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Morgan Stanley Seeks to Stop Two Departing Advisors from Transferring Inherited Accounts

May 9th, 2022 at 2:59 PM
Morgan Stanley is seeking a temporary restraining order (TRO) in an effort to block two of its former New-Jersey based advisors from soliciting clients whom they inherited via the firm’s Former Advisor Program (FAP).    
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SEC Doubles Size of Crypto Assets and Cyber Enforcement Unit

May 6th, 2022 at 1:10 PM
The Securities and Exchange Commission (SEC) has added 20 new positions to the enforcement unit responsible for protecting investors in crypto markets and from cyber-related threats.     
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Amateur Investors Took a Billion-Dollar Loss Trading Options Amidst Covid-19

May 5th, 2022 at 2:19 PM
Amateur day traders lost nearly $1 billion during Covid-19, which climbs to $5 billion when including the costs of trading with market-makers, according to research from economists at the London Business School.    
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FINRA Cracks Down On UBS and Berthel Fisher

May 4th, 2022 at 1:35 PM
The Financial Industry Regulatory Authority (FINRA) has issued a $350,000 fine to UBS for failing to report trades in TRACE-eligible securities.    
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GWG Blames SEC Investigation Of Sales Practices For Its Collapse

May 3rd, 2022 at 1:39 PM
In its Chapter 11 bankruptcy filings, GWG has criticized the Securities and Exchange Commission’s (SEC’s) investigation of broker-dealers that sold at least $1.6 billion of its life-settlement backed bonds as a major reason for the firm’s collapse, including GWG’s defaulting on $13.6 million in payments to bondholders.    
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FINRA Bars Former Ameriprise Advisor Who “Falsified” Client Event Expenses

May 2nd, 2022 at 2:36 PM
The Financial Industry Regulatory Authority (FINRA) has barred a former Ameriprise advisor who allegedly falsified $25,000 in reimbursement requests submitted to the firm for client events that she sponsored through wholesaler contributions.      
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FINRA Bars Massachusetts Advisor For Failing to Cooperate With Regulator’s Investigation

April 29th, 2022 at 1:34 PM
The Financial Industry Regulatory Authority (FINRA) has barred a former advisor, Philip Riposo, for failing to cooperate with the regulator’s investigation.     
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Arbitrators Clear Former Merrill Advisor Of Former Partner’s Misconduct

April 28th, 2022 at 1:23 PM
A former Kentucky-based Merrill advisor will have his record cleared of an investor complaint pertaining to the conduct of his former partner who was convicted of theft, according to a Financial Industry Regulatory Authority (FINRA) arbitration award.    
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SEC Accuses Former Morgan Stanley Advisor of Conducting a Ponzi Scheme

April 27th, 2022 at 1:05 PM
The Securities and Exchange Commission (SEC) has accused a former Morgan Stanley advisor of using client funds to cover personal expenses including a Tesla vehicle, credit card bills and cash transfers.    
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Former UBS Advisor Pleads Guilty to Spending Client Funds on Girlfriends’ Gifts

April 26th, 2022 at 11:49 AM
A former UBS advisor has pleaded guilty to misappropriating $5.8 million in client funds primarily to cover gifts for girlfriends, according to the Securities and Exchange Commission (SEC).    
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Jim, Stephany and the whole team were a God send.  سԹ felt like we were put into a situation where we had no advocate. Jim’s team came in with a strong, well laid out strategy on how to get our story heard. Where our outside compliance company had no ability to help, our Broker Dealer was impenitent, and the regulators were aggressive pursuing vague rules, Jim came like a barricade against an assault we did not understand. Though you pay member dues to be affiliated with FINRA and a B/D, you have no voice. The only thing that is truly heard in this un-level playing field is a bulldog’s bark like Jim’s. I would encourage anyone to call Jim and his team to find a real ally in the tough and complicated world of securities regulation. They are truly the best.

Greg P.

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