Were you a client of TD Ameritrade, Charles Schwab, ETrade or Fidelity? Were your account positions sold out to satisfy margin calls? If so, under some circumstances, the brokerage firm can be sued to recover the losses associated with the margin blowout activity. Ordinarily, brokerage firms have the right to liquidate investors out of various…
Did your Credit Suisse broker recommend to you The VelocityShares Daily Inverse VIX Short-Term (XIV) exchange-traded note (ETN) to you? If so, you may be able to recover your losses with this security on a contingency fee basis in the Financial Industry Regulatory Authority (FINRA) arbitration forum. XIV supposedly gives the opposite return of the…
This afternoon PIABA published its report on Non Attorney Representatives (NARs). Co-authored by PIABA President Andrew Stoltmann and fellow PIABA board member Dave Neuman, it calls on FINRA to ban these firms from representing investors in the forum. The report details many of the extensive problems and issues with NARs, examines their paltry win rates…
I discuss with Financial Planning magazine why investors are usually “shocked, chagrined and mortified” when they find out their financial professional’s clean record might not be so clean…
According to a complaint filed in the U.S. District Court in Philadelphia, Pennsylvania, between 2001 and 2016, Paul W. Smith raised $2.35 million from 30 investors by telling them he would invest their money in publicly traded securities through The Haverford Group. This was an outside partnership that Smith formed and did not disclose to…
Stoltmann Law Offices is investigating Wells Fargo broker Jeffrey Wilson, who was accused of unsuitable investment advice concerning various investment products including energy stocks that likely include master limited partnerships (MLPs). In August 2017, a customer alleged that Wilson recommended the purchase of unsuitable energy securities in or around August 2014. The claim is currently…
According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Kevin Jedlicka allegedly violated securities laws. Mr. Jedlicka was previously registered through Chapin Davis. Allegedly, between January 30th, 2015 and January 22nd, 2016, he engaged in a pattern of unsuitable short-term trading of Class A mutual fund…
We are suing brokerage firms who peddled and pushed the Cushing Royalty and Income Fund (SRF). Unfortunately, brokers peddled this fund as an appropriate and suitable investment for conservative and elderly clients who were seeking conservative income. In reality, the Fund was a non-diversified, leveraged sector fund that exposed unsuspecting investors to far greater risk…
What that organization that runs the dispute forum between investors and Wall Street, FINRA, needs to do to truly expand the quality of its arbitration pool.
Regulators have accused Yasuna Murakami and Avi Chiat, and their companies that the two managed, MC2 Capital Management and MC2 Canada Capital Management, of defrauding more than 50 investors by raising more than $15 million and then misappropriating funds in a ponzi-like fashion. According to the Securities and Exchange Commission (SEC), Murakami and Chiat allegedly…