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UBS has agreed to pay $17.5 million to settle charges from the U.S. Securities and Exchange Commission that the UBS Willow Fund changed its investment strategy focused on distressed debt without informing investors and subsequently lost over 80% of its value.  However, investors have lost millions of dollars which has…

Allegations include failure to supervise registered representatives, among others Austin, Texas-based NFP Advisor Services, LLC has been censured and fined $500,000 according to their FINRA BrokerCheck report. As a FINRA member firm since 1997, the censure and fine follow allegations of failure to abide by several regulatory obligations related to…

Allegations include misrepresentation and other misconduct Thomas Joseph Buck’s 33-year career in the securities industry, beginning with Merrill Lynch, Pierce, Fenner & Smith, Inc (Merrill Lynch) in December 1981 is now over. According to the Financial Industry Regulatory Authority (FINRA) Department of Enforcement document filed on July 24, 2015, Buck…

Bank-issued structured notes under scrutiny after sustained losses over a 2 year period A risk alert issued in August by the Securities and Exchange Commission (SEC) has prompted legal investigations into potential claims by investors. In its alert, the SEC announced it had analyzed 26,600 structured product transactions that equaled…

Wronged investors feel otherwise about ending abuse by brokers There’s a new rule being proposed by the Labor Department that will help protect average investors from brokers who don’t always act in their customer’s best interest. This rule, five years in the making, has the brokerage industry concerned that Wall…

According to one accused, they “robbed Peter to pay Paul” while living the high life Living the high life has come to an end for five Arizona who were charged with stealing millions from investors by the SEC. According to the SEC release on September 11, the participants allegedly used…

New Department of Labor rule looks to protect investors from over-zealous brokers In an effort to protect investors from conflicted investment advice, the Department of Labor is seeking to instate a new fiduciary duty rule that has left many independent brokers-dealers chafing in their suits. What is a fiduciary duty?…

Drude’s failure to disclose details surrounding fraud of elder investor drives FINRA action In response to allegations surrounding his relationship with an elderly investor, Louisiana-based broker Bradley Drude agreed to an Offer of Settlement to FINRA in which he was assessed a deferred fine of $25,000 and suspended from association…

Broker misconduct results in “substantial harm’ to elderly customers Philip Leonard Grasso Jr.’s 18-year career in the securities industry is now over due to allegations of elder fraud, where he purportedly misused funds, willfully misrepresented material facts and failed to complete on-the-record testimony requested by FINRA. According to the FINRA…

Failure to provide on-the-record testimony to FINRA results in disciplinary action After termination from employment with Morgan Stanley in 2014 following allegations surrounding his status as an executor and beneficiary in a client’s estate and his use of discretion in several client accounts, broker Justin Amaral has been permanently barred…