If you were recommended a long term care insurance policy by your financial advisor, and that policy has lapsed, you might be able to recover the premiums paid against the brokerage firm who recommended it. Many brokers recommended long-term care insurance policies with promises and representations that the premiums would not change or fluctuate much.…
In a vicious “cat fight” between Citizen Securities and one of its financial advisors in the article below…
Stoltmann Law Offices is investigating Michael Crowe, a former financial advisor with Securities America in Mesa, Arizona. Crowe was alleged to have solicited an investor to invest $50,000 in Simply Smart Homes, LLC, which was purported to invest in and flip residential property. Richard Smart, who ran Smart homes, had several tax liens against him…
Investors who were recommended the Direxion Energy Bull 3X ETF (ERX) by their financial advisor may have an actionable claim to recover those investment losses. Financial advisers under FINRA Conduct Rules have an obligation to recommend suitable, appropriate investments. The suitability of the transaction is governed by factors like the clients, age, net worth, actual…
The Securities and Exchange Commission and its Chair, Mary Jo White, announced a new program for reducing “undue” risk in the $63 trillion asset management business on Thursday. The industry is comprised of 11,000 investment advisors and more than 10,000 mutual funds registered. Assets under management for most of the largest firms have doubled since…
A federal jury awarded crime writer Patricia Cornwell nearly $51 million Tuesday in her lawsuit against her former financial management company, Anchin, Block & Anchin LLP, and a former principal in the firm. The author claimed that Anchin, Block & Anchin LLP was negligent in handling her finances and cost her millions in losses or…
In an effort to manage conflicts of interest more efficiently at brokerage firms, Financial Industry Regulatory Authority (FINRA) recently proposed closer monitoring of broker compensation practices, and the evaluation of new financial products. FINRA initiated a review of 14 firms to evaluate certain financial incentives including, commission-based compensation, which could lead to conflicts of interest…
Dougherty & Co. was fined by the Financial Industry Regulatory Authority (FINRA) $50,000 for serving as an underwriter for 54 issuers with which it had ongoing “blanket” financial advisory agreements. The fine is the largest of its kind in recent years. It was one of the largest violations of Municipal Securities Rulemaking Board Rule on…
We are investigating former financial advisor Dante DeMiro and his employer’s supervision of him. Recently, DeMiro has pled guilty to three counts of bank fraud and two counts of wire fraud and he received a 10 year prison sentence. Demiro ran a classic ponzi scheme defrauding dozens of investors over at least a three year…
Johnny Depp is accusing his financial advisors of fraud and negligence in a $25 million lawsuit filed in Los Angeles Superior Court last month. His former advisors, Joel and Rob Mandel, brothers with the Management Group, filed a countersuit against the actor. Allegedly, Depp spent more than $2 million per month despite warnings from his…