In a May 21, 2012 article from the InvestmentNews.com website, Bruce Kelly writes that the SEC is looking at “several areas of high risk” in the securities industry. Some of the areas they are looking into  include broker-dealer due diligence, net capital levels at broker-dealers and “dark pools” of liquidity, said Julius Leiman-Carbia, associate director […]

Patel v. Balchandani, FINRA ID # 11-00973 (Louisville, KY, 5/4/2012) - A FINRA Arbitration Panel awarded approximately $1 million, including $200,000 in punitive damages, to a pair of customers who alleged a churning scheme targeting Indian-Americans. The following is part of the "Case Summary" that was presented on FINRA's website: "Claimants asserted the following causes […]

The following information is from FINRA’s website under, “Disciplinary and Other FINRA Actions, May, 2012.” Harrison A. Hatzis (CRD #2640978, Registered Principal, Hallandale, Florida)   was fined $30,000 and suspended from association with any FINRA member in any capacity for two years.   The NAC imposed the sanctions following appeal of an Office of Hearing […]

The following information is from FINRA’s website under, “Disciplinary and Other FINRA Actions, May, 2012.” Paul Andrew Fischetti (CRD #2300161, Registered Supervisor, Palm Harbor, Florida)   submitted a Letter of Acceptance, Waiver and Consent in which he was fined $5,000 and suspended from association with any FINRA member in any capacity for six months. The […]

John Brian Busacca III (CRD #2302780, Registered Principal, Orlando, Florida) was fined $30,000 and suspended from association with any FINRA member in any principal capacity for six months. The SEC sustained the sanctions following appeal of a NAC decision. The U.S. Court of Appeals denied Busacca’s petition for review.   The sanctions were based on […]

This past Tuesday, May 1st., FINRA, the Financial Industry Regulatory Authority, Inc. fined four major brokerages $9.1 million for selling complex ETFs (Exchange Traded Funds) to investors whose portfolios were otherwise conservative.  Without admitting or denying the charges, the brokerges will be paying $7.3 million in fines, and $1.8 million in restitution to the clients who […]

The Securities and Exchange Commission (SEC) announced on May 1, 2012, that they  charged UBS Financial Services Inc. of Puerto Rico and two executives with making misleading statements to investors, concealing a liquidity crisis, and masking its control of the secondary market for 23 proprietary closed-end mutual funds. UBS Puerto Rico will settle the SEC’s charges by […]

Attention Odyssey Investors. You may be able to recover your investment losses in Odyssey by filing a FINRA arbitration against your selling broker.   Odyssey Properties III, LLC, has raised over $28 million dollars selling notes. Odyssey began selling notes through a private placement offering of the notes. These notes were marketed and sold by […]

The following information is from FINRA’s website under “Disciplinary Actions, April, 2012:”   James Landon Yarbrough (CRD #703889, Registered Representative, Clearwater, Florida) was barred from association with any FINRA member in any capacity. The Hearing Officer did not order restitution because FINRA’s Department of Enforcement represented that the customer has been made whole by the […]