JP Morgan Securities – Big Doesn’t Mean Better JPMorgan Chase is the largest bank in the United States and the 7th largest in the world. With assets of $2.86 trillion, it certainly is big. It also claims to be one of the oldest financial institutions in the country. But that doesn’t mean its brokerage arm […]
TICs and REITS – "Accidents Waiting To Happen"
William Galvin, Massachusetts Secretary of State and chief securities regulator, is investigating 15 brokerage firms for possible misconduct in the sales of “alternative investments.” These investments include Real Estate Investment Trusts (REITs), Tenancy-in-Common interests (TICs), private placements and oil and gas partnerships. Massachusetts shares our growing concern that these investments are frequently peddled to senior […]
New Rules Good For Defrauded Brokerage Clients
by Brian Mahany On Monday, new rules are in effect for stockbrokers, rules that benefit customers. The Financial Industry Regulatory Authority, or FINRA, issued new rules in late May to enhance due diligence requirements for stockbrokers. Those rules take effect July 9th. Investment advisers have long owed a fiduciary duty to their clients. Customers of […]
Four Stockbroker Giants Fined Millions For Selling Risky Investments
by Brian Mahany Everyday we seem to encounter another story of a big bank doing something wrong. Often it has to do with mortgage lending and foreclosure practices. Sometimes it involves helping Ponzi scheme fraudsters hide their crimes. Today’s story involves Citi, Wells Fargo, UBS and Morgan Stanley and their sale of risky investments. According […]
FINRA Notifies Brokers of "Heightened Supervision of Complex Products"
by Brian Mahany The Financial Industry Regulatory Authority issued a formal notice to stockbrokers earlier this week. The notice (12-03) advises of “heightened supervision” of complex financial products and echoes what we have said for years; don’t buy something if your broker can’t explain or you don’t understand it! FINRA defines a complex product as […]