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The Daily Journal
When the stock market tanked three years ago, a lot of investors lost their shirts. Some brokerage houses blamed market forces for their customers’ shrunken portfolios. Merrill Lynch took that position after two of its clients, brothers Aleks and Michel Horvat, lost more than $2 million over an eight-month period in 2000. The brothers subsequently […]
Dow Jones Newswires
Merrill Lynch & Co. (MER) lost $2.14 million in an arbitration case to two Los Angeles brothers who the firm claims tried to mirror the trading strategies of Hollywood director Michael Bay. The brothers, Aleks and Michel Horvat, accused the firm of churning their accounts and placing them in unsuitable stocks, including Broadcom Corp. (BRCM) […]
Dow Jones Newswires
WASHINGTON — Regulators’ $1.4 billion settlement with Wall Street Friday concluded a potentially expensive and lengthy investigation, but all eyes are now on the potential for private litigation against the firms involved. The settlement requires 10 major investment banks and brokerage firms to pay fines, provide independent research for their customers, end the practice of […]
San Diego Union Tribune
Paula Whitsell was at her desk in Wells Fargo’s branch in Chula Vista when the FBI burst in, put her in handcuffs and led her past a line of stunned customers and bank clerks. Five years later – long after federal prosecutors dropped their charges – arbitrators with the National Association of Securities Dealers last […]
PR Newswire
Paula Whitsell, a former financial consultant at Wells Fargo Securities, Inc. (“Wells Fargo”) in San Diego, California, a subsidiary of Wells Fargo & Company (NYSE: WFC – news) was awarded $1.15 million by an NASD Dispute Resolution arbitration panel. The award against Wells Fargo came after more than two years of litigation stemming from a […]