Securities

Is the Broker "Best-Interest" Rule in Your Best Interest?

Is the Broker "Best-Interest" Rule in Your Best Interest?

Investment advisors and financial advisors are held to different standards of accountability when it comes to the investments they make on behalf of clients. Investment advisors have long been held to what is called the "fiduciary standard." Find out what the difference means for you and your money.

The Broker Oath - But Will It Work?

The Broker Oath - But Will It Work?

Thanks to a recent decision by the Fifth Circuit, it appears that brokers will, once again, get off the hook when it comes putting their clients' interests in front of their own. Into the breach has stepped an idea that has been kicking around for a years now, but which may be the best of several uninspiring options to compel brokers to act more responsibly toward investors: The Oath.

How Regulators - And YOU - Can Identify a "High-Risk" Broker

How Regulators - And YOU - Can Identify a "High-Risk" Broker

According to FINRA, while there is no airtight definition of a high-risk (yet), the regulatory body deploys a set of criteria to help identify these individuals and ratchet up the oversight on them. However you can use these criteria yourself to evaluate your own or a potential FA for excessively risky behavior.

Unpaid Awards Plague FINRA Arbitration Forum

Unpaid Awards Plague FINRA Arbitration Forum

Recently, FINRA created a task force to study the problem and discovered that, in the five years from 2012 through 2016, a total of 268 awards (27% of the cases where investors were successful) or $199 million in awards (29% of total damages awarded to investors) have gone unpaid, the report states.

Pennsylvania Stockbroker Charged in Ponzi Scheme

Pennsylvania Stockbroker Charged in Ponzi Scheme

No, it's not the Polka King of Pennsylvania but something far more prosaic. Last week, according to complaint released by the Securities and Exchange Commission (SEC), a former stockbroker based in Wayne, PA has been sentenced to more than 5 years in prison for operating a $2.35 million ponzi scheme that involved 30 investors.

FINRA Targets Rogue Brokers with History of Abuse

FINRA Targets Rogue Brokers with History of Abuse

The Financial Industry Regulatory Authority (FINRA) has released a serious of proposals aimed at implementing tougher supervisory protocols on brokers with a history of misconduct. Sponsoring brokerages would be forced to institute heightened supervisory measures on these brokers or be held responsible for any subsequent transgressions.

Investment Fraud Pretends to Be Regulator Guaranteed

Investment Fraud Pretends to Be Regulator Guaranteed

Financial fraudster are getting more creative - and audacious, according to a recent Investor Alert from the FINRA (the Financial Industry Regulatory Authority). FINRA is in charge of keeping an eye on the US Securities Industry. Shockingly, scam artists have recently been using FINRA itself - or its name at least - to separate investors from their money.

Ponzi Scheme Takes Elderly Investors for $4.4 Million

Ponzi Scheme Takes Elderly Investors for $4.4 Million

Last week, federal prosecutors in North Carolina brought charges against Stephen C. Peters, the latest alleged Ponzi operator to hit the headlines. Peters has been charged with diverting more than $4.4 million of retirement savings from elderly investors. Rather than actually invest their money, Peters used it to remodel a ranch in North Carolina, purchase fine art, build a vacation home in Costa Rica, and buy horses.

New FINRA Rules to Help Prevent Senior Financial Abuse

New FINRA Rules to Help Prevent Senior Financial Abuse

Every year, new and more elaborate schemes appear to bilk older investors out of their life-savings. Fortunately, FINRA has committed itself to several early detection measures aimed at stemming the tide of elder financial abuse. The new measures also encourage broker-dealers to further supervise their own employees when it comes to suspicions of broker misconduct.

FINRA Fines Citigroup $11.5 Million for Inaccurate Info to Customers, Brokers

FINRA Fines Citigroup $11.5 Million for Inaccurate Info to Customers, Brokers

From February 2011 to December 2015, Citigroup displayed to investors, brokers, and supervisors inaccurate ratings related to more than 1,800 equities, or more than 38% covered by the firm. These mistakes included the wrong execution recommendations (“buy” instead of “sell”); ratings which were mixed up between securities; or non-ratings for securities which were actually rated.

Investigation into Philadelphia-Area Stockbroker Ponzi Scheme

Investigation into Philadelphia-Area Stockbroker Ponzi Scheme

Green, Schafle & Gibbs has launched an investigation into the alleged Ponzi Scheme operated by Philadelphia-area stockbroker Paul W. Smith. Based in Wayne, PA, Smith operated a long-running Ponzi Scheme using purported investments in The Haverford Group, which costs a group of mostly retired and elderly investors approximately $2.35 million, according to the SEC.

The Dirty Secret of the Securities Industry

The Dirty Secret of the Securities Industry

There’s a universe of advice and information out there for investors looking to educate and protect themselves. Tune in to MSNBC or visit TheStreet.com and you’ll find a million answers to million different questions related to investing intelligently. But for all this “noise” about investing, there is some basic, critical information you probably will not hear about that could make all the difference to your financial well-being.

Firm Announces FINRA Award of Over $63K Against Morgan Stanley Smith Barney

Firm Announces FINRA Award of Over $63K Against Morgan Stanley Smith Barney

In a notable FINRA arbitration award released late last month from a Philadelphia, Pennsylvania Arbitrator.  Philadelphia-based FINRA attorney arbitration law firm, Green, Schafle & Gibbs, has secured a more than $63,000 arbitration award from brokerage firm Morgan Stanley Smith Barney to an investor who had sought $80,000 in financial damages.

Securities Industry and the "Best Interest Standard" for Investors

Securities Industry and the "Best Interest Standard" for Investors

For decades, broker dealers and financial advisors were only required to uphold their “fiduciary duty” toward client-investors. Now the US Department of Labor and FINRA are working together to enforce a higher standard of care - the "best interest standard." But is it really a higher standard?

Green, Schafle & Gibbs Represents Victims of Ponzi Scheme Broker Malcolm Segal

Green, Schafle & Gibbs Represents Victims of Ponzi Scheme Broker Malcolm Segal

Our firm currently represents former customers of Malcolm Segal who lost a significant amount of money in one of his fraudulent or nonexistent CDs. If you or anyone you know may have been damaged by Segal’s scheme, please contact our experienced securities litigation attorneys immediately to protect your legal rights.

The Help You Need in Securities Arbitration

The Help You Need in Securities Arbitration

A recent article on The Street.com concerning revelations about a FINRA arbitrator with a shady past should remind aggrieved investors how important it is hire an attorney who is intimately familiar with the arbitration process.