FINRA continues to crack down on sales of alternative investments. Earlier this week, FINRA, the Financial Industry Regulatory Authority Inc. fined VSR Financial Services Inc., a midsize broker-dealer known for selling alternative investments, $550,000, and imposed a $10,000 fine and 45-day suspension of VSR's chairman, Don Beary. FINRA alleged that from 2005 to 2010, VSR […]

Florida's statute of limitations can apply not only to court proceedings, but to securities arbitration cases between investors and their brokers, the Florida Supreme Court ruled recently. The ruling, in favor of Raymond James Financial Services Inc , could in Florida, empower securities arbitrators to cut the time investors have to file a complaint with […]

The SEC and FINRA issued a joint alert on May 9, 2012, warning investors about the risks involved in selling or buying rights to pension or settlement income streams via products like pension loans, structured settlements or secondary-market annuities. The alert is titled, "Pension or Settlement Income Streams—What You Need to Know Before Buying or […]

With mounting pressure from regulators, broker/dealers are making changes to how they sell alternative investments. VSR Financial Services Inc., Berthel Fisher & Co. Financial Services Inc. and the Cetera Financial Group Inc., which has four independent-contractor broker-dealers under its umbrella, this year have revised policies or added new guidelines and procedures for the sale of […]

A Financial Industry Regulatory Authority (FINRA) arbitration panel has ordered Goldman Sachs & Co. to pay approximately $2.5 million to Tracy Landow, a client who said she was sold an inappropriate investment in a private-equity fund. Ms. Landow accused Goldman Sachs and her broker of making an unsuitable recommendation in the Goldman Sachs Special Opportunities […]

FINRA, the Financial Industry Regulatory Authority Inc. has filed a complaint against Kimberly Springsteen-Abbott, the owner, chief executive and head of compliance for Commonwealth Capital Securities Corp. This firm, which is the broker-dealer arm of Commonwealth Capital Corp., employs about 22 registered reps and conducts business in private placements and direct investments. According to the […]

The following information appeared on FINRA’s website under “Disciplinary and Other FINRA Actions, May, 2013.” Ronald Wayne Lankford (CRD #1751588, Registered Principal, Tampa, Florida) was suspended from association with any FINRA member firm in any principal capacity other than as a FINOP (Series 27) and Introducing Broker-Dealer/FINOP (Series 28) for 18 months; suspended from association […]

Soreide Law Group, a Securities Arbitration Law Firm, (888) 760-6552, obtained the following information on FINRA’s website under “Disciplinary and Other FINRA Actions, May, 2013.” Michael Peter Borci (CRD #5436457, Registered Representative, Apollo Beach, Florida) was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Michael Borci consented […]

The following information appeared on FINRA’s website under “Disciplinary and Other FINRA Actions, May, 2013.” vFinance Investments, Inc. (CRD #44962, Boca Raton, Florida) consented to the described sanctions and to the entry of findings that it acted as the private placement agent for a placement of up to $5 million in convertible notes a company […]