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Dow Jones Compliance Watch
NEW YORK (Dow Jones)–You can’t please all the people all the time, but in the financial advisory world, not pleasing the clients a lot of the time can trigger “heightened supervision.” Regulators expect firms to conduct their own heightened supervision but will sanction them if they don’t. And while these regulators leave the criteria for […]
Reuters
NEW YORK, Nov 18 (Reuters) – An NASD arbitration panel ordered Morgan Stanley (MWD.N: Quote, Profile, Research) to pay a brokerage client $452,034 for making unauthorized margin trades that nearly wiped out the client’s account, lawyers for the plaintiff said on Thursday. Joacy Silva, a 52-year-old resident of Van Nuys, California, won the award on […]
PR Newswire
BEVERLY HILLS, CALIFORNIA, November 18, 2004 /PRNewswire/ – The following was released today: A National Association of Securities Dealers (NASD) arbitration panel found liable and ordered Morgan Stanley DW, Inc. (NYSE: MWD) to pay Joacy Silva a total of $452,034 for the company’s breach of fiduciary duty and failure to supervise registered representative Rick Schoen […]
New York Post
A New York Stock Exchange arbitration panel awarded a California investor $3.1 million after finding a New York-based investment company made unauthorized trades and failed to protect a large stock position. The investor, Jay Hoge, won $2.1 million in compensatory damages and another $1 million in punitive damages from Sands Brothers. Hoge, a technology services […]
Reuters
NEW YORK (Reuters) – An NASD panel awarded $1 million of damages to a Prudential Securities Inc. client because the firm did not properly discipline a broker despite customer complaints, the client’s law firm said. Under the arbitration ruling made last Friday by the market regulator, Prudential Securities. which is jointly owned by Prudential Financial […]