The Securities and Exchange Commission (SEC) has obtained a final judgement by default against former broker, DEMITRIOS HALLAS (CRD#: 4199832).  The SEC charged Hallas with "knowingly or recklessly trading unsuitable investment products" in the accounts of five of his clients and allegedly stealing more than $170,000 from one of them.  The SEC alleges Hallas deposited […]

The Financial Industry Regulatory Authority (FINRA) announced that it has fined Berthel Fisher & Company Financial Services, Inc. and its affiliate, Securities Management & Research, Inc., of Marion, Iowa, a combined total of $775,000. This fine was for supervisory deficiencies, which included Berthel Fisher's failure to supervise the sale of non-traded real estate investment trusts […]

On December 5th., 2013, the Financial Industry Regulatory Authority (FINRA) ordered Atlanta-based broker-dealer J.P. Turner & Company, L.L.C. to pay $707,559 in restitution to 84 customers for sales of unsuitable leveraged and inverse exchange-traded funds (ETFs) and for excessive mutual fund switches. Investors should be made aware by their brokers that they could possibly suffer […]

On December 5th., 2013, the Financial Industry Regulatory Authority (FINRA) ordered Atlanta-based broker-dealer J.P. Turner & Company, L.L.C. to pay $707,559 in restitution to 84 customers for sales of unsuitable leveraged and inverse exchange-traded funds (ETFs) and for excessive mutual fund switches. Investors should be made aware by their brokers that they could possibly suffer […]

The exchange-traded funds (ETF) that use leverage to double and triple returns on stock market moves could cause the next big market crash, according to the Federal Reserve. In an article titled "Are Leveraged and Inverse ETFs the New Portfolio Insurers?" from the central bank stirred markets into wondering what would happen if the funds […]

Soreide Law Group is investigating claims on behalf of Wells Fargo Advisors, LLC, investors that suffered losses in inverse and leveraged ETFs (Exchange Traded Funds) with former Wells Fargo broker and branch manager, Michael E. French, in Colchester, Vermont. According to Mr. French's CRD, he was discharged in August, 2011, for violating firm policy by […]

The Financial Industry Regulatory Authority Inc. (FINRA) released its 2013 regulatory and examination priorities letter. The annual letter alerts the broker-dealer community to what Finra examiners will be looking for in the coming year. FINRA will continue to watch yield-oriented products this year but FINRA also will be focusing on business development companies (BDCs), exchange-traded […]

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 […]

Soreide Law Group is filing FINRA Arbitrations on behalf of investors who invested in Direxion 3x Funds: FAZ, ERY, BGZ, and TZA.  Leveraged ETF’s have now imploded and regulators and investors have finally woken up and are beginning to pay attention. Major fines have just been handed down to the industries top brokerage houses for […]