WASHINGTON — It was announced on FINRA's website that The Financial Industry Regulatory Authority (FINRA) has fined Southwest Securities, Inc., of Dallas, $650,000 for deficiencies in due diligence, risk assessment and written supervisory procedures that permitted one of its correspondent firms, Cutler Securities, to create risk for Southwest through improper short sales. FINRA also required Southwest […]

WASHINGTON — In an article posted on FINRA's website it was announced that the Financial Industry Regulatory Authority (FINRA) has fined Santander Securities of Puerto Rico $2 million for deficiencies in its structured product business, including unsuitable sales of reverse convertible securities to retail customers, inadequate supervision of sales of structured products, inadequate supervision of accounts […]

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 September 7, 2011 article in InvestmentNews.com, Bruce Kelly writes that the Financial Industry Regulatory Authority Inc. (FINRA), living up to its warnings of this year, said today that it has fined several firms for overcharging for postage and handling. The article states that in May, Finra chief executive Richard Ketchum warned an audience of brokerage […]

Securities attorney, Lars Soreide, of Soreide Law Group, PLLC, is currently investigating the Dendreon Corp. (NASDAQ: DNDN) for possible violations of federal securities laws after the company’s withdrawal of its sales forecasts for its prostate cancer therapy Provenge. Dendreon projected that it would earn between $350 - $400 million on sales of Provenge. The Dendreon Corporation is […]

Sanford C. Bernstein & Co., LLC, through its investment manager, Alliance Capital Management, LP, sold a proprietary hedge fund, called the Multi-Strategy Fixed Income Hedge Fund. The Multi-Strategy Fixed Income Fund was sold by Sanford C. Bernstein & Co., LLC as an alternative to traditional fixed income. Sanford Bernstein stressed that the Multi-strategy Fund would […]

There are many questions about how Wall Street marketed a very complex product, sold as solid and secure, now emerging in investor arbitration cases. The product is named, incorrectly as it turns out, “100 percent principal protected  notes.” Securities regulators had warned brokerage firms that they should take special care when selling PPN's and other structured products to retail customers […]

TALLAHASSEE, Fla. – On The Florida Office of Financial Regulation's website it was announced, July 21, 2011, that The Florida Office of Financial Regulation (OFR) issued a final order on May 26, 2011, against investment adviser James Paul Birmingham (“Birmingham”) (CRD # 222511) and his Broward County companies Birmingham Investments and Birmingham Capital Advisors, LLC for […]