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Last 20 posts indexed in the Securities Law category on Justia BlawgSearch.com

Rex Securities Law- Stockbroker Malpractice Attorney. Nationwide representation. August 2018-Melville, New York According to FINRA records,  Stephen J. Sullivan,   a stockbroker who currently works for SW Financial (formerly Salomon Whitney Financial) ,   discloses  a prior regulatory event, a pending customer dispute, a prior customer dispute and 3 currently pending judgment/liens. The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA … Continue reading Stephen Sullivan-Former Newbridge Securities Broker-Subject of $500K Customer Suit-Melville, NY → The post Stephen Sullivan-Former Newbridge Securities Broker-Subject of $500K Customer Suit-Melville, NY appeared first on Rex Securities Law BLOG.
Author: Rex Securities Law
Posted: August 18, 2018, 5:42 pm
Rex Securities Law- Stockbroker Malpractice Attorney. Nationwide representation. August 2018-Garden City, NY The FINRA records of  Michael R. Rosalia ,  a  financial advisor employed by  Worden Capital Management disclose  6 prior customer disputes, a bankruptcy filing and 8 outstanding judgment/liens. The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes … Continue reading Michael Rosalia-Worden Capital Management Broker-Discloses Customer Suits-Melville, NY → The post Michael Rosalia-Worden Capital Management Broker-Discloses Customer Suits-Melville, NY appeared first on Rex Securities Law BLOG.
Author: Rex Securities Law
Posted: August 18, 2018, 4:26 pm
If you're an investors looking for financial advice who does not know the difference between fiduciary duty and suitability, you're not alone. In fact, some whose minds take a more cynical view of the financial industry might say that that is exactly how the industry wants it. Confusion or ignorance over the professional standard of the care in the industry unfortunately leads to many investors losing many millions of dollars every year to financial advisors who are upholding one standard while investors think they are upholding another. Let us explain.Fiduciary Duty Is the Highest Standard of CareIn the financial industry, fiduciary duty or obligation or responsibility requires that the professional managing your money always act in the best interest of his or her client, and provide them with the highest standards of care and diligence. The suitability standard, on the other hand, only requires that a financial professional faithfully match an investor's…
Author: Green, Schafle & Gibbs
Posted: August 17, 2018, 6:33 pm
Rex Securities Law- Stockbroker Malpractice Attorney. Nationwide representation. August 2018-Dallas, Texas The Dallas Morning News reports that Dallas Mayor Pro Tem Dwaine Caraway has pleaded guilty to federal corruption charges filed in Dallas federal court last week. Caraway, 66, has resigned from the Dallas City Council admitted to accepting $450,000 in bribes and kickbacks from Bob Leonard and Slater Swartwood, Sr. Leonard owned … Continue reading Dwaine Caraway Pleads Guilty to Federal Corruption Charges-Resigns From Council-Dallas, TX → The post Dwaine Caraway Pleads Guilty to Federal Corruption Charges-Resigns From Council-Dallas, TX appeared first on Rex Securities Law BLOG.
Author: Rex Securities Law
Posted: August 17, 2018, 3:52 pm
An issuer of purported secured notes backed by real estate has been sued by the Securities and Exchange Commission alleging that amid losses, it “devolved into a Ponzi scheme.”  The group of companies, known as EquityBuild, solicited investors via Internet advertising, social media, and other methods, the SEC alleges.  According to the SEC suit, EquityBuild and its leaders  defrauded investors that invested in notes backed by South Side of Chicago real estate and other assets.   EquityBuild affiliates “sustained heavy losses and the properties they pitched to investors failed to earn anywhere near enough to pay the promised double-digit returns,” the SEC complaint says. “As a result, (the EquityBuild) investment program devolved into a Ponzi scheme: Defendants could only pay earlier investors by raising funds from unwitting new investors.” Jerome and Shaun Cohen, father and son, run EquityBuild and a subsidiary,…
Author: InvestorLawyers
Posted: August 17, 2018, 3:22 pm
By Rodney F. Tonkovic, J.D. In a nonprecedential opinion, a Third Circuit panel concluded that a district court properly found that an investment adviser’s fees were not excessive in relation to the services provided. Taken as a whole, the fees were within the range of arm’s-length bargaining, and there was no reason to distinguish between fees paid to the manager and to a sub-administrator. The district court was also correct in deferring to the disinterested board's independent approval of the fees (Kasilag v. Hartford Investment Financial Services, LLC, August 15, 2018, Restrepo, L.). The action was brought by shareholders of six mutual funds managed by Hartford Investment Financial Services. As manager, Hartford agreed to provide certain services in return for a fee from each fund based on its average daily net asset value. Hartford also contracted with a sub-administrator and sub-advisors to assist in its managerial duties. The shareholders filed an action…
Author: John Jascob
Posted: August 17, 2018, 2:44 pm
A friendly competition is brewing between our two “list-makers.” In the first edition of “The ‘Karla Bos’ Files,” Karla said she keeps of list of the 10 things (or more) that she accomplishes before 8:30 am every weekday. Inspired, Nina Flax decided to share her own morning rituals – so eventually we’ll be able to compare how two powerhouse individuals start their day. From Nina: Here is one for the “Flax-Bos Throwdown of 2018.” Or maybe dance off. Though I don’t know if I’m “Team Britney” or “Team Justin.” Here are 10 things (not more) I accomplish before 8:30 a.m. every workday: 1. Wake Up. This is a MAJOR accomplishment for me. I am not a morning person, never have been. Would much prefer to stay up until 4 a.m. and sleep until 11 a.m. (but who am I kidding, I never get 7 hours of sleep anymore). Now there is child in my life. So, when he wakes up shouting “Papa, the sun is…
Author: Liz Dunshee
Posted: August 17, 2018, 10:06 am
This Vinson & Elkins memo provides a nice overview of the process of putting together a Special Purpose Acquisition Company (SPAC), financing it, and ultimately “De-SPACing” the entity through an acquisition.  This excerpt from the intro summarizes the life cycle of a SPAC: SPAC will go through the typical IPO process of filing a registration […]
Author: John Jenkins
Posted: August 17, 2018, 10:00 am
It's August. It's a Friday in August. As such, it's a quiet news day on Wall Street. That being said, it's also a sad day because of the death of Aretha Franklin. As a child of the Sixties, I loved her music and am saddened by her loss. Rest in Peace. Among my favorite tunes was one that often reminds me of Wall Street: "Chain of Fools"Citigroup to Pay More Than $10 Million for Books and Records Violations and Inadequate Controls (SEC Press Release 2018-155)https://www.sec.gov/news/press-release/2018-155-0Citigroup Inc. and its U.S. broker-dealer subsidiary Citigroup Global Markets Inc. (CGMI) agreed to pay a $5.75 million penalty to settle SEC charges of inaccurate books and records and CGMI’s failure reasonably to supervise traders. Citigroup and CGMI settled without admitting or d...
Posted: August 17, 2018, 9:57 am
On 16 August 2018, the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a consultative report, Governance arrangements for critical over-the-counter (OTC) derivatives data elements (other than UTI and UPI). The CPMI and IOSCO are seeking comment on possible governance arrangements for critical OTC derivatives data elements (CDE) other than the Unique Transaction Identifier (UTB), and the Unique Product Identifier (UPI). CDE are key data elements for reporting OTC derivatives transactions, in addition to the UTI and the UPI. The consultative report discusses the following: key criteria for CDE maintenance and governance; the different areas of CDE governance and governance functions; a proposed allocation of the governance functions to different bodies, i.e the Maintenance Body, the International Governance Body and Authorities etc; governance arrangements for the execution of maintenance…
Author: Hannah Meakin
Posted: August 17, 2018, 9:28 am
On 16 August 2018, the Financial Stability Board (FSB) announced a thematic peer review on the implementation of the Legal Entity Identifier (LEI), alongside summary terms of reference. The objective of the peer review is to evaluate the progress made by FSB members in response to the G20 Leaders’ 2012 call for the “global adoption of the LEI to support authorities and market participants in identifying and managing financial risks”. Specifically, the peer review intends to: take stock of the approaches and strategies used by FSB members to implement the LEI; assess whether current levels and rates of LEI adoption are sufficient to support the ongoing and anticipated needs of FSB member authorities; and identify the challenges FSB members face in further advancing the implementation and use of the LEI, and make recommendations (as appropriate) to address common challenges. Feedback is invited from financial institutions and other stakeholders on a variety of…
Author: Hannah Meakin
Posted: August 17, 2018, 9:27 am
The Hong Kong Monetary Authority (HKMA) has recently (18 July 2018) released its final Open API Framework. The formulation of the Open API Framework is one of the seven initiatives announced by the HKMA in September 2017 to facilitate the move into a new era of Smart Banking. The framework sets out a phased approach to implementation, it currently covers “read-only” data such as product and service information, with plans to roll out API specifications facilitating access to payment initiation services (with the deadline for this roll out being decided in the next 12 months). The framework also lays out detailed expectations on how banks should onboard and maintain relationships with new third-party service providers (TSPs). The regime aims to boost competition within the financial sector with some differentiating factors from approaches taken in other regions globally, including these: The adoption of the new framework is voluntary; firms do not have to obtain…
Author: Etelka Bogardi
Posted: August 17, 2018, 8:14 am
As one Court has recently observed, “herculean efforts” by securities broker-dealers “to avoid resolution of disputes through arbitration” is not new. The brokerage industry is responsible for the creation of mandatory arbitration. Arbitration agreements are contained in virtually every customer agreement with every broker-dealer carrying securities in America. The duty to submit to arbitration all disutes with public customers before Financial Industry Regulatory Authority (“FINRA”) is a condition of FINRA membership. The brokerage industry, however, does not want to be in arbitration. Motions to dismiss, except in very limited circumstances are not permitted in arbitration. The brokerage industry would rather be in court. Courts are more likely to enforce statutes of limitation, and the Rules of Evidence. In court, cases can be dismissed as a matter of law without an evidentiary hearing. The brokerage industry is very much afraid of jury…
Author: Nicholas Guiliano
Posted: August 17, 2018, 4:06 am
Shareholders Can Proceed with $13B CDO Fraud Case Against Goldman Sachs A US district court judge has given Goldman Sachs (GS) shareholders the right to move forward with their $13B collateralized debt obligation fraud lawsuit accusing the bank of not disclosing certain conflicts of interest. Judge Paul A. Crotty granted the investors’ case class action certification. The CDO fraud lawsuit revolves around investments that Goldman Sachs created and sold prior to the collapse of the housing market. According to the plaintiffs, the bank made false and misleading statements and acted counter to clients’ best interests. One of the more infamous Goldman collateralized debt obligations was the Abacus CDO, which resulted in the bank settling a related Securities and Exchange Commission case for $550M over allegations that it misled investors about the subprime mortgage product. Ex-Goldman Sachs VP Fabrice Tourre was ordered by a jury to pay $825K for his involvement in the…
Author: ccollins
Posted: August 17, 2018, 12:48 am
Green & Schalfe is pleased to announce that partners Adam Green and Michael Schafle have once again been recognized by their peers for selection to the prestigious The Best Lawyers in America list. This honor is bestowed upon the top 5% of private practice attorneys nationwide, as judged by other attorneys. Adam Green has been received the honor for the past four years for his work as a plaintiff’s attorney in the personal injury practice area. Michael Schafle has been recognized for the past three years running by his peers in Plaintiff Mass Tort Litigation/Class Actions. For more information on The Best Lawyers in America program, please click here.Pennsylvania & New Jersey Personal Injury Law Firm …
Author: Green, Schafle & Gibbs
Posted: August 16, 2018, 10:30 pm
On August 13, 2018, President Trump signed into law the National Defense Authorization Act (Public Law 115-232), which included the Foreign Investment Risk Review Modernization Act of 2018 (“FIRRMA”). FIRRMA marks the most significant change in over ten years in the law governing the Committee on Foreign Investment in the United States (“CFIUS”). CFIUS is a multi-agency US governmental committee that is authorized to review mergers, acquisitions, or takeovers of US businesses involving non-US persons in order to determine the effect of such transactions on US national security. Norton Rose Fulbright has prepared an analysis discussing the significance of FIRRMA which, in essence, codifies certain existing CFIUS practice with respect to transactions covered under the law, expands CFIUS’s jurisdiction to address perceived evolving national security threats due to the use of investment structures that previously have been outside of CFIUS…
Author: Kathleen Scott (US)
Posted: August 16, 2018, 8:51 pm
aph Publicly records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on August 16, 2018 indicate that former Colorado-based First Financial Equity Corporation broker/adviser Jeffrey Sigman, who has been named in a pending FINRA investigation, was recently discharged from his former employer in connection to alleged rule violations and is currently not affiliated with any broker-dealer firm. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Sigman (CRD# 1418621). Jeffrey Sigman has spent 31 years in the securities industry and was most recently registered with First Financial Equity Corporation in Greenwood Village, Colorado (2017-2018). Previous registrations include Neidiger Tucker Bruner in Englewood, Colorado (2001-2016); Owen-Joseph Securities in San Diego, California (1996-2001); Painewebber in Weehawken, New Jersey (1991-1996); Prudential Securities in New York, New York (1988-1991); and EF Hutton &…
Author: Fitapelli Kurta
Posted: August 16, 2018, 8:29 pm
Publicly available records published by the Financial Industry Regulatory Authority (FINRA) and accessed on August 15, 2018 indicate that California-based Ameriprise Financial Services broker/adviser Alan Holt has received resolved or pending customer disputes. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Holt (CRD# 1497129). Alan Holt has spent 32 years in the securities industry and has been registered with Ameriprise Financial Services in San Diego, California since 2009. Previous registrations include Ameriprise Financial Services in San Diego, California (2009); Citigroup Global Markets in Carlsbad, California (2002-2009); and Morgan Stanley DW in Purchase, New York (1986-2002). He has passed four securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination), which he obtained on January 20, 2006; Series 63 (Uniform Securities Agent State Law Examination), which he obtained on May 30, 1986; Series 3…
Author: Fitapelli Kurta
Posted: August 16, 2018, 8:28 pm
Publicly available records published by the Financial Industry Regulatory Authority (FINRA) and accessed on August 16, 2018 indicate that former New York-based RBC Capital Markets broker/adviser Cheryl George has been sanctioned by FINRA in connection to alleged rule violations and suspended from acting as a broker. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Ms. George (CRD# 4151720). Cheryl George has spent 17 years in the securities industry and was most recently registered with RBC Capital Markets in Williamsville, New York (2009-2018). Previous registrations include Morgan Stanley Smith Barney in Williamsville, New York (2009); Citigroup Global Markets in Williamsville, New York (2001-2009); and M&T Securities in Buffalo, New York (2000-2001). She has passed four securities industry examinations: Series 66 (Uniform Combined State Law Examination), which she obtained on December 4, 2007; Series 63 (Uniform Securities Agent State…
Author: Fitapelli Kurta
Posted: August 16, 2018, 8:26 pm
Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on August 16, 2018 indicate that former New York-based Henley & Company broker/adviser Mitchell Kurtz, who has received customer complaints, was recently discharged from his former employer in connection to alleged rule violations and is currently not affiliated with any broker-dealer firm. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Kurtz (CRD# 1418621). Mitchell Kurtz has spent 24 years in the securities industry and was most recently registered with Henley & Company in Roslyn Heights, New York (2010-2018). Previous registrations include Raymond James Financial Services in Roslyn Heights, New York (2006-2009) and AdVest in Hartford, Connecticut (1994-2006). He has passed five securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination), which he obtained on July 16, 2003; Series 63 (Uniform…
Author: Fitapelli Kurta
Posted: August 16, 2018, 8:25 pm




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Mark J. Astarita, Esq. represents investors, financial professionals and firms in litigation, arbitration and regulatory matters across the country. He is a partner in the national securities law firm of Sallah Astarita & Cox, LLC and can be reached by email at mja@sallahlaw.com or by phone at 212-509-6544.

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