His fear of a “grotesquely bastardized” version of the fiduciary duty rule coming out of the Securities and Exchange Commission (SEC) in the near future.
Andrew Stoltmann discusses with Investment News Merrill Lynch’s “disingenuous” attempts to slither off the hook and have claims filed by former firm executives heard in court rather than in the FINRA arbitration forum.
Andrew Stoltmann discusses with Investment News today the surge in variable annuity regulatory actions by FINRA Enforcement this year.
Andrew Stoltmann discusses with Investment News the progress of FINRA CEO Robert Cook and the “leadership vacuum” in the organization in his first 10 months in office.
Andrew Stoltmann discusses with Investment News today the parade of horribles engaged in by brokerage firm Berthel Fisher and the latest regulatory action against them.
Why FINRA is targeting brokers with an extensive history of customer complaints in 2017. The entire article can be viewed at the link below.
the importance of the Department of Labor fiduciary duty rule being upheld by a federal court judge in Washington DC.The entire article can be read at the link below
According to an Investment News article on Wednesday, four independent broker-dealers that sold United Development Funding (UDF) real estate investment trusts (REITs) could soon face arbitration claims. The UDF Funding IV, which was a nontraded REIT that later listed as a publicly traded REIT, allegedly operated for years as a ponzi scheme. The four firms that were instrumental in selling the product were: Berthel Fisher & Co., Financial Services Inc., Centaurus Financial Inc. and VSR Financial Services Inc. Last week, the FBI raided UDF’s offices in Dallas, Texas, and its shares were down 81% over the last 12 months. Brokers who sold the REIT allegedly promised investors (many of them retirees), promising them high-yield offerings and returns of eight to ten percent. In many cases, half of the retirees’ net worth was tied up in the investments. REITs tend to be high-risk and illiquid products that are not suitable for all investors. A broker has a duty and a responsibility to recommend only those investments that are suitable for their clients. The broker must take into account the client’s net worth, age and investment objectives before selling the product. If he does not, his firm can be liable for investment losses. Please call our securities law firm if you purchased UDF REITs from one of the four previously mentioned companies, or any other companies. You could be entitled to recover your losses.