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September 12, 2011
Wedbush and Former Broker Ordered to Pay Investor $2.9M by FINRA

A Financial Industry Regulatory Authority (FINRA) arbitration panel has ordered Wedbush Securities and one of its former brokers to pay $2.9 million in damages and fees to an elderly investor who allegedly fell victim to a faulty investment scheme. The founder Edward Wedbush, and broker Debbie Michelle Saleh were ordered to pay $2,865,885 in damages. The […]

September 9, 2011
Soreide Law Group Wins FINRA Award in Favor of Heirs Recovering 100% Against Morgan Stanley Smith Barney

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 […]

September 8, 2011

In a report from the United States Securities and Exchange Commission's website, it was announced on August 10, 2011, the SEC charged Stifel, Nicolaus & Co., Inc., a St. Louis-based broker-dealer, and former Stifel Senior Vice President David W. Noack with defrauding five Wisconsin school districts by selling them unsuitably risky and complex investments funded largely […]

September 8, 2011
Five Firms are Fined by FINRA almost $1M over High Fees

In a September 7, 2011 article in, Bruce Kelly writes that the Financial Industry Regulatory Authority Inc. (FINRA), living up to its warnings of this year, said today that it has fined several firms for overcharging for postage and handling. The article states that in May, Finra chief executive Richard Ketchum warned an audience of brokerage […]

September 7, 2011
The SEC Announced $10 mill settlement with TD Ameritrade

 Josh Funk, a business writer for the AP wrote that  TD Ameritrade has agreed to a $10 million settlement for failing to properly supervise representatives who misled investors about the safety of a money-market mutual fund that "broke the buck" in 2008, the Securities and Exchange Commission said. Funk writes that TD Ameritrade Holding Corp. customers who still hold […]

September 1, 2011
Texas Reps Could Lose Securities Licenses for Selling Life Settlement Notes

In an article, Darla Mercado writes that two registered representatives with Planmember Securities Corp. could lose their securities licenses in Texas and face fines of $100,000 each for the improper sale of life settlement notes. The brokers, Jimmy Wayne Freeman Jr. and Kris Bradford Rhoden, were due to appear at the State Office of Administrative […]

August 22, 2011
Should 'Life Settlements' be Defined as 'Securities?'

It was reported that on July 22, 2011, the Securities and Exchange Commission (SEC) released a report from its Life Settlements Task Force which recommended that the SEC urge Congress to amend the federal securities laws to include life settlements as securities. The SEC report also recommended that the SEC monitor brokers and providers to assure […]

August 14, 2011
FINRA Lawyer Feels B-Ds Should Review Standards of Conduct, Supervisory Procedures for Variable Annuity Sales

Darla Mercado of, recently wrote that Finra's variable annuity (VA) suitability rule should be old news to broker-dealers, but firms that want to avoid an arbitration land mine ought to review their procedures. Mercado writes this warning came directly from Andrew A. Favret, associate vice president and regional chief counsel at the Financial Industry Regulatory […]

August 14, 2011
SEC Report Slams B-Ds over Sales of Reverse Convertibles

In an article from, Mark Schoeff Jr., writes that broker-dealers have been engaging in sales practices for structured securities products that hurt retail investors, according to a Securities and Exchange Commission (SEC) report released in July. The article goes on to say that in an examinations of 11 broker-dealers, the SEC found that the firms […]

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