WFG Investments Sustains $700,000 FINRA Fine; Allegedly Failed to Supervise Registered Reps

WFG Investments Inc., of Dallas, Texas, has recently been fined $700,000 by the Financial Industry Regulatory Authority Inc. (FINRA) for allegedly failing to commit the requisite time, attention and resources to a bevy of critical obligations in its supervision of registered reps, according a settlement released by FINRA. Said settlement goes on to detail WFG’s… Read more »

Wells Fargo Advisors Slapped with $1.5 Million FINRA Fine for Alleged Anti-Money Laundering Compliance Failure

Rochester stockbroker fraud attorney

The Peiffer Wolf investment fraud attorneys are currently investigating Wells Fargo Advisors. From 2003 to 2012, Wells allegedly failed to properly examine as many as 220,000 new clients, and not completing the requisite identity verification, according to FINRA documents currently being poured over by attorneys Jason Kane and Joe Peiffer. A statement from the regulator… Read more »

HSBC Allegedly Admits Fault, Swiss Private Banking Unit Fined by SEC for Supplying Unregistered Services to U.S. Clients

Ponzi scheme attorneys

HSBC Holdings Plc has allegedly agreed to pay $12.5 million to settle charges that its Swiss private banking unit illegally offered services to U.S. clients without proper registration before providing cross-border brokerage and investment advisory services, the SEC announced on November 23, 2014. HSBC Private Bank allegedly finally agreed to admit wrongdoing to settle the… Read more »

Broker-dealer Essex Censured and Fined for Alleged Unsuitable Mutual Fund Switches

Ponzi scheme attorneys

From February 2010 through March 2011, Essex Securities, LLC, a FINRA-registered broker-dealer since December 1998 headquartered in Topsfield, MA, allegedly engaged in a pernicious pattern of unsuitable mutual fund switching with the accounts of seven customers, using a representative known only as JT as its alleged wrongdoer, according to a FINRA Letter of Acceptance, Waiver… Read more »

The Peiffer Wolf investment recovery lawyers are currently investigating several brokerage houses and financial firms

Rochester stockbroker fraud attorney

The Peiffer Wolf investment recovery lawyers are currently investigating several brokerage houses and financial firms, including Schwab, J.P. Morgan Securities, Lebenthal, Oppenheimer, TD Ameritrade, UBS and Wedbush for allegedly selling Puerto Rican junk bonds beneath the minimum denomination of $100,000 per individual transaction. This statute was designed to protect small fish investors who may not… Read more »

National Securities Sanctioned for Alleged “Minimum Denomination” Sales of Puerto Rican Junk Bonds

New Orleans Investment fraud attorneys

The Peiffer Wolf investment recovery lawyers are currently investigating the sale of junk bonds, issued by the Commonwealth of Puerto Rico by National Securities, of Seattle, Washington, to customers in amounts allegedly below the minimum denomination of the issue, according to SEC documents currently being reviewed by attorneys Joe Peiffer and Jason Kane. In March… Read more »

CEO Mark Casady Atones to LPL Financial Shareholders for Compliance Errors as LPL Net Income Falls

Cleveland stockbroker fraud attorney

LPL’s CEO Mark Cassady recently apologized to shareholders for his delay in rectifying compliance issues which have made the nation’s largest independent broker-dealer cough up millions of dollars in in fines, restitution payments and settlements with regulators.  “It’s been a two-year journey to reduce complexity by increasing automation and controls,” Mr. Casady said on an… Read more »

Genworth Financial Securities Corporation Failed to Adequately Supervise Procedures, Leading to Churning and Burning of Customer Accounts, Allegedly

Cleveland stockbroker fraud lawyer

The Peiffer Wolf investor rights lawyers are currently investigating Genworth Financial. Genworth Financial, a member firm since 1982, was fined for allegedly failing to ensure adequate supervisory procedures concerning supervisory of active customer accounts for excessive trading thus allowing brokers to churn customer accounts, according to a FINRA Letter of Acceptance, Waiver and Consent (AWC)… Read more »

Guilty Plea in the Benchmark Capital Alleged Fraud

New Orleans Investment fraud attorneys

A finance professional in Knoxville, TN who was accused of co-conspiring with promoters and/or organizers of the Benchmark Capital alleged fraud pled guilty to one count of conspiracy to commit mail and wire fraud, according to documents filed in U.S. District Court. In that case, several other defendants including Joyce Allen, Brian Murphy, Sharon Kay… Read more »

UBS Reportedly Still Advising Brokers to Keep Selling Risky Puerto Rico Funds

Ponzi scheme attorneys

UBS AG is still sticking to its guns and recommending that some clients buy risky Puerto Rico closed-end bond funds, in spite of the fact that hundreds of arbitration claims by investors who blame the securities for huge losses, according to an internal document earlier reported by Reuters. UBS, which has about 130 advisers in… Read more »