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InvestmentNews
A former J.P. Morgan broker has filed an arbitration claim alleging that the bank’s securities unit encouraged sales of proprietary funds by withholding commissions from brokers on trades of outside funds. The claim, filed last month with the Financial Industry Regulatory Authority Inc. by Bryant Tchan against J.P. Morgan Securities LLC, said that an internal review system […]
Money Magazine
GOT A BEEF WITH YOUR BROKER? You’ll have to keep waiting for your day in court. In April, state securities regulators and members of Congress urged the SEC to end Wall Street’s practice of forcing customers to resolve disputes through nonjudicial binding arbitration rather than by a lawsuit. Riling them up was a ruling in […]
Dow Jones Compliance Watch
The Financial Industry Regulatory Authority’s board next week will consider proposed changes intended to simplify the rules for investors selecting an arbitration panel. Finra, which oversees the arbitration forum, regularly contends with charges that the system favors brokerages, and has been making changes to help ensure a level playing field. The introduction in 2011 of […]
Reuters
The founder of a global medical device company who racked up personal losses of $1.4 million in a Goldman Sachs private debt fund is concerned about practices that may lure investors into securities that are riskier than sales pitches indicate. Richard Caruso, who launched Integra LifeSciences Holdings Corp in 1989, told Reuters he invested personal […]
InvestmentNews
Two notorious independent registered representatives who violated securities laws are hanging on to life in the financial advice industry, reinventing themselves as investment “teachers” or “wealth coaches.” The two former reps, Frank Bluestein and Jeffrey Forrest, sold, respectively, a Ponzi scheme and a risky hedge fund that wiped out tens of millions of dollars of […]