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 »

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 »

Gary J. Chackman Barred From Securities Industry Due to Alleged Unsuitable Recommendations and Document Forgery

Gary J. Chackman was barred from the securities industry by the Financial Industry Regulatory Authority (“FINRA”) in connection with claims that Chackman recommended unsuitable transactions and falsified documents. Chackman recommended and effected unsuitable transactions in the accounts of some of his LPL Financial, Inc. customers by over-concentrating his customers’ assets in real estate investment trusts… Read more »

Jeffrey Carter Smith Suspended and Fined in Connection with Unauthorized Transactions in Customer Accounts

Jeffrey Carter Smith, a financial professional formerly registered with UBS Financial Services, Inc., was sanctioned by securities regulators in connection with claims that Smith made hundreds of unauthorized transactions. Smith was suspended from the securities industry for nine months and fined $10,000 by the Financial Industry Regulatory Authority (FINRA). Smith serviced three separate Uniform Gifts… Read more »

LPL Financial Sanctioned In Connection With Sale of Non-Traded REITs, Other Alternative Investments

LPL Financial LLC was recently sanctioned by securities regulators.  LPL Financial failed to implement an adequate supervisory system for the sale of alternative investments and also failed to have compliance or written supervisory procedures that were reasonably designed to achieve compliance with regulatory rules and state suitability requirements, according to the Financial Industry Regulatory Authority… Read more »