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Category Archives: Securities

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What to Look for in Hiring a Financial Adviser

By Green & Schafle |

WHAT TO LOOK OUT FOR BEFORE CHARTERING A BANK’S FINANCIAL ADVISER Seeking investment guidance in midlife can be tricky, so many people tend to use experts for help. However, so-called “experts” can be more detrimental than advantageous sometimes. According to Leida Snow, a Next Avenue contributor, she used to believe silver-tongued salespeople would never… Read More »

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Former Pro Baseball Player Wins $1.7M FINRA Award

By Green & Schafle |

$1.7 Million Award to Former Pro Baseball Player According to his attorney, Lloyd Schwed, Mr. Angel Pagan, former outfielder for the New York Mets, Chicago Cubs, and San Francisco Giants from 2006 to 2016, had a four-year $40-million contract with the Giants when he and his wife opened an account in Merrill Lynch’s Puerto… Read More »

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FINRA Pushes Ahead with New “Bad Broker” Rule

By Green & Schafle |

FINRA’S BAD BROKER RULE TO HIT FIRMS The Financial Industry Regulatory Authority (FINRA) has newly suggested a rule to put constraints on brokerage firms that hire brokers with a record of misconduct. If approved, it will pertain to “less than 2%” of broker-dealer firms, the CEO of FINRA, Robert Cook said Wednesday. To further… Read More »

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Website to Help Investors Recognize “Trusted Advisors”

By Green & Schafle |

WEBSITE TO RECOGNIZE ‘TRUSTED’ ADVISORS A new investment website is using regulatory data about financial consultants to go beyond securities regulators’ databases to help investors determine whom to hire. The Investor.com website just issued the “Trust Algorithm,” which is now available for unrestricted use. The tool scrapes background data on financial advisers retrieved from… Read More »

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Suitability and Sales Practice Issues Top FINRA Report

By Green & Schafle |

Suitability and Sales Practice Issues Top FINRA Report The Financial Industry Regulatory Authority (FINRA) published its 2019 Report on Examination Findings and Observations on October 16, 2019. This marks the third published annual report of FINRA finding which in an unprecedented departure from the prior reports, distinguishes “findings” (determinations that a firm or registered… Read More »

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How Brokers Violate Client Trust

By Green & Schafle |

A BROKER WITH A PERSONAL STAKE IN A CLIENT’S FINANCES IS ONE BIG RED FLAG Some might consider financial advisors holding a personal stake in a client’s finances normal. After all, the industry players often claim their primary goal is to become their client’s one, true, trusted advisor. However, this tangled arrangement comes with… Read More »

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Philadelphia Woman Charged in $100M Ponzi Scheme

By Green & Schafle |

Philadelphia Fund Manager Charged in Massive Fraud An investment fund manager based in Philadelphia made headlines recently when she was arrested and charged in connection with an alleged $100 million securities fraud scheme, according to the US Attorney’s office based in Newark, NJ. The fund manager, Brenda Smith of Philadelphia, PA, was charged with… Read More »

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Arbitration for Aggrieved Investors Is Fast — But Is It Fair?

By Green & Schafle |

Arbitration Is on the Rise in America Binding arbitration clauses have become a pervasive part of our national justice system. They control insurance contracts, entertainment contracts, and contracts investors make with broker-dealers. The reasons for the rise of binding arbitration clauses are manifold. The big question is, are they fair to most Americans? Let’s… Read More »

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Anxious About Finances and Investments? You’re Not Alone.

By Green & Schafle |

Study Shows Americans Less Financially Capable The research foundation arm of the securities industry regulator has just released an unsettling report that suggests that Americans’ financial capability has gone flat after several years of notable improvements. According to the National Financial Capability Study, the majority of Americans — and especially millennials, minorities, and single… Read More »

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SEC’s New Best Interest to Protect Investors from Bad Brokers

By Green & Schafle |

Does your financial advisor have your best interest in mind? Many retail investors assume that their stockbrokers will always invest in a way that is most beneficial to the investor. But is that assumption justified? Until recently, the unfortunate answer has been “no.” Contrary to popular belief among investors, financial advisors have not been… Read More »

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