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Investor Claims against Stockbrokers for Fraud Continue to Soar
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January 24, 2010 @ 8:40 am |
Securities arbitration results from the Financial Industry Regulatory Authority ("FINRA") Office of Dispute Resolution reporting the outcomes of customer initiated investment related arbitrations against stockbrokers and investment firms have been released for 2009.
Not surprisingly, the number of FINRA customer initiated arbitration cases filed in 2009 increased 43% from 4,982 cases in 2008 to 7,137 cases in 2009. The number of these cases was initially expected to exceed 10,000 in 2009. Increases in securities prices in the 2009 have probably reduced the number of claims that would o...
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Prudential Investment Management Fraud
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January 18, 2010 @ 6:24 pm |
Pruco Securities, LLC (CRD #5685, Newark, New Jersey) and Prudential Investment Management Services LLC (CRD #18353, Newark, New Jersey) submitted a Letter of Acceptance, Waiver and Consent in which they were censured, fined $525,000, jointly and severally, and required to conduct an audit and prepare written findings regarding their compliance with NASDrules relating to the filing, approval and recordkeeping requirements for advertisements and sales literature. Without admitting or denying the findings, the firms consented to the described sanctions and to the entry of findi...
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Finra bars Ex-Morgan Stanley rep for allegedly bilking 97-year-olds charity
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January 18, 2010 @ 6:14 pm |
A former Morgan Stanley broker was barred today by the Financial Industry Regulatory Authority Inc. for allegedly misappropriating $11,156.47 from the charitable foundation of a 97-year-old nursing home resident who was his client for more than 20 years.
John Edward Mullins allegedly began to misuse the funds of his client, Esther Weil, after she became ill in April 2006 and needed 24-hour nursing care, Finra said in a statement.
Within three months of her becoming ill, Mr. Mullins misappropriated $4,000 to pay for a vacation at the Four Seasons in London, $5,500 toward his persona...
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Financial Serial Killers: Inside the World of Wall Street Money Hustlers, Swindlers, and Con Men
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How SIPC Protects You ( Securities Investor Protection Corporation)
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