WASHINGTON —It was announced on FINRA's website that The Financial Industry Regulatory Authority (FINRA) has suspended William Bailey, a former NEXT Financial Group, Inc. broker of Mesa, Arizona, from the securities industry for two years for unsuitable and excessive trading of mutual funds and variable annuities. Bailey also engaged in discretionary trading without receiving prior written […]

WASHINGTON — In an article from FINRA's website, The Financial Industry Regulatory Authority (FINRA) announced that it has fined SunTrust Robinson Humphrey, Inc. (SunTrust RH) and SunTrust Investment Services, Inc. (SunTrust IS) for violations related to the sale of auction rate securities (ARS). SunTrust RH, which underwrote the ARS, was fined $4.6 million for failing to […]

NEW YORK - In an article from FoxBusiness.com, Brett Philbin writes that  E*Trade Financial Corp. (ETFC)  received a Wells notice from the Financial Industry Regulatory Authority related to the purchase of auction-rate securities by customers of one of its subsidiaries, according to a regulatory filing.  A Wells notice indicates that regulators are recommending enforcement action and […]

Soreide Law Group, PLLC, announced that they are currently investigating the sale of the Laeroc Funds, including the Laeroc 2002 Income Fund LP, Laeroc 2004-2005 Income Fund LP, Laeroc 2005-2006 Income Fund LP, Laeroc Edge Fund LP and Laeroc Income Fund 2007, LP. These Laeroc funds were sold as real estate private placements (under Regulation D).  […]

Bruce Kelly writes in a Sept. 13th, 2011, article in InvestmentNews.com that a broker-dealer who sold millions of dollars of failed private placements reached a $200,000 settlement with the Financial Industry Regulatory Authority Inc. last month, with the money going to the investors. In a Finra letter of acceptance, waiver and consent, Capital Financial Services Inc. of Minot, […]

In an article from InvestmentNews.com, Bruce Kelly writes that after avoiding the pitfalls of disastrous Regulation D deals during the past decade, Commonwealth Financial Network and LPL Financial LLC, are contending with potential fallout from a real estate private placement that faces pressure from its creditors. The financial advisers from both Commonwealth and LPL sold the […]

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 […]

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 […]

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 […]