Each month, the agency that regulates the financial industry, FINRA (Financial Industry Regulatory Authority), produces a detailed report that runs down all disciplinary actions recently taken against brokerage firms and brokers. We strongly encourage any investor who suspects their broker and/or broker-dealer of having lost them money on dubious terms to at least skim this report to see if you recognize any names, schemes, products, or securities.
FINRA pushes to include more women and minorities into its pool of securities arbitration panels.
FINRA Disciplinary Action Report for brokers and brokerage firms for August 2017
FINRA is considering a possible multi-year initiative called FINRA360, wherein the self-regulatory organization is conducting a whole review of day to day functions and programs, with input from both inside as well as outside the corporation.
Each month and again on a quarterly basis, the agency that regulates the financial industry, FINRA (Financial Industry Regulatory Authority), produces a detailed report that runs down all disciplinary actions recently taken against brokerage firms and brokers. This long list of alleged wrongdoing and misconduct reads a lot like a police blotter. We strongly encourage any investor who suspects their broker and/or broker-dealer of having lost them money on dubious terms to at least skim this report to see if you recognize any names, schemes, products, or securities.
When the Madoff scam broke in 2008, a lot of people seemed to think that dragging his astoundingly nefarious activities into the stark light of day would mark the end of onzi schemes. People wouldn't believe anymore in investment products or portfolios that never went down. They'd run away from the smooth-talker's big, empty promises to make them a whole lot of money without any risk. Ponzi schemes wouldn't fool us anymore. At least for a little while. Maybe. Or not... Apparently Ponzi practitioners are still alive and well and continuing to fleece unsuspecting investors out of their hard-earned cash. A recent disciplinary deal struck between FINRA and an allegedly crooked and obviously very foolish financial adviser named Sarris (with the help of Sarris' allegedly equally crooked and presumably also very foolish father) reveals how the felonious spirit of Madoff and Ponzi lives in our, we thought, more cautious world:
e must be more careful. Of course men and women who manipulate others in order to take their money are predators, plain and simple; and their techniques are constantly evolving. But as we at The Green Firm have seen over the years, more often than not, while the products and mechanics of their schemes change, crooked brokers, advisors, and salespeople of pretty much every stripe tend to strike the same incredible pitch:
If you ever hear anything like that statement above, "riskless investment strategy that never lost money and consistently returned in excess of 13% per year on average," alarm bells should start going off. Remember, as FINRA strongly counsels and we wholeheartedly second, "If it sounds to good to be true..." You know the rest.
If you or someone you know has the victim of a Ponzi scheme or any other form of investment advisor misconduct, please contact us for a free consultation.
A recent lawsuit by San Francisco Giants hurler Barry Zito alleges that his friend used their relationship to mislead Zito into making a $3M investment on a fitness software startup that never materialized. We've seen misrepresentation like this before, and we're pretty sure we'll see it again. Unfortunately, pro athletes with large salaries and limited investment knowledge are highly susceptible to manipulation by stock brokers and friends alike. Precisely because they have a lot of money, they tend to be over-trusting of friends who they believe have their best interests in mind. Not always the case. And it's important to keep in mind that perpetrators of securities fraud are not always stock brokers or financial advisors--they can be anyone who enters upon a securities contract.
f you or someone you know think you've been the victim of securities fraud or misrepresentation, please The Green Firm immediately for a free consultation.