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Cleveland Plain Dealer
First, the annuity company had flown Beachwood investment adviser Jeffrey Bogart to California Now, company representatives were telling him how he could become rich. About two hours into the four-hour presentation last year, Bogart started getting a sick feeling in his stomach. Company pitchmen told the room full of about 50 investment advisers and insurance […]
Wall Street Journal
Stung by massive stock-market losses and emboldened by the intense regulatory attack on Wall Street, investors are expected to file a record number of arbitration claims against brokers this year. The average payouts going to miffed investors are getting higher, too. Stockholders typically win only slightly more than half of the cases that go to […]
Dow Jones Business News
A National Association of Securities Dealers arbitration panel ordered the nation’s largest brokerage firm, Merrill Lynch & Co., to pay one of its investors $331,004 for breaching its fiduciary duty and not supervising one of its representatives. In a press release Thursday, the law firm representing the investor said the award represents a full return […]
Reuters
Merrill Lynch & Co. (NYSE:MER – News), the biggest U.S. brokerage, will pay $331,000 to a former client in Los Angeles to settle claims that a broker mishandled his investments, according to a NASD arbitration document. Gene Hines, a writer-producer, filed a claim against Merrill on Nov. 26, 2001, which accused the firm of breach […]
Newsweek
Just in case you weren’t steamed enough about the losses in your stock portfolio, securities regulators served up a fresh helping of outrage last week. In announcing their record settlement with 10 Wall Street firms accused of misleading investors with bogus recommendations, they also released new e-mail records showing stock experts chortling about how they […]