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- SEC Names Keith F. Higgins as Director of Division of Corporation Finance May 15, 2013FOR IMMEDIATE RELEASE2013-89 Washington, D.C., May 15, 2013 — The Securities and Exchange Commission today named Keith F. Higgins as the new director of the agency’s Division of Corporation Finance. Mr. Higgins comes to the SEC from the law firm of Ropes & Gray LLP where he is a partner in its Boston office with 30 years of experience advising public com […]
- SEC Names Lona Nallengara as Chief of Staff May 15, 2013FOR IMMEDIATE RELEASE2013-88 Washington, D.C., May 15, 2013 — The Securities and Exchange Commission today announced that Lona Nallengara has been named the agency’s chief of staff. Mr. Nallengara came to the SEC in March 2011 and served as deputy director for legal and regulatory policy in the Division of Corporation Finance until he was appointed in Decemb […]
- SEC Charges China-Based Executives in Scheme to Overstate Revenues and Divert Money for Personal Use May 15, 2013FOR IMMEDIATE RELEASE2013-87 Washington, D.C., May 15, 2013 — The Securities and Exchange Commission today charged husband-and-wife executives at a China-based company with engaging in a scheme to overstate the company’s revenues and divert proceeds from a securities offering for their personal use. Additional Materials SEC Complaint The SEC alleges that RIN […]
- SEC, FINRA Issue Investor Alert On Pension or Settlement Income Streams May 9, 2013FOR IMMEDIATE RELEASE2013-86 Washington, D.C., May 9, 2013 — The Securities and Exchange Commission and the Financial Industry Regulatory Authority (FINRA) today issued an investor alert entitled Pension or Settlement Income Streams – What You Need to Know Before Buying or Selling Them. The investor alert informs investors about the risks involved when selli […]
Sep/11
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Soreide Law Group Wins FINRA Award in Favor of Heirs Recovering 100% Against Morgan Stanley Smith Barney
· Posted by Securities Lawyer in FINRA
Soreide Law Group, PLLC, was notified by FINRA today that the clients they represented against Morgan Stanley Smith Barney, LLC (“MSSB”) were awarded 100% of compensatory damages, in addition to expert fees, pre-judgment interest, and costs.
In a published FINRA award, case number 10-02604, Attorney Lars Soreide, recovered for his clients, who were the heirs and trustees to their late father’s estate, 100% of the damages caused by MSSB for not allowing their clients to roll over their late father’s minimum distribution back into his 401K which resulted in unnecessary tax consequences. This case offers precedential value for future FINRA arbitrations that relate to unnecessary tax consequences incurred by brokerage firm’s negligent or non compliant policies or procedures that result in unnecessary tax consequences to their clients.
The Claimants, who were acting in their capacities as trustees, were improperly barred from rolling over their late father’s IRA distribution. The Claimants argued that a trustee upon death, steps into the shoes of the decedent, and can do for the decedent everything the decedent could have done if alive. As authority for this proposition, Claimant’s attorney Lars Soreide, cited Gunther v. United States, 573 F. Supp. 126 – United States District Court, W.D. Michigan (1982). Claimants’ expert witness was Gary Sellari of Divine Blaclock Martin and Sellari and all expert witness fees were awarded back to Claimants in addition to pre-judgment interest dating back to Nov., 2009.
For more information on Lars Soreide, Soreide Law Group, PLLC, this case, or other securities related claims please visit http://www.securitieslawyer.com or call 888-760-6552. Soreide Law Group, PLLC, representing investors nationwide.
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