YOU CAN’T STOP CLIENTS’ UNFOUNDED ARBITRATION CLAIMS, BUT YOU CAN BE PREPARED: KEEP GOOD RECORDS. BY MARK J. ASTARITA, ESQ. More than 6,000 arbitration claims are being filed each year with the various self-regulatory agencies. It follows that more and more brokers are finding themselves involved in these claims with […]
Brokers
Commentary, news and links of interest to financial advisers.
For The Record
Note: Mark Astarita was the legal columnist for Research Magazine from 1995 to 2000. This column was the first in of 5 years of monthly articles. BY MARK J. ASTARITA, ESQ. By now, you’re probably aware of Spring Street Brewing’s successful initial public offering completed last year. The company conducted […]
Settling the Matter
More brokers and firms are being forced to settle customer claims, particularly where the claim is less than the total arbitration expense. Settling the Matter By Mark J. Astarita, Esq. In June, we addressed how to avoid customer disputes. This month, we jump ahead to how to resolve them, either […]
Financial Advisor Legal Information Center
Featured Books Securities Litigation and Enforcement in a Nutshell – The 2nd edition of the Securities Litigation and Enforcement Nutshell focuses on an area of law that burgeoned nearly two decades ago after the accounting and corporate governance scandals at Enron, WorldCom, and other large publicly traded companies. It is […]
Mutual Fund Legal Information Center
Sponsored by Mark J. Astarita, Esq. Featured Books: Mutual Funds For Dummies, 6th edition – “With straightforward advice and a plethora of specific up-to-date fund recommendations, personal finance expert Eric Tyson helps you avoid fund-investing pitfalls and maximize your chances of success. This revised edition features expanded coverage of ETFs, […]
Archives Restrictive Covenant Denied as Overbroad
Not unique employee, no geographic restriction, no injunction. S.G. Cowen Securities Corp. v. Messih, N.Y.L.Jnl., 5/24/00 (S.D. N.Y.): In the spring of 1999, Cowen hired Messih, a California resident, to be its Managing Director of Technology in its San Francisco office. They entered into an employment contract which expired on […]
SIA Opposes New Expungement Rule Proposal
Cites “Dangerous and unmistakable message that…arbitration panels cannot be trusted” SIA COMMENTS ON NTM 01-65: The Securities Industry Association responded, in a letter dated December 31, 2001, to NASD’s request for comment on a proposal to revise its rules and policies on expungement. The letter, signed by SIA SVP and […]
Regulatory Analyst Settlement and Arbitration Impact, $1.4 billion
Expectations have been raised by the media, claimants’ counsel and other pundits that a flood of arbitration filings will follow the conclusion of the $1.4 billion regulatory settlement regarding analyst conflicts. RESEARCH SETTLEMENT & ARBITRATION IMPACT: Expectations have been raised by media, Claimant’s counsel and other pundits that a flood […]
Selling Away Claims Denied in Arbitration
Firm Still Must Pay $32,000 In Forum and Related Fees ROBINSON v. FIRST ALLIED SECURITIES, INC., NASD ID #99-04441 (Pittsburgh, 9/25/01): This “selling away” case involved thirteen separately filed arbitrations that were consolidated for pre-hearing and hearing purposes. By the time of the hearing, the broker had declared bankruptcy, leaving […]
NASD Approves Customer Transfer Interpretation
NASD Approves Customer Transfer Interpretation Freezing accounts when broker transfers firms no longer an option Approved by the SEC on January 4, 2002, this new policy will assure that customers will be able to transfer accounts without restriction to follow a departing broker. The full text of IM 2110-7 states […]
