AdvisorHub
J.P. Morgan Securities has paid $14 million to settle a claim that it failed to supervise a Los Angeles broker who a client accused of a litany of sales, trading and loan promise abuses, according to regulatory filings. The broker, Antoine Souma, joined Morgan Stanley’s private wealth business in June 2016, and “vehemently denies” the […]
AdvisorHub
The widow of a Merrill Lynch broker who allegedly specialized in helping employees at Facebook and other “high-technology” firms invest proceeds of their stock options has sued Merrill for $30 million, claiming its distribution of his “book” without paying him or his estate violated his contract and the Family and Medical Leave Act. Richard Hanson, […]
Bloomberg
Financial advisers counting on an industry pact to switch jobs safely with clients in tow could run into obstacles after a ruling by a Georgia state court last week. The decision, involving advisers who jumped to Morgan Stanley from Aprio Wealth Management LLC in 2014, holds that those who agree to give their employers advance […]
Financial Planning
Some 53 registered reps so far this year have committed what many might consider the ultimate act of regulatory insubordination: they ignored FINRA’s requests for information or declined to give on-the-record testimony knowing that doing so would get them barred from the industry. While such an act may seem like career suicide, it can in […]
Financial Advisor IQ
Self-regulator Finra held in May the first of a series of recruitment events this year for arbitrators who could potentially serve as chairpersons of arbitration panels that serve as de facto judges in cases filed by investors or industry participants. The chairperson arbitrator recruitment event in Las Vegas, attended by FA-IQ, gathered around 70 prospects. […]