Investor Lawyers Blog

The State of Illinois Securities Department (“Department”) recently initiated enforcement proceedings against Thrivent Investment Management, Inc. (“Thrivent”) (CRD #18387) for allegedly violating the Illinois Securities Law of 1953 in connection with sales of unsuitable variable annuity (“VA”) products to certain of its clients who already held Thrivent VA’s. Specifically, the Department alleges that Thrivent violated…

Financial Industry Regulatory Authority (FINRA) records indicate that Douglas P. Simanski (Simanski), a former stockbroker who was associated with NEXT Financial Group, has been permanently barred from the brokerage industry. Simanski’s record also shows 4 currently pending customer disputes, 1 prior final customer dispute and a recent employment separation after allegations. FINRA is the agency…

Platinum Partners LP Funds are under scrutiny after federal agents reportedly raided the funds’ New York offices in July 2016. Hedge fund entities sponsored by Platinum Partners include the Platinum Partners Value Arbitrage Funds, the Platinum Partners Credit Opportunities Fund, Platinum Credit Holdings LLC, Platinum Credit Management LP, Platinum Partners Value Corp., and Platinum Management…

The Financial Industry Regulatory Authority (FINRA) recently fined Investors Capital Corporation $250,000 over the sale of unit investment trusts (UITs). Investors Capital did not admit or deny the allegations leading to the fine, but also agreed to pay $841,500 in restitution to customers, bringing its total payment to over $1 million. FINRA alleged that certain…

The Financial Industry Regulatory Authority (FINRA) fined Merrill Lynch, Pierce, Fenner & Smith, Inc. $5 million for alleged negligent disclosure failures in connection with the sale of five-year senior debt notes to retail customers. In particular, Merrill Lynch allegedly failed to adequately disclose certain costs, making it appear that the fixed costs were lower than…

The U.S. Securities and Exchange Comission (SEC) has reached an agreement with UBS under which UBS will pay more than $15 million to settle claims arising out of its sale of hundreds of millions of dollars of reverse converible notes to customers. According to the SEC, UBS sold about $548 million dollars of “reverse convertible…

Investors Capital will pay $1.1 million in fines and restitution over the sale of unit investment trusts (UITs) to resolve an investigation by the Financial Industry Regulatory Authority Inc. (FINRA). FINRA alleges that certain Investors Capital brokers recommended unsuitable short-term trading of UITs and other complex financial products known as steepener notes in accounts of…

InvestorLawyers.net’s founder Christopher J. Gray is presently handling or has handeld cases against various brokerage firms on behalf of investors who sustained losses various preferred stocks of brokerage firms. In one such case involving a retiree, UBS accumulated large positions in preferred stocks and similar Instruments. Of note, UBS substantially concentrated these investments in preferred…

Law Office of Christopher J. Gray wishes to alert investors to the possibility that recommendations of oil and gas investments by broker-dealers may be unsuitable, depending on the individual characteristics of investors and whether the broker had a reasonable basis for the recommendation. According to a Wall Street Journal article, there have been a total…

According to the Financial Industry Regulatory Authority (FINRA), former Independent Financial Group (Independent), broker Robyn H. Lee (Lee) has had at least thirteen (13) customer complaints made against him, mostly involving sales of tenants in common (TICs). Customer complaintsreportedly included unsuitable investment recommendations, breach of fiduciary duty, misrepresentations and fraud. Lee has been registered with…