Corporate & Securities Law

Schwab And Fidelity Cut Prices And Fees For Investment Advisers

Posted on October 29, 2009
Schwab Adviser Services is eliminating fees on a database that helps advisers sell and buy other firms, a move that's part of a broader effort to enhance its business consulting services for independents. In addition to eliminating fees tied to...

Risks Of Reg D Deals Such As Provident Royalties And Medical Capital Worry Securities Regulators And Others As Deals Implode

Posted on October 23, 2009
Risky Reg D deals worry state regulators according to a recent InvestmentNews article. The collapse of two high-risk private placement deals over the summer has shed light on the process by which broker-dealers bring these deals to market. Many are...

Frank Bluestein And GunnAllen Financial Investigated By SNSFE In the Wake Of SEC Ponzi Scheme Allegations

Posted on September 29, 2009
Attorneys at SNSFE have launched an investigation into the relationship between Ponzi scheme operator Frank Bluestein of Michigan and his last brokerage firm, GunnAllen Financial. In the news, the SEC charged Detroit-area stock broker Frank Bluestein with fraud, alleging that...

SNSFE Assists In Transitions As $800 Billion In Client Assets Projected To Change Firms In 2009

Posted on September 25, 2009
$800 billion in client assets is predicted to change firms in 2009. Due to large numbers of financial advisors switching employers during these topsy-turvy times, $800 billion in client assets will likely change firms this year, according to Cerulli Associates...

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SNSFE Assists In Transitions As $800 Billion In Client Assets Projected To Change Firms In 2009

Posted on September 25, 2009
$800 billion in client assets is predicted to change firms in 2009. Due to large numbers of financial advisors switching employers during these topsy-turvy times, $800 billion in client assets will likely change firms this year, according to Cerulli Associates...

Interesting Trends In Adviser Registrations And Assets Under Management According To The SEC

Posted on September 25, 2009
Andrew Donohue, the Director of the Division of Investment Management, recently spoke before the 9th Annual IA Compliance Fall Conference. Among other interesting comments, he discussed the pressures he sees on advisers. They're coming from several different areas...

SEC Expresses Concern Over Lack Of Risk Management When Using Derivative Instruments

Posted on September 25, 2009
Andrew Donohue, Director, Division of Investment Management of the SEC, recently spoke to the 9th Annual IA Compliance Fall Conference. He made a number of interesting remarks, including those related to sophisticated products. He stated many investment mandates have sought...

SEC Details Its Post-Madoff Reforms

Posted on September 21, 2009
The Securities and Exchange Commission (SEC) recently highlighted what it has been doing to avoid another Bernard Madoff fraudulent scheme. While the public awaits a report from the SEC's Office of the Inspector General, determining why the SEC failed to...

SEC Details Its Post-Madoff Reforms

Posted on September 21, 2009
The Securities and Exchange Commission (SEC) recently highlighted what it has been doing to avoid another Bernard Madoff fraudulent scheme. While the public awaits a report from the SEC's Office of the Inspector General, determining why the SEC failed to...

SNSFE Investigates Non-Listed REITs Such As Inland American Real Estate Trust As Being Unsuitable For Most Investors

Posted on September 18, 2009
Attorneys at SNSFE have begun to investigate non-listed REITs, including Inland American Real Estate Trust, Piedmont/Wells, Inland, Behringer, Harvard, Cole, Desert Capital, Dividend Capital, Grubb & Ellis, Whitestone, and KBS. SNSFE is investigating whether these were high risk, expensive, illiquid...

SNSFE Investigates Non-Listed REITs Such As Inland American Real Estate Trust As Being Unsuitable For Most Investors

Posted on September 18, 2009
Attorneys at SNSFE have begun to investigate non-listed REITs, including Inland American Real Estate Trust, Piedmont/Wells, Inland, Behringer, Harvard, Cole, Desert Capital, Dividend Capital, Grubb & Ellis, Whitestone, and KBS. SNSFE is investigating whether these were high risk, expensive, illiquid...

AIG Advisor Group Reps (Royal Alliance, FSC and SagePoint Financial) May Be Heading Out The Door As SNSFE Negotiates Such Transition Deals

Posted on September 15, 2009
InvestmentNews is reporting of a bonus plan that's stirring the pot at AIG's adviser unit. After a year in which the three broker-dealers of AIG Advisor Group - Royal Alliance Associates, FSC Securities and SagePoint Financial - were put up...

AIG Advisor Group Reps (Royal Alliance, FSC and SagePoint Financial) May Be Heading Out The Door As SNSFE Negotiates Such Transition Deals

Posted on September 15, 2009
InvestmentNews is reporting of a bonus plan that's stirring the pot at AIG's adviser unit. After a year in which the three broker-dealers of AIG Advisor Group - Royal Alliance Associates, FSC Securities and SagePoint Financial - were put up...

Reps With Promissory Note Claims Defenses And Counterclaims Should Be Aware Of Their Options Under Newly Revised FINRA Arbitration Procedures

Posted on September 08, 2009
FINRA has just amended its rules regarding disposition of promissory note claims that are filed in arbitration. According to a FINRA release, FINRA is amending its Code of Arbitration Procedure for Industry Disputes to establish new procedures for administering cases...

Reps With Promissory Note Claims Defenses And Counterclaims Should Be Aware Of Their Options Under Newly Revised FINRA Arbitration Procedures

Posted on September 08, 2009
FINRA has just amended its rules regarding disposition of promissory note claims that are filed in arbitration. According to a FINRA release, FINRA is amending its Code of Arbitration Procedure for Industry Disputes to establish new procedures for administering cases...

What's Next Following The SEC's Open Letter To Brokerage Firm CEOs Relating to Recruiting Practices, Payment Of Up-Front Bonuses And Enhanced Commissions?

Posted on September 02, 2009
Chairman Mary Schapiro of the SEC recently sent an open letter to chief executive officers of broker-dealer firms. Broker-dealer firms need to be wondering, "What's this about?" The letter, written August 31, 2009 and available on the SEC's website, states...

What's Next Following The SEC's Open Letter To Brokerage Firm CEOs Relating to Recruiting Practices, Payment Of Up-Front Bonuses And Enhanced Commissions?

Posted on September 02, 2009
Chairman Mary Schapiro of the SEC recently sent an open letter to chief executive officers of broker-dealer firms. Broker-dealer firms need to be wondering, "What's this about?" The letter, written August 31, 2009 and available on the SEC's website, states...

Following SEC's Halting Of $77 Million Offering Fraud By Medical Capital, SNSFE Launches Investigation Of Brokerage Firms That Introduced Investors To Medical Capital

Posted on August 21, 2009
SNSFE lawyers are investigating whether brokers inappropriately referred investors to Medical Capital Corporation following what it calls a $77 million offering fraud. On August 3, the Securities and Exchange Commission obtained an emergency court order halting the $77 million offering...

Following SEC's Halting Of $77 Million Offering Fraud By Medical Capital, SNSFE Launches Investigation Of Brokerage Firms That Introduced Investors To Medical Capital

Posted on August 21, 2009
SNSFE lawyers are investigating whether brokers inappropriately referred investors to Medical Capital Corporation following what it calls a $77 million offering fraud. On August 3, the Securities and Exchange Commission obtained an emergency court order halting the $77 million offering...

SNSFE Seeks Information As It Brings Claims Against Morgan Keegan For Fraud In The Marketing And Sale Of Auction Rate Securities As Alleged By The SEC

Posted on August 19, 2009
SNSFE attorneys are investigating Morgan Keegan & Company following SEC charges that the firm committed fraud in the marketing and sale of auction rate securities to customers. The SEC indeed has filed a complaint in the U.S. District Court for...

SNSFE Seeks Information As It Brings Claims Against Morgan Keegan For Fraud In The Marketing And Sale Of Auction Rate Securities As Alleged By The SEC

Posted on August 19, 2009
SNSFE attorneys are investigating Morgan Keegan & Company following SEC charges that the firm committed fraud in the marketing and sale of auction rate securities to customers. The SEC indeed has filed a complaint in the U.S. District Court for...

Beware Of CDOs Of Loans, The First Of Which Is Coming To Market By Morgan Stanley

Posted on August 14, 2009
Morgan Stanley plans to repackage a downgraded collateralized debt obligation backed by leveraged loans into new securities with AAA ratings in the first transaction of its kind. Morgan Stanley is selling $87 million of securities that it expects to receive...

Beware Of CDOs Of Loans, The First Of Which Is Coming To Market By Morgan Stanley

Posted on August 11, 2009
Morgan Stanley plans to repackage a downgraded collateralized debt obligation backed by leveraged loans into new securities with AAA ratings in the first transaction of its kind. Morgan Stanley is selling $87 million of securities that it expects to receive...

Securities Regulator Takes Sweeping Action To Protect Municipal Bond Investors

Posted on August 03, 2009
FINRA (the Financial Industry Regulatory Authority) has launched a "comprehensive initiative" to protect municipal bond investors. Among other things, FINRA is conducting "sweeps" of financial services firms and has published investor alerts and on-line tools in an effort to inform...

Securities Regulator Takes Sweeping Action To Protect Municipal Bond Investors

Posted on August 03, 2009
FINRA (the Financial Industry Regulatory Authority) has launched a "comprehensive initiative" to protect municipal bond investors. Among other things, FINRA is conducting "sweeps" of financial services firms and has published investor alerts and on-line tools in an effort to inform...

Rydex, Direxion And ProShares Subject To Regulators' Probe As To Sales Practices For Leveraged ETFs

Posted on July 30, 2009
The Massachusetts Secretary of State is investigating the sales practices of leveraged exchange-traded funds, or ETFs. William Galvin is looking into the sales materials of Rydex Investments, Direxion Funds and ProShares. Galvin is assessing what these firms tell brokers to...

Rydex, Direxion And ProShares Subject To Regulators' Probe As To Sales Practices For Leveraged ETFs

Posted on July 30, 2009
The Massachusetts Secretary of State is investigating the sales practices of leveraged exchange-traded funds, or ETFs. William Galvin is looking into the sales materials of Rydex Investments, Direxion Funds and ProShares. Galvin is assessing what these firms tell brokers to...

SNSFE Investigates Gregory Bell And Lancelot Management As The SEC Files Fraud Charges Alleging A $2 Billion Feeder Fraud

Posted on July 22, 2009
The SEC announced fraud charges and an asset freeze against a Highland Park, IL-based hedge fund manager and his firm for facilitating a multi-billion dollar Ponzi scheme operated by Minnesota businessman Thomas Petters. The SEC's complaint, filed in U...

Securities Regulator Issues Warning Relating To Leveraged And Inverse ETFs

Posted on July 20, 2009
FINRA (the Financial Industry Regulatory Authority) has warned financial services firms that non-traditional exchange-traded funds (ETFs) are unsuitable for retail investors who plan to hold them for more than one day (a trading session), particularly in volatile markets...

Securities Regulator Issues Warning Relating To Leveraged And Inverse ETFs

Posted on July 20, 2009
FINRA (the Financial Industry Regulatory Authority) has warned financial services firms that non-traditional exchange-traded funds (ETFs) are unsuitable for retail investors who plan to hold them for more than one day (a trading session), particularly in volatile markets...

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