Disturbing Impersonation Claims Raise Ethical Concerns for Former Financial Advisor The financial industry prides itself on building trust and transparency with clients, but a recent incident involving a former advisor at a prominent firm has cast a dark shadow over these core principles. Darren McGovern, who previously worked as a broker at Ameriprise, has voluntarily …
RegBI: What Regulation Best Interest Means for Investors | Meyer Wilson Investment Attorneys
Reg BI Duty of Care: SEC Staff Bulletin Emphasizes Broad Obligations The U.S. Securities and Exchange Commission (SEC) recently published a staff bulletin on the duty of care for broker-dealers and investment advisers under Regulation Best Interest (Reg BI) and the investment adviser fiduciary standard. This bulletin, the third in a series, reflects the SEC …
How to Prepare for a FINRA Arbitration
After losing money due to investment fraud or another violation by the financial firm handling your money, you will likely need to pursue compensation through FINRA arbitration. There are many steps you and your lawyer can take to prepare before arbitration begins, including filing a claim, selecting arbitrators, attending a prehearing conference, exchanging discovery, and …
What Is the Statement of Claim for FINRA Arbitration?
When pursuing Financial Industry Regulatory Authority (FINRA) arbitration to resolve a dispute with your financial advisor or brokerage firm, you will submit a Statement of Claim. The State of Claim is the initial document you will submit to FINRA when pursuing a claim through arbitration that states all the important details of your case. At …
What Constitutes Excessive Trading?
Excessive trading is any trading with an investor’s money that exceeds the investment objectives and risk tolerance of the investor. Many brokers earn a commission on every trade they make. This can tempt brokers into making trades with the money they handle that exceed the needs of their clients simply to rack up as many …
What Is Reverse Churning?
When you pay an investment firm or financial advisor a flat fee to manage your money, and they do little or nothing with your account, this may be characterized as reverse churning. With reverse churning, you are essentially paying your financial advisor a fee and getting very little services in return. If your brokerage firm …
Can a Broker Sell My Stocks Without Permission?
Brokers are not allowed to sell your stocks unless you have given them permission to do so. You have the ultimate authority over how the money you invest is handled. However, you can grant permission to a broker to trade your stocks in different ways. You may choose to enable them to make trades that …
What if a Broker doesn’t Sell Your Stock When Requested?
A broker who fails to sell a stock when requested by a client may be guilty of failure to execute orders. Financial brokers are legally obligated to follow all instructions from their clients regarding the money the client has invested. Brokers who don’t comply with these requests open themselves up to civil lawsuits from investors. …
What Is Considered Financial Advisor / Broker Negligence?
Your financial advisor or broker has a duty to act in your best financial interests when handling your money. Failure to do so could be considered negligence or another form of investment misconduct. Financial negligence occurs when a financial advisor or broker fails to demonstrate a reasonable standard of care regarding the handling of an …
Texas Ponzi Scheme Lawyer
If you have trusted a financial advisor with your life savings, you expect them to offer sound financial advice. However, some advisors exploit this trust by engaging in various forms of securities fraud, including Ponzi schemes. If you find yourself trapped in such deceit, a Ponzi scheme lawyer serving Texas will help recover your losses. …
Florida Ponzi Scheme Lawyer
When you entrust your life savings to a financial advisor, you rightfully expect sound financial guidance in return. Yet, some advisors abuse this trust by engaging in Ponzi schemes or other forms of securities fraud. If you suspect advisor misconduct, a Ponzi scheme lawyer serving Florida can investigate your portfolio. With over 75 years of …
Investor Alert: Frank Martin Sanctioned | Securities Attorney
At Meyer Wilson, we are committed to safeguarding the interests of investors and ensuring they are informed about updates in the securities industry. Today, we need to discuss recent sanctions against LPL Financial supervisor Frank Levi Martin (also known as Frange Martin and Frangel Martinez), based in Brooklyn, New York. His activities have led to …
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