Perhaps it is would be a classic understatment to say that times are tough -- fact is, it's been brutal for the past few years. The Great Recession has hit all of us hard. Sometimes, Wall Street forgets that it's not just the securities industry that has been battered by bad times. Sure, we can talk all we want about Lehman, Bear Stearns, AIG, and countless other firms; however, those institutions have not experienced anything all that different from the financial stresses imposed upon millions of Americans.
Amidst all the hard-luck stories of failed brokerage firms and unemployed stockbrokers, a frightening problem appears to be emerging. Faced with hard times on Wall Street and dwindling financial resources of their own, some securities-industry professionals seem to be turning to the dark side. Even more alarming, the elderly are increasingly being targeted by unscrupulous stockbrokers. Equally troubling are the apparent failures to reasonably supervise such miscreants.
Please consider some of the 2010 monthly disciplinary cases involving elderly clients brought by the Financial Industry Regulatory Authority (FINRA) in the past six months alone. Visit: http://www.rrbdlaw.com/enforcement-actions/tags.php?term=Elderly&year=2010
Another day and another dispute on Wall Street between a former employer and a former employee. As TD Ameritrade saw it, scorched earth was the way to... Read On
Indeed, the dead tend to keep secrets. Among the more disquieting silences are those involving brokerage accounts that were supposed to have Transfer ... Read On
In poker and arbitration there is the game within the game. There's the bluff. There's misdirection. There's tactical betting. There's strategic betti... Read On
FINRA censured and fined Equitable Advisors, LLC after the firm had settled a customer arbitration via an agreement in which the customer ag... Read On
CFTC Awards Largest Single Whistleblower Award of $200 Million But With One Commissioner's Dissent (BrokeAndBroker.com Blog)http://www.brokeandbroker.... Read On
The other day, we were informed of yet another "largest award" in the history of whistleblowing: CFTC Awards Nearly $200 Million to a Whistleblow... Read On
Securities Industry Commentator: A legal, regulatory, and compliance feed curated by veteran Wall Street lawyer Bill Singer http://www.rrbdlaw.com/611... Read On