Labor & Employment Law

Former Chairman found guilty on securities fraud charges for $8.6 billion fraud

Posted on November 20, 2009
Former McKesson executive, Charles McCall can now join the Bernie Madoff Club. Yesterday he was found guilty of investment fraud that cost investors $8.6 billion. McCall is a former Chairman of the McKesson Corp. A San Francisco jury found him guilty of securities fraud and violating accounting rules...

ormer Chairman found guilty in $8.6 billion fraud

Posted on November 20, 2009
Former McKesson executive, Charles McCall can now join the Bernie Madoff Club for Investment fraud. Yesterday he was found guilty of fraud that cost investors $8.6 billion. McCall is a former Chairman of the McKesson Corp. A San Francisco jury found him guilty of securities fraud and violating accounting rules...

Financial Services Divsion - Investment Fraud Seminar a Success

Posted on November 20, 2009
I am pleased to announce that yesterday our Investment Fraud Seminar in West Palm Beach was a huge success. It was held in the beautiful Phillips Point Club. The beautiful intracoastal was a great backdrop for this well attended Seminar. The 4 hour seminar, Investing in a Post Madoff Environment: Financial Fraud: How it's accomplished, how to detect it, and how to recover from it was attended by over 100 people from South Florida...

Investing in a Post Madoff Environment: Financial Fraud Seminar for Industry Professionals

Posted on November 18, 2009
In an effort to educate industry professionals on how to fight financial fraud, The Financial Services Division of LaBovick & LaBovick, P.A. is holding a Financial Fraud Seminar in conjunction with the Daily Business Review on the very relevant subject: Investing in a Post Madoff Environment: Financial Fraud: How it's accomplished, how to detect it, and how to recover from it...

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Florida Investor Protection Act takes center stage against Securities Fraud

Posted on November 18, 2009
Not a minute too soon, Florida Governor Charlie Crist, signed the Florida Investor Protection Plan, Florida House Bill 483, into law, effective July 1, 2009. As we mentioned in a previous post on The Law Planet Blog, this was a new day for Florida investors...

If your gold is rusting, you?ve got a problem

Posted on November 03, 2009
As readers of this blog know, my sister is a bankruptcy lawyer. She was recently appointed the trustee of a bankrupt jeweler who appears to have been selling gold bars to customers. Or at least they thought they were buying gold bars. She had a conversation with a customer of the jeweler who told her how glad he was that he was not ripped off...

Wamu Investment fraud case moves forward

Posted on October 30, 2009
Earlier this week, Seattle Federal District Court Judge Marsha Pechman, ruled that the case against several former Washington Mutual executives and Deloitte & Touche could move forward. She dismissed some of the claims, however, denied defense requests to dismiss any defendants...

SEC Enforcement Division needs to make massive changes according to Office of Inspector General Report

Posted on October 02, 2009
According to a recent report issued by the Office of the Inspector General (OIG), the Securities and Exchange Commission?s (SEC) enforcement division needs to improve its processes and procedures for investigating and managing the fight against securities fraud...

Lowes Home Improvement settles overtime class action suit for nearly $30 million

Posted on September 29, 2009
The world's second largest home improvement retailer, Lowes Home Improvement, will see ?off the clock? in an entirely new light, after the recent, class action lawsuit settlement of $29.5 million. It is important to note that Lowes Home Improvement does not does not admit to any wrongdoing and believes it is in compliance with all laws and regulations...

Judge rejects SEC and BofA Settlement of $33 million for Merrill takeover

Posted on September 15, 2009
Unfortunately, yesterday was not a great day for the SEC and the Bank of America legal team. Their $33 million agreed upon settlement regarding the BofA taking over Merrill Lynch was rejected by Southern District of New York Judge Jed S. Rakoff Judge Rakoff entered strong words towards the SEC and Bank of America settelement in his 12-page order, in Securities and Exchange Commission v...

FINRA Arbitration against Ameriprise Financial Services

Posted on August 26, 2009
LaBovick & LaBovick, PA filed a FINRA arbitration against Ameriprise Financial Services, (NYSE: AMP), formerly known as American Express Financial Advisors (AEFA) for stockbroker misconduct and negligence. The claim alleges that Deborah Amilowski, Financial Advisor for Ameriprise Financial Services, failed to properly advise a Senior investor on risks associated with unsuitable products for a person of that age, at the time of the initial investment and negligence in properly identifying the beneficiary resulting in additional loss to the trust...

I love Dilbert

Posted on August 26, 2009
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Barry Kaye ? King of Life Settlements ? is under fire.

Posted on August 06, 2009
Barry Kaye, who allegedly made his fortune in the life settlement market is facing more bad news. First, he was forced to reduce his contribution to Florida Atlantic University to $5,000,000 from his planned $16,000,000. Now Investment News is reporting, that the Ohio Department of Insurance is investigating his life settlement sales in that state...

Broker using stolen identity pleads guilty

Posted on August 06, 2009
6 years ago, I handled a case against Securities America (Now Ameriprise) where the broker used a stolen identity. In fact, he used two stolen identities. The second one was a law school classmate of his, who then spent years straightening out the mess...

Allen Stanford complains about poor conditions in Jail while awaiting trial

Posted on August 04, 2009
After all of the grief that Stanford caused to investors he swindled $7 billion from, can you believe he is complaining about intolerable conditions in jail. His $500,000 bail was revoked because he was considered a flight risk by the Judge. The WSJ shared his Stanford's complaint to the Judge asking for a transfer in the article "Allen Stanford on His Life in Jail: ?Conditions Are Intolerable"...

Morgan Stanley Executive sentenced in securities fraud and kickback scandal

Posted on July 30, 2009
The FBI has announced that former key executive for Morgan Stanley, Darin Demizio, will serve 38 months imprisonment and three years of supervised release for conspiring to commit securities fraud and wire fraud and lying to the FBI. The trial took place in March before United States District Judge John Gleeson...

Former Credit Suisse Group AG broker stands trial in New York for ARS fraud

Posted on July 24, 2009
The trial for USA v Tzolov and Butler 08-370 started this week in New York's U.S. District Court for the Eastern District. The case involves two former Wall Street brokers that worked for Credit Suisse Group AG, Eric Butler and Julian Tzolov. They were charged with fraudulently dealing in subprime mortgage-backed auction rate securities (ARS) for corporate clients who specifically requested much safer investments...

DC Court of Appeals agrees and disagrees with SEC on Equity Index Annuities

Posted on July 22, 2009
As prior readers of The Law Planet Blog know, I have a strong dislike for Equity Index Annuities. I think they are lousy products and, to the extent they are sold, should be sold by someone who has proven at least a modicum of securities knowledge. Insurance salesman, without a Series 6 or 7 license, have not proven this knowledge...

PIABA proposed rule change regarding the arbitration panel makeup is too extreme

Posted on July 07, 2009
The Public Investors Arbitration Bar Association has proposed a rule directly to the SEC that would effectively eliminate the ?industry? arbitrator from the arbitration panel. The paranoia exhibited by this organization, without any true empirical basis, knows no bounds...

SEC Charges Beazer Homes Accounting Officer with fraud

Posted on July 02, 2009
The top Accounting Officer at Beazer Homes USA, Michael Rand, has been charged with fraud and misleading company auditors by the Securities and Exchange Commission. An SEC complaint filed in federal court, alleges that Michael T. Rand, Accounting Officer for Beazer Homes, deceived investors by fraudulently recorded improper accounting reserves during 2000 and 2005...

FINRA proposes changes to suitability and "know your customer" rules

Posted on July 02, 2009
As part of FINRA?s ongoing effort to consolidate and reconcile the former NASD and NYSE manuals, changes are in the works. FINRA recently filed a proposed rule change that is going to make changes to FINRA suitability rules, as we have known them, noticeably different...

Governor Crist signs Investor Protection Bill into law to protect Floridians

Posted on July 01, 2009
It's a new dawn. It's a new day and investors in Florida should be feeling good. Florida Governor Charlie Crist signed House Bill 483 into law on Monday, which adds protections for Securities investors today, designed to protect securities investors from Bernie Madoff type ponzi schemes...

Interesting Perspective on Arbitration measures for Securities Issues

Posted on June 25, 2009
Today, I came across an interesting article from Bloomberg News on the Arbitration debate over financial investments. It was a Commentary written by Bloomberg News Columnist Susan Antilla entitled "Obama Fails to End Kangaroo Courts for Investors". In the article, Susan highlights the following statement from President Obama: The Securities and Exchange Commission ?should study the use of mandatory arbitration clauses in investor contracts,? and then pursue legislation if appropriate, At the end of the Commentary, she adds: That argument is more bogus today than ever, because cases increasingly involve the mass-marketing of financial products by multiple brokerage firms...

Five Tips Widows can use for Financial Guidance and Respect from Financial Advisors

Posted on June 25, 2009
It is safe to say that after losing a loved one, a widow has a lot on their plate, However, this loss does not mean that Financial Advisors can ignore them or mismanage their account. A recent study by Allianz Life found that About 44% of widows are inclined to obtain financial advice in new ways, and that 70% of those using financial advisers considered firing their advisers in the first three years after their husbands' deaths...

Attorney Marc Dobin speaks on Regulation 151A on Webinar for West Legal Works

Posted on June 24, 2009
Financial Services Division Director, Attorney Marc Dobin will be a presenter for West Legal Works on the topic of "Update on SEC Regulation 151A" for a Webinar being held on June 25th, 2009 at 12pm, EST. This Webinar is a Live Webcast presented by West Legal Works, on the following area: Description: On December 17, 2008, the SEC approved Rule 151A, which will regulate equity indexed annuities as securities...

Florida Judge orders former CEO to pay $9.95 Million for Penny Stock fraud

Posted on June 22, 2009
A Florida Judge orderered former Pinnacle Business Management, Inc Chairman, Jeffrey G. Turrino to pay $9.95 Million and permanently banned him from Penny Stock Offerings. The Securities and Exchange Commission announced that, Judge Elizabeth A. Kovachevich, United States District Judge for the Middle District of Florida, entered an order of civil contempt against defendant Jeffrey G...

Allen Stanford charged with stealing Billions from Investors

Posted on June 19, 2009
Allen Stanford, Chairman of Stanford Group holdings, surrendered to authorities yesterday, will be officially charged by SEC today in Court. He is accused of stealing over $8 billion from investors. According to Bloomberg News and The Washington Post, The SEC lawsuit indicates in its compmplaint that Stanford International Bank misled investors by touting "improbable, if not impossible" returns for investments...

Investor Protection Educational series for Seniors is launched by FINRA

Posted on June 16, 2009
Today, marks a milestone in the life of The Law Planet Blog. This is our 100th Post our Blog covering Securities, Stock Fraud and Employment/LaBor Law issues. It is also a great day for Senior Investors. A series of Grasssroots campaigns will be launched in Florida, Colorado, Vermont, North Carolina, and Washington state to protect seniors from investment fraud...

Fund Manager defrauds Investors out of $6 million

Posted on June 12, 2009
The truth will always come out. This is a hard lesson that Fund Manager, Matthew D. Weitzman, just recently learned. He has been charged with investment adviser fraud, securities fraud, and wire fraud. If convicted he faces up to a maximum of 15 years imprisonment and over $5 million in fines...

Aura Financial Services charged by SEC with Churning

Posted on June 12, 2009
The SEC announced today that it, along with Alabama Securities Commission has charged Aura Financial Services with ?rampant? churning of customer accounts, ?widespread? supervisory failures and other securities violations. This is stunning. It is rare that an entire firm is charged with churning...

Countrywide Executives must face the music for deception and fraud

Posted on June 10, 2009
Countrywide executives must face the music for deception and fraud as the Securities and Exchange Commission (SEC) has brought charges against the former Chief Executive Officer (CEO) Angelo Mozilo and two executives for allegedly hiding financial difficulties which led to the company's collapse from the subprime mortgage crisis...

Starbucks wins on appeal - $100 million tip sharing verdict reversed

Posted on June 10, 2009
Starbucks corp has 100 million reasons to smile. The cas in question is Chau V Starbucks Inc. (D053491 (Super. Ct. GIC836925)) The California Appeals Court recently ruled that San Diego County Superior Court Judge Patricia Cowett's decision to award baristas $86 million in restitution plus about $20 million in interest was was not based properly...

Four Simple Things all Investors can do to protect against stock fraud

Posted on June 08, 2009
As we speak to Clients and give Seminars we are constantly asked "How can an investor preotect themselves against Stock Fraud?" Here are a few points that anyone can remember. Please feel free to share them with loved ones that are consistent investors...

Marc Dobin comments on FINRA Arbitration Claims

Posted on June 08, 2009
Attorney Marc Dobin, Partner and Director of the Financial Services Divsion, LaBovick & LaBovick, P.A., was quoted in the May 2009 issue of Financial Advisor Magazine in the article, FINRA Arbitration Claims. The Financial Industry Regulatory Authority (FINRA) is seeing a sharp rise in the number of arbitration claims filed by irate investors seeking compensation from the securities industry for steep losses during the market downturn...

Free Community Lunch and Learn Seminars for Victims of Stockbroker fraud in Palm Beach County

Posted on May 29, 2009
LaBovick & LaBovick is pleased to announce FREE Community Lunch and Learn Seminars from the Financial Services Division. The Seminars will be conducted by Attorney Marc S. Dobin in Palm Beach County on June 8th and June 15th. The Lunch and Learn Seminars will kick off in North Palm Beach County and South Palm Beach County in June...

The cool thing about being a lawyer

Posted on May 27, 2009
Several years ago, my kids asked me what I ?do?. They see the great computers, the phones, and all the other accoutrements of a successful law practice, but they wondered if I did anything other than surf the Internet during the day. I told them that I try to help people with their problems...

My time as a Jail Bird for MDA

Posted on May 21, 2009
I was honored to serve my time as an MDA jailbird. After one hour behind bars, I was let go on probationary release and I still need your help to be set free! I?m trying to reach my goal of $3,200 and anything you can donate will help get me there. Your donation toward my bail will not only help set me free, but will also help many children and adults in Palm Beach County with muscle diseases by adding vital funds to MDA?s research efforts...

Marc Dobin gets locked up and taken away for MDA Lock Up 2009

Posted on May 20, 2009
Today, Attorney Marc Dobin was locked up and taken away as a part of the MDA Lock UP 2009. Marc Dobin agreed to be "arrested" for having a big heart in the fun, MDA Lock-Up. This unique community-wide event raises funds for Jerry's kids. He needs to raise bail of $3200 by to be set free...

Steps Investors can take to protect against Fraud

Posted on May 07, 2009
It is estimated that Americans have lost nearly 40% of their net worth. Many people are wondering what they can do to protect themselves when they first start investing. Then they are asking what to do after they feel they've been poorly treated by their stockbroker...

Earth Day and "From the Courtroom_The Law Planet" Podcast

Posted on April 23, 2009
In today's edition of the podcast "From the Courtroom_ The Law Planet" , Attorney Marc S. Dobin discusses Earth Day 2009 and outlines simple steps companies can take to become more environmentally friendly in the work place. If you have any questions or comments regarding today's edition of the podcast "From the Courtroom_The Law Planet", please email: Podcast@LaBovick...

Earth Day and steps to be eco friendly at work - Podcast

Posted on April 23, 2009
In today's edition of the podcast "From the Courtroom_ The Law Planet", Attorney Marc S. Dobin discusses Earth Day 2009 and outlines simple steps to become more environmentally friendly in the workplace. If you have any questions or comments regarding today's edition of the podcast "From the Courtroom_The Law Planet", please email: Podcast@LaBovick...

Fraudsters Pray With Their Victims, Then Prey on Them

Posted on April 20, 2009
Yet another financial fraud has been unearthed as part of the bloodletting of 2008/2009. As reported in Investment News, seven members of a church in Queens, New York, defrauded fellow church-goers of more than $12 million. The accused fraudsters were leaders in the church...

Up Front Bonus Loans and Laid Off Brokers

Posted on April 17, 2009
Any broker who has moved from one firm to another has heard about, or received, them. They go by various names - Transitional Compensation, Employee Forgivable Loan, and Recruiting Bonus are among the names given to these payments. Essentially, the brokerage firms are hiring experienced brokers and "loaning" the broker money to ease the transition between firms...

Arbitration and Investors - From the Courtroom Podcast

Posted on April 16, 2009
In today's edition of "From the Courtroom", Attorney Marc Dobin discusses how Arbitration can help Investors in an Investor dispute with a Broker .

Broker Commissions may save the day for Stanford Ponzi Scheme Investors

Posted on April 15, 2009
Should brokers be able to keep profits from the alleged $8billion investment Ponzi scheme ran by Texan billionaire Sir Allen Stanford? If the Court appointed Receiver, Ralph Janvey, has anything to do with it, this will not be the case. Janvey is seeking the return of the large commissions, bonuses, and other compensation paid by Sir Allen?s company for the sell of certificates of deposit, to 66 Financial advisers...

Investors left out in the cold by Ponzi Schemes

Posted on April 13, 2009
Why should investors have to wait so long to find justice after losing large amounts of dollars in Ponzi Schemes like Bernie Madoff or Michael Riolo? According to a recent Sun Sentinel article on South Florida investors hurt in Ponzi schemes by Vanessa Blum, the search for assets is a major stumbling block...

How to avoid a Ponzi Scheme

Posted on April 13, 2009
Director of Financial Services Division, Attorney Marc Dobin discusses Ponzi schemes and how to avoid them

NY Attorney General sues J. Ezra Merkin over $2.4 billion investor losses in Madoff Ponzi Scheme

Posted on April 07, 2009
"Glaring Red Flags and Returns to good to be true", should have alerted Mr. J. Ezra Merkin to the Madoff Ponzi scheme according to New York Attorney General Andrew Cuomo. He is bringing the suit against Merkin because of his actions and reckless disregard regarding unsuspecting investors losing $2...

Welcome to LaBovick & LaBovick, P.A. family of Blogs

Posted on March 31, 2009
Dear Law Planet Blog Readers, Welcome to LaBovick & LaBovick, P.A. We are delighted to incorporate The Law Planet Blog into our family of law blogs. This new addition, comes as a result of Attorney Marc S. Dobin joining LaBovick & LaBovick, P.A. as Partner and Director of our Financial Services Division...

Big Changes for The Law Planet

Posted on March 27, 2009
Today is the last day of The Law Planet as it has existed for the last two years. Starting March 30, I will be an attorney with Labovick & Labovick, P.A. starting up that firm's Financial Services Department. I will continue posting on the new and improved Law Planet...

I Love Dilbert! A New Form of Insult

Posted on March 25, 2009
Dilbert is always on top of things. I read this panel this morning and it made me laugh. Scott Adams, the strip's creator, is a genius. That's the fiduciary view from The Law Planet, Jupiter, Florida.

"Manifest Diregard" May Disappear From Motions to Vacate Securities Arbitration Awards

Posted on March 17, 2009
The Eleventh Circuit Court of Appeals, which covers Florida, is a "manifest disregard" circuit. In Montes v. Shearson Lehman Hutton, the court found that a closing argument in an NASD arbitration that acknowledged the law, but encouraged the arbitrators to ignore it, was evidence of manifest disregard of the law...

An "Explanation" of the Economic Crisis

Posted on March 16, 2009
My sister, the bankruptcy lawyer, sent me an email to explain the credit crisis. Since my brain is pea-sized, she used points of reference I understand. John is the proprietor of a bar in Sydney. In order to increase sales, he decides to allow his loyal customers, most of whom are unemployed alcoholics, to drink now but pay later...

Bernard Madoff Guilty Plea is Just the Beginning

Posted on March 12, 2009
By now anyone who has any interest in investing knows about Bernie Madoff. Mr. Madoff has admitted his guilt in a Ponzi scheme of gargantuan proportions. But I think this is just the beginning. Mr. Madoff has stated, through others, that no other person knew about his fraud...

Stanford Financial Group, Madoff and Others Teach Lessons

Posted on February 27, 2009

Will The Xlink Bluetooth Adapter Kill Landlines?

Posted on February 16, 2009
I just spent the weekend using the Xlink BTTN bluetooth adapter. And if this device doesn't scare landline-based phone companies, I'm not sure what will. I'm a Bluetooth addict. I have three Bluetooth headsets. All of my cars have BT hands-free kits...

SEC Rule 151a Fixes A Problem

Posted on February 03, 2009
I have mentioned in the past that my distaste for Equity Indexed Annuities runs deep. I wondered aloud how a market-based product could be sold by someone with a securities registration. I would like to think that the SEC cares what I think, but I would be wrong...

As Rome Burned - John Thain Bought New Fiddles

Posted on January 22, 2009
This is an outrage. Did anyone at Merrill Lynch have a clue about fiscal responsibility? I have discussed the bonuses paid to the prior chief at ML before, Mr. $160 Million. Now, we find out that John Thain spent $1.3 million on himself. The Daily Beast reports that Thain spent foolish amounts of money on ego-stroking items like "relamping wall sconces" for $3,000 and a rug for $87,000...

A Year End Laugh is Good for Everyone

Posted on December 30, 2008
This has only a little bit to do with securities, litigation, investments or anything else. But it made me smile and we all need to smile at least once before the year is out. Have a safe, healthy, prosperous and Happy New Year. That's the view from The Law Planet - Jupiter, Florida.

One Lawyers Good Advice On Changing Firms

Posted on December 22, 2008
I have known Joel Beck for a number of years. First, I knew him as a regulatory attorney at the NASD (now FINRA). Joel went on his own a couple of years ago and writes a very useful blog. Recently, Joel posted a list of things to consider when a broker is considering changing firms or going it on their own...

Pres-Elect Obama Chooses A "Diplomat" To Run SEC

Posted on December 19, 2008
President-Elect Barack Obama has chosen Mary Schapiro to head an agency that is sure to be under scrutiny, the Securities and Exchange Commission. With the Bernard Madoff Ponzi scheme fresh in everyone's minds, people are looking at the SEC and wondering where that agency was through all of this...

Ponzi Schemes - They're Too Good To Be True

Posted on December 15, 2008
OK folks, wake up! If someone tells you that they can make 8% in up markets and down markets, year in and year out - they are lying!!!. It's as simple as that. Bernard Madoff, a formerly well-respected Wall Streeter with homes in New York and Palm Beach (and why not?) gave up his lengthy charade and announced that his investment fund was "one big lie...

Thoughts on the Citigroup bailout.

Posted on November 24, 2008
So Citigroup is the latest institution deemed "too big to fail." Here's the part I don't understand. The New York Times is reporting that Citigroup is going to get $306 billion in guarantees and an infusion of $20 billion. Isn't this the same Citigroup that was whining that it should have been permitted to purchase ailing Wachovia? Isn't this the same Citigroup that has sued Wachovia and Wells Fargo becuase it ended up the loser in that deal? Did the Feds tell Citigroup to stop stupid litigation while they were at it? There shouldn't be anything that is deemed "too big to fail...

Equity Index Annuities - The Roach Motel Gets Regulated

Posted on November 17, 2008
Here's the deal. Equity Index Annuities look and smell like a security but for reasons that escape me they are regulated as fixed insurance. I have written about this before. An insurance agent, with no securities training, could sell a product whose performance is dependent upon the movements of the stock market...

Proof That Someone Has Too Much Time

Posted on November 11, 2008
Check out this blog which demonstrates that the cost of entry is too low and someone has too much time "on their hands." I guess the good news is that it's not "Brokers standing on a ledge." That's all for now from The Law Planet - Jupiter, Florida

FINRA Arbitrators Take a Bite Out of Claimant's Counsel

Posted on November 11, 2008
I have been handling securities arbitrations for over 20 years. Every once in a while, the arbitrators saw the other side's case for what I believed it was -- nonsense. This has happened a few times over the years. I heard about a case that was being tried before FINRA in Boca Raton...

U-5 Reporting - Termination Reasons With a Distinction

Posted on November 06, 2008
I was recently retained to represent a client who was both an insurance agent and a registered representative with a related entity. The client was terminated by the insurance company and the broker-dealer. The U-5 that was filed became a problem. The broker-dealer disclosed on the U-5 that there were two customer complaints from insurance customers regarding fixed insurance products...

Dilbert Invents a New Brokerage Marketing Scheme

Posted on October 23, 2008
I have always been a big Dilbert fan. Scott Adams has the corporate mindset nailed. I discovered some animated Dilbert shorts on MSN that are mildly amusing. (not Bermuda shorts with cartoon characters.). This one's about the brokerage industry. Dogbert's Discount Brokerage Enjoy...

William F. Heefner - In Memoriam

Posted on October 21, 2008
My father graduated from law school in 1960 and took a job, from which he retired 40 years later, with a small firm called Curtin & Heefner in Morrisville, Pennsylvania, in Bucks County. I don't really remember much about Mr. Curtin, but Mr. Heefner (one of the few lawyers on this planet that I would still call "Mr...

Lehman Brothers Brokers Protest.

Posted on October 13, 2008
A friend of mine sent me this picture claiming that it was a protest of Lehman Brothers employees outside their office. I think he's pulling my leg.

Bankruptcy Commentator May Have The Solution

Posted on September 29, 2008
I am not a bankruptcy lawyer. But my sister is one. We were talking about the mortgage "crisis" and she pointed out a flaw in the bankruptcy code that remains unaddressed. Unlike virtually every other form of debt, a debtor in bankruptcy cannot modify a home mortgage loan...

Product Marketers For Aciphex Need a Cunning Linguist

Posted on September 11, 2008
This has nothing to do with the law, but everything to do with how I see the world. As I was backing my car out of the driveway, I heard an ad on the radio for a product called "Ass effects". I assumed that it was a gag ad on the talk show I like. It wasn't...

Why Having a Big Firm May Not Be The Cure

Posted on September 02, 2008
I will admit, I have a small firm. in fact, you can't get much smaller than a law firm of one lawyer. I like to think that I am conscious of the costs of running a business and hiring a lawyer. If a document can be scanned an emailed, that's the way I send it...

Another FINRA Arbitration Pilot Program, Another Waste of Time

Posted on August 04, 2008
The folks at FINRA are SOOO predictable. Some arbitration haters come out with a "study" about arbitration and conclude it's not fair. The securities industry releases its own study and says that arbitration is fair. So what does FINRA do? A "pilot" program...

Securities Regulator Takes Active Stance on U-5 Expungements

Posted on July 28, 2008
I recently wrote about FINRA's policy on expungements. Of course, FINRA has no control over what any individual state securities commissioner might do. In what appears to be a case of first impression, a state securities regulator has stepped in to try and stop a bargained-for expungement...

U-4 and U-5 Expungements - FINRA's View

Posted on July 21, 2008
I have recently received several inquiries regarding expungements of U-4 and U-5 information. I have said this more than once, but "in the old days" an expungement was a piece of cake. The parties agreed to it, whether it was a customer or industry dispute, and it was done...

Can't Write It? Jott It.

Posted on June 28, 2008
OK, I am a sucker for new technology. I love playing with stuff. I was looking at my Gmail account and an Adword caught my eye for a product called Jott. It promised emails from voice. So I clicked the link, read the site and signed up. It's free, so you can't beat the price...

SEC Victorious in Next Financial Customer Information Case

Posted on June 19, 2008
The securities industry, no doubt, has been waiting for the decision in this case for a while. The Securities and Exchange Commission ("SEC") filed an action against NEXT Financial, Inc., an independent broker-dealer firm. The SEC was rightfully unhappy about NEXT's broker transition practices...

FINRA Cracks Down On Phony Authorship

Posted on June 02, 2008
We've all seen them - the books and magazines that look like they feature a financial salesperson. In fact, NBC's Dateline program did an expose on annity sales practices. Several of the agents the show targeted had phony ghostwritten articles. In FINRA Notice to Members 08-27, the regulators stated that using ghostwritten materials could violate a number of rules, including NASD Rules 2110, 2120 and 2210 and Incorporated NYSE Rule 472...

I'm Quoted in Registered Rep Magazine

Posted on May 05, 2008
This is exciting for me and not just because it might make my mother proud. I have read Registered Rep for almost as long as I've been in this business. Sometimes I agree with what is written, sometimes not. I was called a few weeks ago and asked questions about Gary Gross, a broker with a reputation in Boca Raton, Florida...

NY Court Upholds U-5 Immunity

Posted on April 28, 2008
In another installment of the incompetent/malevolent broker/dealer guidebook, Barclays Capital partially prevailed on a Motion to Vacate Arbitration Award filed against one of its former employees. In Barclays Capital Inc. vs. Elizabeth Bing Shen, 2008 N...

FINRA Changes Arbitration Hearing Practices

Posted on April 21, 2008
In an email from FINRA, formerly NASD, dated April 14, 2008, the agency announced that the arbitrators' procedures on damages and closing the hearing will be changing. This is, ostensibly, to unify the scripts between NASD and NYSE arbitration codes...

Microsoft Live.com Feature Gives Everyone a New Perspective

Posted on March 31, 2008
I admit that there are times when I am easily entertained. And I am an avowed Microsoft-disliker. But I have to hand it to the folks in Redmond, they've got me interested in something. Click on this link. Then hover over the pushpin and select Zoom to Street level...

Head Shaving To Cure Cancer

Posted on March 30, 2008
When I'm not practicing law, you might find me at a Suncoast High School girls' lacrosse game, where I am an assistant coach. Truth be told, I have no special lacrosse talents, but I go there to help, provide some organization and maybe a few tips I've learned over the years as an amateur sports coach...

Why The iPhone Won't Control The World

Posted on March 21, 2008
I just read another article about how Apple is going to take over the business desktop. Maybe I'm just getting old and surly, but I'm not convinced it's an enterprise device. Here's why. 1) The iPhone keyboard sucks. That's the only word for it. If you like guessing where on the touchscreen you have to put your finger to press the letter "k", then enjoy...

FINRA, Formerly NASD, Gets Serious About Enforcing Fines

Posted on March 03, 2008
Since just about the beginning of time, FINRA (formerly NASD) fines were viewed as a mere nuisance by out-of-business firms and former registered persons. FINRA has been criticized in the past for not collecting regulatory fines or fees from arbitration proceedings...

U.S. Supreme Court Allows 401(k) Claims

Posted on February 20, 2008
There has been a huge shift in the United States from defined benefit retirement plans, where an employee is guaranteed a fixed payment upon retirement, to defined contribution plans, where the employee makes the contribution and maybe the employer makes a matching payment...

Dobin & Jenks Helps Royal Palm Beach High School Wildcats Softball

Posted on February 08, 2008
You may ask, what does a securities and employment firm like Dobin & Jenks, located in Jupiter, Florida, have to do with a girls' softball team in Royal Palm Beach, some 25 or 30 miles away? It's a long story, for which I will only brag about the highlights...

SEC Seeks To Change Broker Transfer Procedures

Posted on January 21, 2008
Since time immemorial, brokers who left their prior firms have taken copies of customer information. In the "old days", brokers copied their holding pages, new account forms and last monthly statements of their customers. With the advances made in the industry, a broker only needs a customer name, address, account number and phone number to accomplish the transfer...

Digital Television Is Coming! Digital TV Is Coming!

Posted on January 14, 2008
The broadcast television world will change on February 17, 2009, when traditional analog television will go "dark." For information on the changeover, see the NAB website DTVAnswers. How does this affect the practice of law, one might ask. If you received a small portable television, for watching the news, weather or for emergencies, on February 18, 2009, that TV will no longer work, other than as a paperweight...

Job Failures Result In Big Rewards

Posted on January 07, 2008
Is it me? The CEO of Merrill Lynch steps way out of line, while presiding over a disastrous business strategy, and he gets $160 MILLION dollars when he's shown the door. In very recent news, the now-former chairman, president and CEO of H&R Block will receive a package worth $2...

FINRA Closes The Expungement Loophole Some More

Posted on December 17, 2007
FINRA, the securities regulatory agency governing all stockbrokers, has announced its approval of a new expungement rule in a press release dated December 14, 2007. This is further evidence of regulatory scrutiny of a long-standing practice of obtaining expungements in the settlement of customer claims...

Subprime Meltdown - Cleaning Up After The Circus Has Left Town

Posted on December 10, 2007
As a securities litigation lawyer, I often wonder what is the next "big thing" going to be. It's never a matter of "if", but only a matter of "when." We have now been handed the "what" which is the subprime credit markets. An article in Investment News reported that Bank of America is closing its Strategic Cash Fund after its assets dropped from $40 billion to $12 billion...

Jupiter, Florida, Attorney Marc S. Dobin To Speak On Securities Fraud

Posted on December 03, 2007
Blatant self-promotion warning!! I was asked to speak at an NBI seminar entitled "Identifying and Preventing Securities Fraud". It will take place on February 18, 2008. My topic is "Securities Fraud - How It's Done and Who Gets Blamed." I'm looking forward to sharing what little insight I have with the seminar attendees...

Something For Nothing - Free Software Every Day

Posted on November 26, 2007
Here at The Law Planet, we believe that profits increase by increasing revenues or decreasing expenses. If there is a suitable freeware or shareware program we can use to accomplish a task, then we use it. We just discovered GiveAwayOfTheDay. This website has a free software program every day...

The 21st Century Way To Bank - Remote Deposit

Posted on November 19, 2007
Our clients like us enough that they occasionally pay our bills. Most of these bills are paid by check. In fact, we receive checks on an almost daily basis, some large and some small. These checks have to get to the bank somehow. In the old days (as in more than 3 weeks ago), our firm administrator had to go to the back on a regular basis to deposit the checks...

First Thing We Do, Let's Praise All The Lawyers

Posted on November 12, 2007
A recent article in The New York Times described how Pakistan's lawyers are opposing the disbanding of the court system and what appears to be the imposition of martial law. I'm not sure what I, a securities lawyer in Jupiter, Florida, can do about this situation other than stand up and cheer...

Hooray For SIFMA! Sanity In The News.

Posted on November 05, 2007
The Securities Industry and Financial Markets Association (SIFMA), the securities industry's trade group, has been remarkably silent in the arbitration abolition wars. First, the distorted report from Daniel Solin and Edward O'Neal came out which said arbitration was unfair, simply based upon won/loss rates...

Heresy In The Practice Of Law - No Billable Hours!

Posted on October 29, 2007
A recent blurb in the ABA Journal weekly newsletter struck a chord with me. A law firm in Boston has banned billable hours. What's next, not billing for faxes and copies? How will a firm ever make money without billing its clients in 360-second increments? I like billing...

A Black Friday Retrospective

Posted on October 19, 2007
It has been 20 years since the stock market crash of 1987. Many were predicting that this was the end of the world as we know it (Insert REM music here). Others saw the crash as a buying opportunity. It turns out that the buyers were probably right...

Get Your Broker's History For Free

Posted on October 15, 2007
Every stockbroker is required to register with the state in which he or she does business and with, at a minimum,

Morgan Stanley Fined For Hiding Emails.

Posted on October 08, 2007
The newly-minted securities regulator, FINRA just fined Morgan Stanley $12.5 million for failing to produce emails in its possession. To make this even more heinous, Morgan Stanley hid behind the 9/11 tragedy as the reason for its failure to produce...

The Case for Standby Email Accounts

Posted on October 01, 2007
We have our office email domain, Dobinjenks.com and I have a multitude of personal addresses. The most frequent non-business email address I use is my Gmail account. I use the Gmail account for my personal email and I like the web interface design. And it's handy as a backup in case my main email domain is unavailable for some reason...

Broker Transfer Tactics Get SEC Scrutiny

Posted on September 24, 2007
The Securities and Exchange Commission has issued an Order Instituting Administrative Proceedings against