Kury Calques et al v. Santander Securities, FINRA ID #12-01192 (San Juan, PR, 8/6/2013) - An all-public Panel awarded a total of $1,868,000 to a group of customers who alleged over-concentration of their accounts. According to FINRA's Award Summary on their website, "Claimants asserted the following causes of action: negligence, breach of contract, breach of […]

Kury Calques et al v. Santander Securities, FINRA ID #12-01192 (San Juan, PR, 8/6/2013) - An all-public Panel awarded a total of $1,868,000 to a group of customers who alleged over-concentration of their accounts. According to FINRA's Award Summary on their website, "Claimants asserted the following causes of action: negligence, breach of contract, breach of […]

FINRA, the Financial Industry Regulatory Authority, recently fined four firms for violations of municipal securities rules. The four firms and fines included: 1. Edward D. Jones & Co. with $160,000, FINRA alleged that, in 87 transactions between Oct. 1 and Dec. 31 2008, St. Louis-based Edward Jones sold securities for the firm’s own account at […]

Soreide Law Group is representing B.C. Zielger and Company clients who were sold bonds in The Groves in Lincoln, Inc., many of whom are senior citizens who were sold these bonds as safe income producing investments that were suitable for their retirement portfolios. The Groves in Lincoln, Inc., a not-for-profit owner and operator of a […]

Maxwell B. Smith, a financial advisor from New Jersey, was sentenced to seven years in prison for operating a $9 million Ponzi Scheme. Many clients lost their investments in Health Care Financial Partners. Smith sold investments as a fund that made loans to nursing homes. Smith began soliciting investors in the Ponzi Scheme as early […]

Many conservative investors were sold various gold investments by their stock brokers thinking they were investing in physical gold. Soreide Law Group is representing a group of GDX retired investors who thought they were investing in a conservative gold fund and were not told by their broker that the GDX investment, invests at least 80% […]

The Soreide Law Group is investigating the Mariner Access Fund and Mariner 2X Access Fund, sold by Merrill Lynch, Pierce, Fenner & Smith, Inc. Merrill Lynch raised millions of dollars from their investors in private sales. Investors in these funds have had enormous losses, in some cases over 75%. The Mariner Access Fund and Mariner […]

The Financial Industry Regulatory Authority (FINRA) sanctioned the following eight firms and 10 individuals, and ordered restitution totaling more than $3.2 million, for selling interests in private placement offerings without having a reasonable basis for recommending the securities. The firms and individuals sold interests in several high-risk private placements, including those issued by Provident Royalties, […]

The Financial Industry Regulatory Authority (“FINRA”), May 15,2013, censured and fined VSR Financial Services, $550,000 over allegations that it failed to supervise its sales of alternative investments to its customers, specifically as it related to concentration in hedge funds, notes, REITs and private placements investments. Donald Beary, VSR’s President, received a 45-day suspension and $10,000 […]