Following a recent expose in the Wall Street Journal, Massachusetts Senator Edward Markey called on the Securities & Exchange Commission to strengthen FINRA’s ability to fight stockbroker fraud. (FINRA is the Financial Industry Regulatory Authority, a self regulatory organization that derives its enforcement powers from the SEC.) The Journal reported that over 5000 stockbrokers are […]
Cockroaching – New Trend in Investment Fraud Cases
“Cockroaching” – I must admit until I picked up today’s Wall Street Journal, I wasn’t familiar with term. Although the term was new to me, the underlying practice is unfortunately well known in the world of investment fraud lawyers. Cockroaching refers to the practice of stockbrokers jumping from one troubled brokerage firm to another. The […]
Massachusetts Targets REITs… Again
We have written many posts about REITs – Real Estate Investment Trusts. They can be great investments but many have liquidity problems. Stockbrokers often recommend them to the wrong customers as well. In May, Massachusetts Secretary of State William Gavin announced that five brokerage firms had agreed to pay restitution of $6.1 million to settle […]
Stockbroker Arrested After Elder Fraud, Stealing From Church
by Brian Mahany There are bad stockbrokers who always seem to lose money and then there are BAD stockbrokers – those that are nothing more than common thieves. According to an article in InvestmentNews, one of those really bad brokers was charged with four counts of aggravated theft after cops say he stole money from […]
What Is FINRA And Why Do I Need Them To Sue My Broker?
by Brian Mahany Usually when potential clients come to us wanting to sue their stockbroker they become quite surprised and suspicious that all claims must be arbitrated. Questions almost always arise. This blog post hopes to answer some of those questions. FINRA is short for the Financial Industry Regulatory Authority. It is the largest independent […]
Lose Your Securities License Due To Fraud? Don’t Worry, Sell Insurance
[Updated 2020] Unfortunately the financial services industry attracts fraudsters and scam artists like sh*t attracts flies. If you have money, rest assured there are plenty of criminals out there who want to take it from you. Thankfully, the securities industries does a fair job of policing its own. At least those who are registered with […]