Articles Tagged with Credit Suisse

Chicago-based Stoltmann Law Offices represents investors who’ve suffered losses from dealing with brokerage firms who’ve placed clients in unsuitable investments and made recommendations mired in conflicts of interest. FINRA, the federal securities regulator, stated it has fined Credit Suisse Securities $9 million for failing to comply with securities laws and rules designed to protect investors, including the Securities and Exchange Commission’s (SEC) Customer Protection Rule and FINRA rules requiring firms to disclose potential conflicts of interest when issuing research reports.

Credit Suisse “failed to maintain possession or control of billions of dollars of fully paid and excess margin securities it carried for customers, as required. Second, on numerous occasions, the firm failed to accurately calculate its required customer reserve—that is, the amount of cash or securities the firm was required to maintain in a special reserve bank account,” FINRA found.

In addition, from 2006 through 2017, FINRA found “Credit Suisse issued more than 20,000 research reports that contained inaccurate disclosures about potential conflicts of interest. FINRA also found that the firm issued more than 6,000 research reports that omitted required disclosures. Credit Suisse’s disclosures omitted that the company that was the subject of the research report had been a client of the firm during the prior 12 months; or that the firm expected to receive investment banking compensation from the subject company within the next three months.”

AdobeStock_77502568-1-300x199Credit Suisse Securities has agreed to settle with the Financial Industry Regulatory Authority (FINRA) to the tune of $450,000 in two payments of $200,000 and $250,000. FINRA alleged that the bank had problems with its reporting and reconciliation of conflicting account statements. The bank will pay $200,000 in fines to settle the options reporting allegations and the $250,000 for the account statements. If you lost money with Credit Suisse, you may be able to recover those money losses in the FINRA arbitration forum on a contingency fee basis. The bank must oversee its brokers on a reasonable basis to ensure that they do not violate securities laws or internal firm rules. If it does not, it may be liable for losses. We are securities attorneys based in Chicago, Illinois who may be able to help you recover your money. We only make money if you recover yours. Attorneys are standing by and the call is free with no obligation.

AdobeStock_17723177-1-300x175According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Pavel Shklyar was accused of violating industry rules and regulations. FINRA was investigating Shklyar for his participation in potential private securities transactions, and he did not provide requested documents to FINRA. This resulted in an automatic bar from the industry. Previously, Pavel Shklyar was registered with Josephthal & Co., Bernard L. Madoff, Credit Suisse, Salomon Smith Barney, ICAP/Investment Services and Trading, RBC Professional Trader Group, Merrill Lynch and J.P. Morgan in Norwood, New Jersey from January 2015 until February 2018. He is not currently registered as a broker and was barred from the industry, according to his online, public records with FINRA. If you or someone you know lost money with Mr. Shklyar and would like to bring a claim against J.P. Morgan for your losses, please call us today to find out how to do so on a contingency fee basis in the FINRA arbitration forum.

Did your Credit Suisse broker recommend to you The VelocityShares Daily Inverse VIX Short-Term (XIV) exchange-traded note (ETN) to you? If so, you may be able to recover your losses with this security on a contingency fee basis in the Financial Industry Regulatory Authority (FINRA) arbitration forum. XIV supposedly gives the opposite return of the Cboe Volatility Index (VIX), which is the market’s turbulence gauge, and is supposed to bet on calm markets. It and its sister fund, ZIV, are designed to go up when the volatility of the S&P 500 goes down. XIV was issued by Credit Suisse, slumped almost 4 percent on Tuesday morning, and closed down 93 percent on the same day, losing nearly 100 percent of its value. Many exchange-traded securities that are also supposed to be bets on calm markets were halted Tuesday, after losing the majority of their value overnight.

According to the XIV fund’s prospectus: “The ETNs, and in particular the 2x Long ETNs, are intended to be trading tools for sophisticated investors to manage daily trading risks…The ETNs are riskier than securities that have intermediate or long-term investment objectives, and may not be suitable for investors who plan to hold them for longer than one day.”

XIV is down more than 80 percent in extended trading as of yesterday, because of its popularity with hedge funds betting on an ever-calm market. Because of the market decline, fear has sparked among some traders that violent declines in ETNs like XIV would cause market volatility measures to spike further. It also raised fears of even bigger losses from hedge funds and other investors holding this security, as they may not be able to sell.

AdobeStock_17723177-1-300x175The attorneys of Stoltmann Law Offices are interested in hearing from those investors who may have invested with Joel Kassewitz, a former Wells Fargo advisor in Coral Gables, Florida. Mr. Kassewitz was accused of recommending unsuitable oil and gas investments, committing fraud, and breaching fiduciary duty while registered at Credit Suisse. He also allegedly over-concentrated investments. While registered with Merrill Lynch, Kassewitz allegedly recommended unsuitable products, executed excessive trades, misrepresented material facts and omitted material facts. These are all against securities rules and regulations.

According to his FINRA BrokerCheck report, Kassewitz was registered with Painewebber Inc. in Weehawken, New Jersey from April 1988 until April 1995, Prudential Securities in New York, New York from May 1994 until July 1999, Merrill Lynch in Miami, Florida from July 1999 until September 2008, Credit Suisse in West Palm Beach, Florida from September 2008 until February 2016 and Wells Fargo Advisors in Coral Gables, Florida from January 2016 until May 2016. He has eight customer disputes against him, one of which is currently pending. He is not currently registered with any FINRA member firm.

Please call our securities law firm based in Chicago, Illinois if you suffered losses with Joel Kassewitz. We may be able to help you bring a claim against him in the FINRA arbitration forum on a contingency fee basis. Mr. Kassewitz’s firm, Wells Fargo, may be responsible for your investment losses because the firm had a duty to reasonably supervise him and its other employees. Because it did not, we may be able to help you bring an arbitration claim against it. 312-332-4200. The call is free with no obligation.

Did you lose investment money with Credit Suisse? If so, the attorneys at Stoltmann Law Offices are interested in speaking to you about recovering those losses by suing the bank in the Financial Industry Regulatory Authority (FINRA) arbitration forum on a contingency fee basis. We may be able to help you bring a claim against Credit Suisse for investment losses. The bank may be liable for them. The call is free with no obligation.

Yesterday, FINRA announced that it had fined Credit Suisse Securities $16.5 million for anti-money laundering (AML) supervision and other violations. The regulatory body found that Credit Suisse’s suspicious activity monitoring program was deficient in that the bank primarily relied on its registered representatives to identify and escalate potentially suspicious trading, including microcap stock transactions. In practice, this high-risk activity was not always investigated. Also, the firm’s automated surveillance system to monitor for potentially suspicious money movements was not properly implemented. A significant portion of the data feeds were missing information or had other issues that rendered it ineffective. The bank also allegedly chose not to utilize certain available scenarios designed to identify common suspicious patterns and activities, and it failed to adequately investigate activity identified by the scenarios that the firm utilized. The misconduct occurred from 2011 through December 2015.

Were you sold structured notes linked to the US Oil Fund by an LPL broker? Stoltmann Law Offices is investigating the sale of these notes and are interested in speaking to those individuals who may have lost money because of the sale of those notes. You may be able to recover those losses by bringing a claim against LPL in the Financial Industry Regulatory Authority (FINRA) arbitration forum on a contingency fee basis. We help investors recover losses. The structured notes sold by LPL are not suitable for all investors. Firms such as LPL and their brokers can only recommend and sell those investments that are suitable for investors. Notes linked the US Oil Fund tend to be risky and illiquid investments. Since crude prices dropped to an all-time low in 2009, banks have sold a record amount of US structured notes that track an index of oil and gas companies. Because crude costs are still low, many of the stocks have not had the chance to rebound, causing investors to lose money. Production and exploration companies took advantage of low interest rates to fund growth with cheap debt, and falling oil prices put pressure on those companies to cut costs. Credit Suisse AG sold $79.5 million of notes linked to the oil and gas index at the end of December last year. 312-332-4200.

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.

On Friday, dozens of former Credit Suisse advisers were victorious against the firm. The brokers had been fighting for their deferred compensation after leaving the bank last year. The Financial Industry Regulatory Authority (FINRA) determined that member firms cannot make workers waive their rights to settle disputes in the regulator’s own arbitration forum. The advisers had previously been forced by Credit Suisse to use two other arbitration services they didn’t want. Now, FINRA claims that members have the right to request arbitration “at any time and do not forfeit that right” by signing an agreement saying they must choose otherwise. Before, Credit Suisse had required that disputes go through either the American Arbitration Association or JAMS (which was once the Judicial Arbitration and Mediation Service) instead of FINRA, which lawyers for the advisers claimed put them at a disadvantage. Many of the advisers switched to Morgan Stanley or UBS, leaving behind hundreds of millions in accumulated deferred compensation that Credit Suisse said they forfeited because they left voluntarily. Some of the advisers may begin filing arbitration claims at FINRA as early as next week.

Barclays and Credit Suisse have settled federal and state charges that they misled investors in their dark pools, and Barclays admitted it broke the law. The firms must pay a combined total of $154.3 million. Both are alleged to have misled investors in the dark pools, saying they would be protected from predatory high-frequency trading tactics. Dark pools are private exchanges or forums for trading securities, unlike stock exchanges, they are not accessible by the investing public and are known for their lack of transparency. Barclays is to pay $70 million split evenly between the Securities and Exchange Commission (SEC) and New York state. Credit Suisse will pay a $60 million fine split between the regulators, plus an additional $24 million in disgorgement to the SEC for executing 117 million illegal sub-penny orders out of its dark pool known as “Crossfinder.”Credit Suisse will neither admit nor deny the allegations as part of the settlement.

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