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Forbes
On television, actor Larry Hagman played Texas wheeler-dealer J.R. Ewing on the hit show Dallas. No one ever got the better of lyin’, cheatin’ J.R. Ewing. In real life Hagman, who died Friday at the age of 81, was not so lucky. According to MetLife, one in five Americans over the age of 65 will either be […]
Wall Street Journal
The Financial Industry Regulatory Authority explained Thursday how it will open its arbitration forum to registered investment advisers, a group it doesn’t have any enforcement power over–at least not yet. Wall Street’s self-regulator now oversees only brokers and not investment advisers, who are supervised directly by the Securities and Exchange Commission. Traditionally, its arbitration system […]
InvestmentNews
U.S. District Judge Jed S. Rakoff shook the securities establishment to its core in 2009 when he refused to sign off on a $33 million settlement between the Securities and Exchange Commission and Bank of America Corp. The SEC had sued the bank for not disclosing an agreement to pay up to $5.8 billion in […]
Reuters
The Financial Industry Regulatory Authority has reinstated three securities arbitrators that it crossed off its roster following a 2011 decision they made against Merrill Lynch, according to a letter reviewed by Reuters on Wednesday. FINRA’s removal of the three arbitrators between mid-2011 and early 2012 raised questions among lawyers and others about whether the influence […]
Wall Street Journal
When Michael Goldfeder took an exam in 1994 that allows brokers to sell securities, he says his goal was simple: pass the test. The Melville, N.Y.-based adviser succeeded—not by much, he concedes—but never dreamed his clients, or future prospects, might one day see his actual grade. “I’m not ashamed by any means, but it’s preposterous […]