The Financial Industry Regulatory Authority Inc., also known as FINRA, is proposing to tighten its definition of “public” arbitrator. FINRA would like to exclude people associated with a mutual fund or hedge fund from its pool of public arbitrators and require others to wait for two years after ending an industry affiliation before being classified […]

With the stock market crash of 2008-2009 there has been an onslaught of investors filing lawsuits against their stock brokers and brokerage firms for providing them with unsuitable advice. There is a direct inverse correlation with stock index averages and new case filings. In other words, in a down market more cases are filed. Many […]

Reverse convertibles, are often called "trigger notes," "phoenixes," or "auto-callables." These structured products promised high yields of 6% to 12% or more, but trigger a conversion to Apple common stock if the price falls, usually on average 15% to 20%. With Apple down more than 25% from its high of last fall in 2012, many […]

The Financial Industry Regulatory Authority Inc., also known as FINRA, is proposing a new rule that would allow investors to access information about a financial advisor’s business and disciplinary history directly from the firm’s web page. FINRA filed a regulatory notice in the Jan. 25 edition of the Federal Register. FINRA said the rule would […]

The following information is from FINRA’s website under “Disciplinary and Other FINRA Actions, January, 2013.” Charles Tuttle Mason aka Chip Mason (CRD #2206257, Registered Principal, St. Pete Beach, Florida) and Darren Duane Gibson (CRD #2311950, Registered Representative,Oceanside, California) were each fined $5,000 and suspended from association with any FINRA member in any capacity for three […]

Soreide Law Group is currently investigation the UBS Willow Fund. This distressed debt hedge fund was formed in 2000. In October, 2012, its investors were informed that the fund would be liquidated after having sustained substantial losses. Willow Fund’s net asset value declined over $300 million. In December, 2012, a class action lawsuit was filed […]

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 […]

Moshar v. Wells Fargo, FINRA ID # 11-00556 (Los Angeles, CA, 1/9/2013) A couple was recently awarded $1,333,300 in compensatory damages through a FINRA arbitration. The claimants charged Wells Fargo with the following: breach of fiduciary duty, breach of written contract, fraud by misrepresentation and omission, failure to supervise and control, and violation of federal […]

The following information is from FINRA’s website under “Disciplinary and Other FINRA Actions, January, 2013.” Steven Jay Oshinsky (CRD #2339197, Registered Principal, Boca Raton, Florida) was suspended from association with any FINRA member in any capacity for one year. Without admitting or denying FINRA's allegations, Oshinsky consented to the described sanction and to the entry […]