. Since March of last year, Buck has 27 customer complaints against him, and according to the Indiana Business Journal on Friday, has cost his former firm, Merrill Lynch, more than $4.1 million in settlements to…