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Preliminary data suggest that securities arbitration panels with an industry arbitrator may be biased.
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December 22, 2010 @ 10:22 am |
Legal claims or lawsuits against stockbrokers for fraud, the sale of unsuitable investments, breach of fiduciary duty, and the failure to supervise, universally, and only in the rarest exception, are required to be litigated or arbitrated before FINRA, the Financial Industry Regulatory Authority, Office of Dispute Resolution, where until recently, at least one member of the arbitration panel sitting in judgment of a customer’s claim, was required to be an "industry" or "non-public" arbitrator employed by, or with some connection to, the securities industry...
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Wachovia Securities brokers alleged to have defrauded 42 customers of $8 million in options scheme
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December 17, 2010 @ 6:53 am |
William K. Harrison ("Harrison") and Eddie W. Sawyers ("Sawyers"), former employees of Wachovia Securities, L.L.C., now known as Wells Fargo Advisors, were charged on December 15, 2010 by the United States Securities and Exchange Commission with securities fraud.
According to the complaint from December 2007 through October 2008, Harrison and Sawyers defraud at least forty-two Wachovia brokerage customers of at least $8 million in customer funds by using misrepresentations and omi...
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Hooray for Philadelphia
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December 14, 2010 @ 1:10 pm |
Philadelphia Tops Latest List of Judicial Hellholes
Corporate defendants are wringing their hands over a specialized local court in Philadelphia that handles tort claims, putting the city atop their latest list of the worst places for companies to be sued.
Philadelphia is ranked No. 1 in annual survey of “judicial hellholes” that’s set to be released on Tuesday. The survey is conducted by the American Tort Reform Association, a business-backed group in Washington that supports changes to the tort system. Lawyers for plaintiffs have regularly ...
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Morgan Stanley Broker Charles Winitch Defrauds Disabled Children
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December 14, 2010 @ 11:43 am |
The New York Stock Exchange disciplined former Morgan Stanley stockbroker Charles Winitch of Scarsdale, New York, for unauthorized trading, churning or excessive activity, and breach of fiduciary duty with respect to the accounts of his customers.
Mr. Winitch’s fraudulent conduct, however, relates to the accounts of children, who each received large sums of money as a result of medical malpractice claims, which was to be used for their long term care and living expenses....
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FINRA Seeks Temporary Emergency Relief Against Alleged Boiler Room Operation
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December 7, 2010 @ 12:53 pm |
FINRA announced today that it filed a notice seeking a Temporary Cease and Desist Order (TCDO) against San Antonio-based brokerage Pinnacle Partners Financial Corporation and its President, Brian K. Alfaro. The TCDO would halt allegedly fraudulent and illegal sales activities at the firm relating to eight unregistered private placement offerings selling interests in oil and gas joint ventures. FINRA is seeking the order based on belief that customer harm and depletion of customer assets will likely ...
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Wayward Capitalists: Targets of the Securities and Exchange Commission (Yale Studies on White-Collar Crime Serie)
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Chainsaw: The Notorious Career of Al Dunlap in the Era of Profit-At-Any-Price
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