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Articles Posted in FINRA Arbitration

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FINRA’s arbitration process has an increased focus after a recent court ruling found that the process wasn’t entirely as neutral as the agency claims. In February, two former Wells Fargo customers won a court decision against Wells Fargo that ruled the bank had been involved in subtle manipulation of FINRA’s arbitration process. The customer showed in court that a Wells Fargo attorney had a “secret agreement” with FINRA to keep plaintiff-friendly arbitrators out of his cases to increase his chances of winning. His increased wins saw customers lose their cases due to an unfair advantage. Wells Fargo is now appealing the decision. Now increased scrutiny on FINRA and its alleged neutrality has also called into question their entire dispute resolution process.FINRA’s arbitration process has an increased focus after a recent court ruling found that the process wasn’t entirely as neutral as the agency claims.

In February, two former Wells Fargo customers won a court decision against Wells Fargo that ruled the bank had been involved in subtle manipulation of FINRA’s arbitration process. The customer showed in court that a Wells Fargo attorney had a “secret agreement” with FINRA to keep plaintiff-friendly arbitrators out of his cases to increase his chances of winning. His increased wins saw customers lose their cases due to an unfair advantage. Wells Fargo is now appealing the decision. Continue reading ›

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Wells Fargo and its counsel were found to have manipulated the FINRA arbitration process, according to a Georgia state court, which in January, 2022 vacated an arbitration award in favor of Wells Fargo. The Public Investors Advocate Bar Association (PIABA) and its president called for an investigation by the SEC as well as Congressional hearings. FINRA Dispute Resolution Investors who have disputes with their FINRA-registered broker-dealers are required to use FINRA’s Dispute Resolution forum. Disputes are resolved through non-judicial arbitration and mediation proceedings. Investors frequently bring FINRA arbitration claims after losing money with investments sold to them by their broker-dealer, claiming the investments were unsuitable, that adequate due diligence wasn’t preformed, or other causes. Arbitration is typically faster and less expensive than court.Wells Fargo and its counsel were found to have manipulated the FINRA arbitration process, according to a Georgia state court, which in January, 2022 vacated an arbitration award in favor of Wells Fargo. The Public Investors Advocate Bar Association (PIABA) and its president called for an investigation by the SEC as well as Congressional hearings. Continue reading ›

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GWG L Bonds are a relatively new financial product that purportedly offers higher yields than typical publicly-traded, fixed-income bonds. These bonds have significant risk and are not like traditional corporate bonds and other conservative investments. Silver Law Group has been retained by investors to pursue securities arbitration claims against brokerage firms who recommended GWG bonds alleging that the brokerage firms due diligence was negligent, material risks were not properly disclosed or materially misrepresented to them or their account was improperly concentrated in GWG bonds and other illiquid alternative investments. Continue reading ›

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Robert Foley (Robert Patrick Foley CRD# 6060234) is a broker and investment advisor whose last known employer was Wynston Hill Capital, LLC (CRD#:103811) of Red Bank, NJ. Previous employers include Maxim Group LLC (CRD#:120708) of New York, NY, Pruco Securities, LLC. (CRD#:5685) of Paramus, NJ, and Metlife Securities Inc. (CRD#:14251) of Elmsford, NY. He has been in the industry since 2012. Foley has two disclosures in his CRD, the first of which involves failing to supervise two representatives at Wynston Hill who were involved in “churn and burn,” or excessively trading in customers accounts, and a third firm representative who falsified the firm’s records. This activity occurred during Foley’s tenure, from January through June of 2019. Foley was a designated principal responsible for supervising the registered representatives assigned to Wynston Hill’s New York City branch office. His job included the review of orders to look for frequent or excessive trading, margin trades, unsuitable recommendations, higher-than-normal commissions and other “red flags.” Foley discussed these issues with the firm’s chief compliance officer but took no other action. Customers of two of the representatives would need growth in excess of 100% per year in their accounts to cover the commissions and other costs that were involved with their accounts.Robert Foley (Robert Patrick Foley CRD# 6060234) is a broker and investment advisor whose last known employer was Wynston Hill Capital, LLC (CRD#:103811) of Red Bank, NJ. Previous employers include Maxim Group LLC (CRD#:120708) of New York, NY, Pruco Securities, LLC. (CRD#:5685) of Paramus, NJ, and Metlife Securities Inc. (CRD#:14251) of Elmsford, NY. He has been in the industry since 2012. Continue reading ›

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Northstar Financial Services (Bermuda) offered investment and annuity-type products to investors outside the United States.  The company was based in Bermuda and claimed to offer various benefits such as tax shelters that were not available to U.S.-based investors.  Northstar relied on a network of financial advisors and brokerage firms across the United States and abroad to sell its products to investors. Unfortunately, Northstar has collapsed and is undergoing liquidation (similar to bankruptcy) proceedings in Bermuda, where it is expected that investors will suffer heavy losses. Brokers and financial advisers are obligated to conduct due diligence and monitor the investments they recommend, to ensure that the investments they recommend are appropriate for their customers, and to diversify their customers’ portfolios to at least minimize the risks of products like Northstar. Silver Law Group has filed arbitration claims on behalf of Northstar investors against selling broker-dealers such as SunTrust (now Truist), Ocean Financial Services, and Cetera Investment Services for the improper sale of Northstar Financial Services (Bermuda).  Silver Law Group has helped its clients recover and continues to litigate other cases.Northstar Financial Services (Bermuda) offered investment and annuity-type products to investors outside the United States.  The company was based in Bermuda and claimed to offer various benefits such as tax shelters that were not available to U.S.-based investors.  Northstar relied on a network of financial advisors and brokerage firms across the United States and abroad to sell its products to investors. Continue reading ›

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Silver Law Group represents Northstar Financial Services (Bermuda) investors and has filed arbitration claims against brokerage firms that improperly sold Northstar products to investors. Silver Law Group’s clients allege that the selling firms pitched Northstar as a safe, conservative investment that was comparable to bank certificates of deposit (CDs), and that financial advisors represented that Northstar was guaranteed to provide monthly interest and protection of principal. Unfortunately, Northstar is currently undergoing liquidation proceedings in Bermuda, similar to a bankruptcy. It is unknown exactly how much investors will receive from the Joint Provisional Liquidation, but it is likely that investors will suffer large losses.Silver Law Group represents Northstar Financial Services (Bermuda) investors and has filed arbitration claims against brokerage firms that improperly sold Northstar products to investors. Silver Law Group’s clients allege that the selling firms pitched Northstar as a safe, conservative investment that was comparable to bank certificates of deposit (CDs), and that financial advisors represented that Northstar was guaranteed to provide monthly interest and protection of principal. Continue reading ›

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Silver Law Group represents and has filed arbitration claims against financial advisors on behalf of investors who purchased investments issued by Northstar Financial Services (Bermuda) Ltd. These products include, but are not limited to: Global Interest Accumulator Global Advantage Plus Series Global Advantage Select Global VIP Elite Global Index Product These investments are the subject of a Joint Provisional Liquidation (similar to bankruptcy) in Bermuda, which will likely result in investors losing a substantial portion of their investment. Silver Law Group represents Northstar investors and continues to investigate and file securities arbitration claims against the brokerage firms and financial advisors that sold these products. Among other things, these firms are obligated to conduct due diligence and monitor the investments they recommend, to ensure that Northstar was appropriate for each investor’s specific financial situation and needs, and to diversify investors’ portfolios so as not to subject them to outsized risk in one offshore, risky investment product such as Northstar Financial Services (Bermuda) Ltd.Silver Law Group represents and has filed arbitration claims against financial advisors on behalf of investors who purchased investments issued by Northstar Financial Services (Bermuda) Ltd. These products include, but are not limited to:

  • Global Interest Accumulator
  • Global Advantage Plus Series
  • Global Advantage Select
  • Global VIP Elite
  • Global Index Product

Continue reading ›

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Sources say that GWG Holdings is preparing to file Chapter 11 bankruptcy, which would likely lead GWG L Bonds investors to suffer a significant loss of their principal. Silver Law Group currently represents GWG L Bonds investors in claims against the selling brokerage firm, and may be able to help you recover your L Bond losses. Please contact us at 800-975-4345 for a no-cost, confidential consultation. GWG Holdings Inc. (GWGH) is a Texas-based alternative asset manager that sold $1.6 billion of L Bonds, which are bonds from a life insurance company that buys the policy back from the policyholder. GWG used regional broker-dealers and advisory firms around the country, such as Emerson Equity, to sell their L Bonds.Sources say that GWG Holdings is preparing to file Chapter 11 bankruptcy, which would likely lead GWG L Bonds investors to suffer a significant loss of their principal.

Silver Law Group currently represents GWG L Bonds investors in claims against the selling brokerage firm, and may be able to help you recover your L Bond losses. Please contact us at 800-975-4345 for a no-cost, confidential consultation. Continue reading ›

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