The Law of the Financial Markets from Top Securities Lawyers
Tuesday, April 23, 2024
Commentary, news and links of interest to financial advisers.
I am a trial lawyer, a litigator, and have been at it for over 30 years. While I have represented clients at trial, in state and federal courts, most of my trial experience is in securities arbitrations, and virtually all of my work is in the securities area. The point […]
In recent years, markups have become a growing concern for regulators, and brokerage firm markup policies and procedures have come under increasing scrutiny from the SEC and the NASD. Essentially, a markup, or markdown, is the amount of money above (or below) the “inside” market that a broker dealer may […]
The Supreme Court ruled [June 5, 2017] that claims for disgorgement brought by the SEC are governed by a five-year statute of limitations. The Court’s unanimous opinion in Kokesh v. SEC, No. 16-529, slip op. at 5 (U.S. June 5, 2017) (Sotomayor, J.), held that disgorgement, as it is applied […]
A Symptom of Wall Street Revenue Dip One bond trader says he’s been slipping out early to watch his kids play sports. A fund manager says his office just staged a golf retreat. A trading supervisor at another bank confides he’s swiping through a lot of profiles on Tinder, the […]
Receiving a subpoena from the SEC, or an 8210 Request from FINRA can be the start of a long investigative process while can ultimately lead to a Wells Notice, and an enforcement proceeding. How you handle that process can dictate the end result, and you need to retain competent securities […]
Churning is excessive trading in a customer’s account by a broker taken in the context of the customer’s financial situation and investment objectives. While no one test is available to determine if an account has been churned, churning requires three elements, first, excessive trading, and second, control of the account […]
FINRA is following many states in pressing forward with a rule that aims to give advisers more tools to combat elder abuse, a large and growing problem that many financial professionals are struggling to address. FINRA has developed a rule that aims to better protect elderly clients and also give […]
Goldman Sachs Group Inc. sued two former vice presidents in the bank’s private wealth management unit in Chicago, claiming they poached clients for their own new investment advisory business. The two men, Jeffrey Friedstein and Joseph Page, gave notice on Friday they were quitting, Goldman Sachs said in a complaint […]
Even a looming scandal wouldn’t deter some of Congress’ most eager stock traders.” This article from Politico details the outrageous trading patterns of some members of Congress, who despite the STOCK Act, continue to trade in the securities of companies who are the influenced by their investigations and legislation. The […]
We all know that defending promissory note cases for brokers is difficult. After all, those notes have been written, revised, rehashed and reworked by brokerage firm attorneys for years.As I have noted in the past, and in my near daily telephone consultations with brokers with promissory note issues, this does […]
