Nine months after FINRA began a process to publicly label firms as ‘restricted’ if they or their brokers had a significant history of misconduct, no firms have received that scarlet letter, according to a review of the regulator’s BrokerCheck database. FINRA’s Rule 4111, which created the...
Burt Marshall borrowed millions from friends and clients in Hamilton, New York. Now he owes them $90 million that his lawyer has said he will not be able to repay. Syracuse, N.Y. — A man who is among the nearly 1,000 investors owed more than $90...
Law360 (May 14, 2024, 9:40 PM EDT) -- Massachusetts-based Berkshire Bank is facing a proposed class action brought by an investor seeking to hold the bank liable for providing financial services to a bankrupt local business person whom the investor has accused of operating a...
The U.S. Department of Labor on Tuesday said it has finalized a fiduciary rule governing retirement accounts that will close loopholes and widen the swath of financial advisors who must put their clients interests ahead of commissions or face penalties and restitution. The final rule, which...
When you walk into a financial adviser’s office, you expect them to put your best interests above all else — in the same way a doctor would, rather than, say, a car salesman. But many people don’t realize that the rules financial professionals must follow...
Some financial advisors did not get a lot of love from the White House bully pulpit on Tuesday when President Joe Biden rolled out the Department of Labor’s newly proposed fiduciary rule governing retirement accounts. The proposed rule would “close loopholes” and impose a requirement that...
Many investors are facing investment losses and tax penalties due to the bad advice to invest in a Conservation Easement. However, Financial Advisors have a legal obligation and regulatory obligation to recommend only suitable investments that are appropriate for their clients. If you are currently being...
“Following last month’s report by the SEC to the House Appropriations Committee on private arbitration (and the use of forced arbitration clauses) in the RIA industry, investor advocates vow that if the commission won’t mandate more industry transparency, they’ll push Congress to step in. “I realize there’s all...
“A trade group representing plaintiffs’ lawyers on Tuesday called for the Securities and Exchange Commission to end a “broken” arbitration system for investors bringing claims against registered investment advisors and to force RIAs to be more transparent about customer complaints. The Public Investors Advocate Bar Association...
Real estate crowdfunding platform CrowdStreet is coming under fire after tens of millions of investor dollars allegedly went missing from accounts connected to Nightingale Properties. The dramatic disclosure, made last week by a fiduciary for the retail investors, related to two Nightingale deals in Atlanta and...
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