The U.S. Securities and Exchange Commission (SEC) fined Barclays Plc $97 million for allegations that the bank falsely charged clients for services that were not being performed. Customers were overcharged nearly $50 million because of violations like imposing fees for due diligence that was never performed and collecting excess mutual fund fees by steering clients into more expensive share classes. The bank will pay a $30 million penalty and more than $60 million in disgorgement and prejudgment interest. If you were a client of Barclays, please call our securities law firm today at 312-332-4200 to find out how to reclaim your losses on a contingency fee basis. The call is free with no obligation.
Barclay’s Capital was fined more than $16.5 million after allegedly not properly supervising two of its former mortgage bond traders. The two residential mortgage-backed bond traders “made false or misleading statements to Barclays RMBS customers, including false or misleading about the price at which Barclays had bought the securities; the amount of profit Barclays was making for facilitating the trades; and who owned the securities, including creating a fictional third-party to create the appearance of price negotiations,” according to the Securities and Exchange Commission (SEC). The traders were also alleged to have added excessive mark-ups on certain transactions without notifying their customers. The press release also stated that “In trading non-agency RMBS, Barclays purchased the securities for its own account and then sold them from its own account to its customers. Barclays did not charge a commission on the trades. In many instances, the purchase and sale took place within minutes or hours and involved little or no risk to Barclays. The false or misleading statements led customers to accept less, or pay more, for securities than they otherwise might have accepted or paid.” Between June 2009 and December 2012, Barclays gained $15.5 million in profits because of this. If you invested with Barclays Capital, please call our law offices today to find out how you may be able to recover those losses.
toltmann Law Offices is investigating Christopher Prassas, a registered broker with Stifel Nicolaus in Chicago, Illinois. Prassas has been accused of concentrating accounts in unsuitable investments for clients, engaging in excessive trading, recommending unsuitable securities and using margin extensively. These are all against securities rules and regulations. He was registered with Berghoff, Marsh & Company in Chicago, Illinois from September 1992 until December 1992, Credit Suisse in New York, New York from November 2000 until September 2002, Donaldson, Lufkin & Jenrette Securities in Jersey City, New Jersey from January 1993 until January 2003, Credit Suisse in Chicago from January 2003 until May 2013 and Barclays Capital in Chicago from May 2013 until December 2015. He is currently registered with Stifel Nicolaus in Chicago and has been since December 2015. He has two customer disputes against him. If you would like to find out your options of bringing a claim against his firm, Stifel Nicolaus, for investment losses, you may do so by calling our Chicago-based securities law firm at 312-332-4200 and speaking to an attorney for free. We will discuss your options of recovering your investment losses in the FINRA arbitration forum on a contingency fee basis.
According to a Hearing Panel Decision by the Financial Industry Regulatory Authority (FINRA), Audra Lynn Lalley, a registered representative at Morgan Stanley Smith Barney in the Private Wealth Management group, allegedly effected a set of trades pursuing a particular investment strategy for a group of clients. Allegedly, Ms. Lalley did not contact the clients when she executed the trades. The client complained that he did not receive an explanation for the trades, either and then asked her to reverse the trade. In Ms. Lalley’s failure to obtain authorization to make the trades, Morgan Stanely, her former firm, can be held liable. They had a duty to reasonably supervise her while she was employed there and can be sued in the FINRA arbitration process. Ms. Lalley was employed by Goldman Sachs in New York, New York from October 1998 until April 2002, Morgan Stanley in Los Angeles, California from May 2002 until November 2011 and Barclays Capital, also in Los Angeles from November 2011 until May 2014. She has two customer disputes against her. She is not currently licensed to act as a broker.
If you invested money with Audra Lynn Lalley, please contact our securities law office at 312-332-4200 to speak to an attorney. The call is free with no obligation. We can help you discuss your options of suing Morgan Stanley.