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Charles Schwab’s Class Action Prohibition Antics May Inspire Death Knell to Mandatory Securities Arbitration.
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May 7, 2013 @ 11:41 am |
Will the SEC Listen to Congress or NAASA and act Under Dodd-Frank Wall Street Reform and Consumer Protection Act to prohibit the use of mandatory securities arbitration ?
On Monday, thirty seven members of Congress wrote to the SEC to end forced FINRA arbitration. In a letter to Chairperson White, they wrote:
We write to express our strong belief that the Securities and Exchange Commission (the ³Commission²) should promptly exercise its authority under Section 921 of the Dodd-Frank Wall Street Reform and Consumer Protection Act to prohibit the use of...
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The Retirement Gamble Facing Us All
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April 26, 2013 @ 1:13 pm |
If you’ve been watching any commercial television lately, you are well aware that the financial services industry is very busy running expensive ads imploring us to worry about our retirement futures. Open a new account today, they say.
They are not wrong that we should be doing something: America is facing a retirement crisis. One in three Americans has no retirement savings at all. One in two reports that they can’t save enough. On top of that, we are living longer, and health care costs, as we all know, are increasing.
But, as I found when investigati...
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FINRA Offers Injured Investors Do it Yourself Litigation Resources.
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April 11, 2013 @ 10:03 am |
According to FINRA Dispute Resolution Statistics, so far in 2013, only 44% of investors bringing claims against their stockbroker or brokerage firm recover any damages, and on average, even those that win, only recover 50% of their damages.
Empirical evidence clearly demonstrates that "Better representation may lead to better outcomes." The Influence of Arbitrator ...
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Knott’s Berry Farm Granddaughter Files $8.5M Securities Fraud Claim Against LPL Financial L.L.C.
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March 26, 2013 @ 3:33 pm |
Maureen Sloan, 63, of Newport Beach, Calif., claims former LPL Financial L.L.C. broker Alberto Neira stole $4.5 million from her through a fraudulent auto-financing scheme called Silver Oak Leasing. Ms. Sloan said she lost another $4 million in unsuitable trading of preferred stock. Ms. Sloan is the granddaughter of Walter Knott, founder of the Buena Park, Calif.-based Knott's Berry Farm.
Mr. Neira appears to have been associated with LPL Financial L.L.C. since February 2002.
LPL Financial LLC terminated Mr. Neira in January 2011 for "failure to fully discl...
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Illinois Stockbroker Found to Have Stolen $16 million from His Customers
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March 26, 2013 @ 2:58 pm |
A federal court for the District Court for the Central District of Illinois entered an injunction against Timothy J.Roth, of Urbana, Illinois, a stockbroker with the NJ based firm Comprehensive Capital Management, Inc. for stealing more than $16 million of his clients’ mutual fund shares, liquidating the shares, and sending the ill-gotten gains to various accounts and companies under his control.
The judgment permanently enjoins Roth from violating the antifraud provisions of the federal securities laws. Roth consented to the judgment.
According to the ...
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Backdating of Stock Options (Business Economics in a Rapidly-Changing World)
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Pump And Dump: The Rancid Rules of the New Economy
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