The New Jersey Bureau of Securities has revoked the registration license of First Standard Financial Company, a broker-dealer based in Red Bank, NJ. The move comes in the wake of allegations that First Standard and its representatives engaged in improper short-term trading, causing them to illegally make over $28.7M in…
A Ninth Circuit panel has struck down JP Morgan Securities’ arbitration win in a wrongful termination case brought by one of its former financial analysts. The appeals court found that the Financial Industry Regulatory Authority (FINRA) panel acted unreasonably when it refused to delay the rest of the arbitration proceedings…
Morgan Stanley Ordered To Pay Over $300K In Fines And Restitution Secretary of the Commonwealth of Massachusetts, William Galvin, is ordering Morgan Stanley (MS) to pay a $200K fine, as well as $182K in restitution to four customers who suffered losses while working with former broker Justin E. Amaral. The…
Cetera Advisors Fraud Case Rises To $21M Two months after suing Cetera Advisors for more than $10M for allegedly defrauding retail clients, the US Securities and Exchange Commission (SEC) has amended its complaint, adding another Cetera Financial Group firm as a defendant. The regulator is now seeking $21M. According to…
SSEK Investigating Centaurus Financial Brokers Our brokerage firm misconduct lawyers at Shepherd Smith Edwards and Kantas, LLP (SSEK Law Firm) are representing investors who were sold structured certificates of deposits (CDs) by Centaurus Financial brokers Cindy Chiellini and Ricky Mantei. Both work out of Lexington, South Carolina and are the…
SSEK Investigating Ex-Raymond James Advisor, Stuart Nichols Another former Raymond James advisor has gotten into trouble over fraud allegations. The Financial Industry Regulatory Authority (FINRA) recently barred Stuart Nichols, a former broker with the firm, after he failed to participate in the self-regulatory authority’s probe into churning allegations made against…
Newbridge Securities in Boca Raton, a Florida-based broker-dealer, is censured by the Financial Industry Regulatory Authority (FINRA) and has been fined $225K over its purported failure to adequately supervise the sale of exchange-traded funds, structured notes, and other complex securities. The self-regulatory authority (SRO) also fined the firm’s investment banking…
Our investor lawyers at SSEK Law Firm are meeting with clients who’ve worked with Innovation Partners and suffered investment losses that they suspect may be due to fraud, negligence, or inadequate supervision. The North Carolina-based broker-dealer was recently fined $60K and censured by the Financial Industry Regulatory Authority (FINRA) after…
Financial Industry Regulatory Authority (FINRA) has fined former Texas broker Steven Yellen $25K for allegedly making unauthorized trades while he was a registered representative for both Ameriprise (AMP) and Morgan Stanley (MS). The self-regulatory authority (SRO) notes at least 30 instances in which Yellen executed trades without customer authorization. After…
GPB Capital News: Michael Cohn Facing Obstruction Charges The US Department of Justice (DOJ) has filed criminal charges against Michael Cohn, the Chief Compliance Officer and Managing Director of GPB Capital Holdings. Cohn is a former US Securities and Exchange Commission (SEC) examiner. The obstruction of justice charge is related…
