Articles Posted in investment attorney

On November 15, the Financial Industry Regulatory Authority (FINRA) announced its decision to order Chase Investment Services Corporation to pay more than $1.9 million to customers who incurred losses because of Chase’s recommendation of unsuitable sales of UITs, or unit investment trusts, as well as floating-rate loan funds. In addition, Chase was fined $1.7 million…

LaeRoc Funds, a real estate investment firm that, according to its website, has managed assets totaling more than $650 million over the last 23 years, is currently attempting to raise another $12 million to $15 million to pay off debt for its LaeRoc 2005-2006 Income Fund. The fund’s debt totals at least $49 million. This…

The North American Securities Administrators Association (NASAA) released its annual report last month on enforcement actions to fight securities fraud. The report compares the data on securities fraud enforcement actions from 2010 to that of 2009. According to the report, the number of actions pursued in 2010 rose 51 percent, a major jump from 2009.…

According to a recent press release from the Financial Industry Regulatory Authority (FINRA), Morgan Stanley & Co. Inc. and Morgan Stanley Smith Barney LLC, together were fined $1 million in securities arbitration. Furthermore, Morgan Stanley was ordered to pay $371,000 in restitution and interest. The restitution and interest will go to Morgan Stanley customers because…

TICs, or tenancies-in-common, are complicated deals which allow real estate sellers to avoid capital gains tax by rolling their proceeds into other properties. TICs are also known as 1031 exchanges and, according to Jason Zweig, author of “In Real Estate, Simple Wins,” in a recent article in The Wall Street Journal, “were tailor-made for a…

One of the most prominent ways fraudsters are currently targeting investors is through promissory note scams. According to Pat Huddleston, former Security and Exchange Commission enforcer and author of the book “The Vigilant Investor,” promissory note scams are “exploding” — in no small part due to the nature of the scam, which appears to be…

The biggest concern for many retired people, as well as those nearing retirement, is establishing and protecting their nest egg so that they are able to feel secure financially and enjoy their retirement. Market Watch recently featured an article that offered four tips for retirees and pre-retirees to protect their nest egg. Taking a lump…

The U.S. Securities and Exchange Commission has introduced a proposal in which bets made by securitization participants and underwriters against ABS, or asset-backed securities, that cause a conflict of interest will be barred. The hope is that this bar will prevent possible harm to investors that are caused by these conflicts of interest. According to…

In a press release issued on September 29, 2011, the Financial Industry Regulation Authority (FINRA) announced its securities arbitration ruling against Raymond James Financial Services Inc. (RJFS) and Raymond James & Associates Inc. (RJA). The firms were charged with “unfair and unreasonable commissions on securities transactions.” RJFS and RJA were ordered to pay $1.69 million…

Affinity fraud is nothing new in the investment word. It involves targeting faith-based organizations, professional associations and community service groups. The victims of affinity fraud are tied together through common interests, professions, faith, hobbies and lifestyles. Scammers then use this common ground to establish a relationship with their victims, making stealing much, much easier. Now…