Corporate & Securities Law

AARP Warns Seniors Of Reverse Mortgages; SNSFE Investigating

Posted on January 30, 2008
The American Association of Retired Persons (AARP) has warned seniors of reverse mortgages. Reverse mortgages can carry high costs -- as much as 7% of a home's value. They also have been subject to abusive marketing practices. AARP urges seniors...

AARP Warns Seniors Of Reverse Mortgages; SNSFE Investigating

Posted on January 30, 2008
The American Association of Retired Persons (AARP) has warned seniors of reverse mortgages. Reverse mortgages can carry high costs -- as much as 7% of a home's value. They also have been subject to abusive marketing practices. AARP urges seniors...

SEC Files Hedge Fund Fraud Charges Against Former UBS Financial Broker Justin Paperny In Connection With GLT Venture Fund, L.P.

Posted on January 25, 2008
On January 14th, the Securities and Exchange Commission filed settled charges against Justin Paperny, a former broker at UBS Financial Services for his role in a hedge fund fraud. The SEC alleged that Paperny participated in a fraudulent offering of....

Exercise Caution In Purchasing Structured Investments, The Latest Hot Product From Wall Street

Posted on January 22, 2008
Two seminars that I recently attended both shared the common element of having a speaker discuss the virtues of "structured investments", or "structured products" as they sometimes are called. A financial publication recently ran a story entitled, "The Next Big...

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Qualified Pension Plan Participants Should Look Forward To Receiving Specific Investment Advice

Posted on January 17, 2008
The Pension Protection Act of 2006 (the "PPA") should benefit plan participants (and beneficiaries) by providing participant education. Under the PPA, qualified "Fiduciary Advisers" will help plan participants navigate through their investment selection and allocation decisions...

Securities Regulator Probes Sale Of CMO (Collateralized Mortgage Obligation) Investments To Retail Investors

Posted on January 14, 2008
Securities regulators have asked several brokerage firms for information about the marketing and sale of mortgage-related products, specifically those sold to individual investors. These collateralized mortgage obligations are pools of residential home mortgages...

SEC's Rand Corporation Report Confirms Investor Confusion Over Differences Between Brokerage Services And Investment Advisory Services

Posted on January 07, 2008
The Securities and Exchange Commission has published on its website the long-awaited Rand Corporation report that was to examine differences between brokerage firms and investment advisory firms, and whether or not consumers were confused. The 219 page report indeed states,...

SNSFE Investigating Robert Lane, Wealth Pools International Inc., And Recruit For Wealth Inc. For Fraudulent Global Pyramid Scheme

Posted on December 19, 2007
The Securities and Exchange Commission has halted a fraudulent global pyramid scheme praying on the Hispanic community. The SEC announced that in early December it filed an emergency action against Robert Lane, Wealth Pools International, Inc., and Recruit for Wealth,...

SNSFE Continues Probe Of Edward May and E-M Management Co. As SEC Files Fraud Charges For $250 Million Fraud

Posted on December 11, 2007
Edward May and E-M Management Co. are back in the news. The Securities and Exchange Commission filed charges stemming from a $250 million offering fraud that involved phony Las Vegas casino and resort telecommunications deals and victimized as many as...

Securities Regulator Makes Protection Of Senior/Retiree Investors A High Priority

Posted on December 05, 2007
Senior investors, as well as Baby Boomers who are retired or who are approaching retirement, should take some comfort from a recent notice to financial services firms, Regulatory Notice 07-43. The Financial Industry Regulatory Authority (FINRA) states that the purpose...

Protecting Yourself In Bull And Bear Markets

Posted on November 21, 2007
Ronald M. Amato, an associate attorney in the securities group at SNSFE, presented the webinar, "Protecting Yourself In Bull And Bear Markets: What Investors, Their Accountants and Advisors Should Know About Investment Product Suitability and Investment Abuse" in November 2006...

The Court's Rejection Of The Broker-Dealer Exemption Rule (The So-Called "Merrill-Lynch Rule")

Posted on November 16, 2007
On July 11, 2007, SNSFE securities associate attorney Ronald M. Amato presented a webinar for investors and financial advisers on the implications of the U.S. Court of Appeals D.C. Circuit Court's decision to vacate SEC Rule 202(a)(11). In his 30-minute...

The Top 10 Current Compliance Issues For Investment Advisers

Posted on November 13, 2007
This 30-minute recorded presentation from a recent webinar by SNSFE securities associate attorney Christopher J. Moyen covers the basics of what we identify to be the top 10 current compliance issues facing investment advisers today. Play the webinar or listen...

SNSFE Investigating Donald Overbey Of Illinois And Ameriprise Financial For Fraudulent Investments And Failure To Supervise

Posted on November 13, 2007
Attorneys at SNSFE are investigating Donald Overbey who was at one point an Ameriprise financial adviser based in Illinois. Mr. Overbey already has had his Illinois license revoked and is prohibited from serving as an investment adviser in Illinois. He...

Brokerage Firms Continue To Run Afoul Of Longstanding Requirements For Fee-Based Accounts

Posted on November 09, 2007
Fee-based accounts have existed for more than a decade as an alternative to paying commissions for buying and selling securities. They have been popular and profitable, but soon will become subject to more stringent regulatory requirements as a result of...

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