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 […]
First Republic Securities Tagged For Almost $1mm in Suitability Case
by Brian Mahany We have been seeing a number of large arbitration awards these days by the Financial Industry Regulatory Authority (FINRA). Claims against stockbrokers and investment advisors are usually sent to arbitration. Some believe that process is biased against the customer and in favor of the industry. Don’t try to tell that to First […]
Morgan Keegan Gets Zapped in 401(k) Plan Case
Morgan Keegan has been around since 1969. With 300 offices and 3000 employees, it certainly is one of the more established regional brokerage firms. Unfortunately, even well established firms sometimes employ “bad apples.” Morgan Keegan is no exception. Earlier this month, an arbitration panel of the Financial Industry Regulatory Authority (FINRA) ruled against the firm […]