Investors are interested in safe investments that can protect their assets and help them grow. Many investors outside of the US were directed to a Bermuda-based company called Northstar Financial Services (Bermuda). Frequently sold by US-based brokers, their products offered alleged high commissions with additional incentives to brokers and broker-dealers…
Articles Posted in FINRA Arbitration
Scott Silver Quoted In Advisor Hub Regarding FINRA Jurisdiction
It’s not uncommon for employees of nearly any type of business to branch off and form their own company. When that company is a new broker dealer firm and a competitor for the former employer, things get complicated. Especially if that employer is Wells Fargo Advisors. WFA alleges that their…
Western International Securities Is SEC’s First Regulation Best Interest Action
Most investors believe their broker and broker-dealer have their best interests in mind when making recommendations. As we’ve reported many times in this blog, that’s not always the case. The SEC’s newest rule, called Regulation Best Interest, nicknamed Reg BI, is the latest in the effort to make the market…
Former Morgan Stanley Brokers File Claims Over Deferred Compensation
If your employer offers to hold some of your earnings for a later date, such as retirement, in order to give you a lower tax bracket now, would you take that offer? What happens to the money if you decide to change jobs? For most people, they can change their…
Northstar Financial Services (Bermuda) Investor Seeks To Recover $1 Million Loss From Hancock Whitney Investment Services
An investor who lost $1 million investing in variable annuities sold by Northstar Financial Services (Bermuda) has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against Hancock Whitney Investment Services, Inc., and the Hancock Whitney broker who concentrated his retirement portfolio in Northstar offerings. The investor, a longtime banking…
What Happened To All The Money At GWG Holdings?
We’ve written frequently about GWG Holdings, the now-bankrupt Dallas-based company that bought out life insurance policies from people who needed cash more than their policies. The company sold those policies to other investors who would see a return when the original policyholder passed away. Then the company crashed and burned.…
Did Cabot Lodge Securities Sell You GWG L Bonds?
If Cabot Lodge Securities sold you L Bonds from GWG Holdings, Silver Law Group may be able to help you recover your investment losses. GWG Holdings filed for bankruptcy in April, 2022 and it is expected that L Bonds investors will lose a significant amount of their principal. Silver Law…
FINRA Bars Jesus Rodriguez After Using Client’s Credit Line
Jesus Rodriguez (CRD# 4888685) is a former broker and investment advisor whose last known employer was Morgan Stanley (CRD#:149777) of El Paso, Texas. His former employers are Citigroup Global Markets Inc. (CRD# 7059) and Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD# 7691), also of El Paso. He has been…
Brokerage Firm Fined $1M For Churning, Customers May File FINRA Arbitration Claims
Broker-dealer Joseph Stone Capital (CRD# 159744/SEC# 8-69014), based in Mineola, NY, has recently been fined by FINRA for allowing eight of its brokers to engage in excessive trading in their customers’ accounts. This practice is known as “churning,” and it always costs a customer money. From January 2015 to June…
National Securities Is Now Part of B. Riley Wealth
Boca Raton-based National Securities Corporation (NSC) has announced that it is closing its doors after 75 years. The recent announcement came after the firm filed termination papers with FINRA. The company’s representatives and advisors are now part of the company that began buying National Securities, B. Riley Wealth Management. Although…