According to the director of the Office of Dispute Resolution, Richard Berry, FINRA is increasing efforts to enroll female arbitrators for its independent arbitration forum to boost representation and make the procedure fairer.
FINRA Proposal on Unpaid Arbitration Awards Not Good Enough
FINRA Proposes Ban on Non-Attorney Reps in Arbitration
Ex-Canuck Sues Financial Advisor Alleging Fraud
Former Vancouver Canucks’s Defenseman, Jason Garrison, is suing his financial advisers, alleging fraudulent financial advice for the purpose of personal profit. The suit claims the financial adviser, Richard Jones sold Jason Garrison a series of unsuitable investment vehicles and insurance policies, which cost him more than $27.6 million.
Debate Over Mandatory Arbitration Heats Up
The Investor Choice Act, authored by Rep. Bill Foster (D-Ill.) seeks to bar not only broker-dealers but other corporations from deploying mandatory arbitration agreements. At a recent hearing, the Act met strong opposition from industry groups such as SIFMA as well as the Chamber of Commerce. Tom Quaadman, executive vice president with the Chamber of Commerce, defended the arbitration process as a vital dispute resolution tool that helps clients and advisors alike avoid lengthy and costly litigation.
FINRA Investor Alert: Social Sentiment Investing
FINRA Warns about Broker Imposter Scams
Legislation Could End Mandatory Arbitration for Securities Disputes
On Friday a ranking Democratic member of the Senate Banking Committee, Sen. Sherrod Brown, introduced a bill aimed at ending pre-dispute arbitration agreements that have become commonplace in business-to-consumer businesses. The bill, called the Arbitration Fairness for Consumers Act, is specifically focused on student loan and credit card contracts; however, it has enormous implications for the securities industry, in which almost every brokerage contract includes a binding arbitration clause.
SEC Takes Aim at Unregistered Advisors in New Alert
$1B Award by Judge in Florida-based Ponzi Scheme Litigation
In one of the largest ever investment fraud schemes in US history, a federal judge in Florida has ordered the operator of a ponzi scheme to pay $1 billion in restitution and fines. Former investors, many of whom were elderly and unsophisticated, can look forward to at least some return on their original investment in the massive ponzi scheme perpetrated by the Woodbridge Group of Companies and its former owner, Robert Shapiro.
How to Tell You're Getting a Sound Financial Advice
What is FINRA Arbitration?
Most retail investors have never heard of FINRA, or the Financial Industry Regulatory Authority, until they’ve lost a lot of money due to broker misconduct or investment fraud. The first time they are likely to learn about the financial industry’s watchdog is when they attempt to sue their broker in a court of law and find that they can’t.
FINRA Considers Rolling Back Supervision of Selling Away
Following on the heels of a recent report by the NASAA, a group responsible for monitoring the securities industry, which showed that many broker-dealers are not doing enough to monitor “rogue brokers” with a history of multiple indiscretions on their permanent records, news broke recently that supervision of brokers may be further eroded if changes proposed by the Financial Industry Regulatory Authority (FINRA) are passed into official regulation.
Small Investors More Vulnerable Than Ever to Wall Street Predators
In the aftermath of Enron, the Financial Crisis, and the Wolf of Wall Street, you might think that regulators who are charged with protecting small retail investors as much as the markets themselves would sharpen up the rules and regulations governing the financial industry. Unfortunately, a series of announcement recently opined about in the New York Times suggests that small investors are more, not less, vulnerable to Wall Street’s predations than they’ve ever been.
Former Eagles Player and Goldman Sachs Banker Accused of Insider Trading
Is Your Broker Selling Unapproved Investments?
FINRA Disciplinary Action Report: June 2018
How to Run a Background Check on Your Stock Broker - The Right Way
How to Protect Yourself Against Investment Fraud: 5 Questions
What can you do, oh unsophisticated investor, to protect yourself against the attacks and traps of some of history's most dastardly fraudsters? For a start you can ask yourself the following 5 questions about investment fraud - and answer them as honestly as possible. Remember, when you're trying to protect yourself from the deception, the last thing you want to do is self-deceive!