Elderly couple alleges unsuitability and concentration in risky speculative junk bonds Two San Francisco retirees have filed a $500k Financial Industry Regulatory Authority (FINRA) case against NI Advisors, its President Sui-hock Goy, and broker Shirley Ank Wong. Broker Ank Wong also operates locally as AK Advisors in Daly City, CA.…
Claimants file FINRA arbitration claim against National Securities Two Florida retirees have filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against National Securities Corp. They seek up to six figures in damages for the losses they sustained in GWG Holdings L bonds. The risky, illiquid junk bonds were allegedly…
Claimants also name former LPL Financial brokers Edward Miller and Antonio Reyna Two investors were awarded $2.57m in their Financial Industry Regulatory Authority (FINRA) arbitration case against LPL Financial and Financial Resources Group. Also named as respondents but who were not ordered to pay damages are two former ex-LPL financial…
California investment advisor accused of best interest violations The Certified Financial Board has suspended Western International Securities financial advisor Patrick Michael Egan from using his CFP designation. The decision comes after the US Securities and the Exchange Commission (SEC) charged him, the broker-dealer, and four other Western International brokers with…
Claimants File FINRA Arbitration Claim Against Centaurus Financial A Florida couple who suffered losses in GWG Holdings L bonds has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against Centaurus Financial. In the claim, they are seeking up to six figures in damages for their losses. The investors are…
Broker-Dealer Losses Yet Another Investor Claim Involving Its Yield Enhancement Strategy A Financial Industry Regulatory Authority arbitration panel has awarded investors $1.34M, including punitive damages, for losses sustained in the UBS Yield Enhancement Strategy. This is the latest award related to UBS Financial’s complex options trading strategy that has cost…
Firm Accused of Inadequate Training And Poor Supervision of Brokers That Sold YES UBS Financial Services has consented to pay about $25M to settle US Securities and Exchange Commission (SEC) charges related to the firm’s Yield Enhancement Strategy (YES). The regulator contends that the broker-dealer, which marketed and sold $2B…
Hiko, Nevada Financial Advisor, BL Whipple Wealth Management, LLC Three investors have filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against Newbridge Securities. The claimants seek up to $1M in damages over losses they sustained in GWG L Bonds. These risky, illiquid junk bonds are from GWG Holdings, Inc.,…
Investors Accuse New York-Based Broker-Dealer of Reg BI Violations Securities lawyers at Shepherd Smith Edwards and Kantas (SSEK Law firm) are looking into claims of losses by investors who were sold GWG Holdings L Bonds by their Cabot Lodge Securities brokers. Cabot Lodge is one of the more than 140…
Leading Broker-Dealer Pitched Regional Broker-Dealers To Sell These Risky Junk Bonds Securities lawyers at SSEK are investigating Emerson Equity wholesalers that pitched risky junk bonds. According to InvestmentNews, a review of BrokerCheck data suggest several Emerson Equity wholesalers across the US have left the firm since the beginning of 2022.…