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July 11, 2012
Warning by FINRA on ETNs

FINRA, the Financial Industry Regulatory Authority Inc., issued an investor alert about the risks of ETNs, exchange-traded notes, after an investigation of Credit Suisse and Barclays ETNs this year. ETNs are often thought of as as ETFs, exchange-traded funds, but in reality, the two are very different.  ETNs are promissory notes written by banks to deliver the returns of an […]

July 5, 2012
'Suitability' Rules From FINRA Worry Industry

There will be a major revamping of suitability mandates effective July 9, 2012, that has some in the broker-dealer world worried about much broader obligations to oversee customer accounts and investment strategies, writes Dan Jamieson in an article from, July 5, 2012. There will be a rule which requires brokers to perform reasonable diligence on products, understand those […]

July 5, 2012
New Pilot Program Launched by FINRA for Cases Involving $10million or More

In a press-release dated July 2nd, 2012, from their website, The Financial Industry Regulatory Authority (FINRA) announced a pilot program specifically designed for large arbitration cases for claims of $10 million or more. This program enables parties to customize the administrative process to better suit special needs of the larger case and allows them to bypass certain FINRA […]

June 25, 2012
Utah Rep Fined and Suspended by FINRA

  Brett Henderson (CRD #2420629, Registered Representative, North Salt Lake City, Utah) was fined $95,000, which includes restitution of $82,505 payable to customers, and suspended from association with any FINRA member in any capacity for 11 months. Henderson consented to the described sanctions and to the entry of findings without admitting or denying the allegations, […]

June 25, 2012
Sean K. Hannon, North Carolina Rep Barred by FINRA

  Sean K. Hannon (CRD #4296260, Registered Representative, Cary, North Carolina)   has submitted an Offer of Settlement in which he was barred from association with any FINRA member in any capacity. Hannan, without admitting or denying FINRA's allegations, consented to the described sanction and to the entry of findings that he failed to provide investigative […]

June 22, 2012
Orlando Ponzi Scheme Based on "Astrology"

Soreide Law Group, PLLC, has begun investigating potential claims against Money Concepts Capital Corp. and broker, Gurudeo "Buddy" Persaud. The Securities and Exchange Commission charged a former broker in Orlando, Fla., who defrauded investors in an astrology-based Ponzi scheme. The SEC alleges that Gurudeo “Buddy” Persaud lured family, friends, and others into investing in his firm, White Elephant Trading […]

June 22, 2012
Thomas Hammond, Fair Oaks, CA, Barred by FINRA

  Thomas Brown Hammond (CRD #2389080, Registered Representative, Fair Oaks, California) was barred from association with any FINRA member in any capacity.  Hammond consented to the described sanction and to the entry of findings that he solicited both his brokerage firm customers and customers of his consulting business to invest funds in a fictitious private […]

June 22, 2012
B of A Merrill Lynch Fined $2.8 million by FINRA for Overcharging Customers

FINRA announced Thursday that Bank of America Merrill Lynch was fined $2.8 million  for supervisory lapses that led to its overcharging customers $32 million for the past eight years. According to the Financial Industry Regulatory Authority Inc. (FINRA) and the Bank of America Corp., Merrill Lynch has repaid 95,000 customers who were charged unwarranted fees due to computer coding issues […]

June 21, 2012
North Carolina Rep Fined and Suspended by FINRA

John Herman Fick (CRD #4197483, Registered Representative, Fuquay-Varina, North Carolina) was fined $5,000 and suspended from association with any FINRA member in any capacity for 18 months. This fine must be paid either upon Fick’s reassociation with a FINRA member firm after his suspension, or before the filing of any application or request for relief from any statutory […]

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