June 13, 2016

Ex-NBA and NFL Players Win $819K Arbitration Award in FINRA Arbitration Case Against Morgan Stanley Smith Barney

A Financial Industry Regulatory Authority arbitration panel has awarded former NBA basketball player Keyon Dooling and ex-NFL athlete John St. Clair $819,000 in damages in their securities case against Morgan Stanley (MS). The two men accused the firm of negligent supervision of a former broker whom they blame for their investment losses.

The rogue broker, Aaron Parthemer, has since been barred from the securities industry. It was Parthemer who recommended that the former professional athletes put money into two businesses. Dooling invested $700K in apparel company Global Village Concerns and Miami Beach night spot Club Play. St. Clair invested $200,000 in Global Village Concerns. According to the ex-pro athletes’ securities fraud lawyers, the two investments proved worthless.

Now, the FINRA arbitration panel says that Morgan Stanley must pay Dooling and his spouse over $608K while St. Clair and his wife are to get over $200K. Meantime, Morgan Stanley disagrees with the panel’s ruling, contending that that it was Parthemer who failed to let the firm know that he was engaged in external investment activities. This was the alleged reason that FINRA barred him from the industry.

For instance, Parthemer is accused of lending $400K to three clients without getting his firm’s consent, giving former employers Wells Fargo (WFC) and Morgan Stanley, as well as FINRA, false information, presenting private securities transactions that went undisclosed and involved clients that invested over $3M, running a nightclub, operating a marketing firm, and winning a contract to promote a tequila brand.

Continue reading " Ex-NBA and NFL Players Win $819K Arbitration Award in FINRA Arbitration Case Against Morgan Stanley Smith Barney" »

June 8, 2016

Morgan Stanley and E*Trade Securities Face Penalties for Inadequate Customer Information Protection

The Securities and Exchange Commission says that Morgan Stanley Smith Barney LLC (MS) will pay a $1M penalty to resolve charges involving its purported failure to protect customer data. Some of this information was hacked and violators attempted to sell the data online.

According to the regulator, the firm did not put into place written policies and procedures that were designed in a manner reasonable enough to protect customer information. Because of this, said the SEC, from ’11 to ’14, former Morgan Stanley employee Galen J. Marsh was able to access without permission information regarding approximately 730,000 accounts and move them to his own server. This made it possible for third parties to access and hack the information from there.

The Commission said that Morgan Stanley had two internal portals that made it possible for employees such as Marsh to access confidential customer account information and it was for these internal applications that the firm lacked the needed authorization modules that would have restricted which employees could see this information. This deficiency existed for over a decade.

It was just last week that the Financial Industry Regulatory Authority said that it was censuring and fining E*Trade Securities LLC for supervisory violations related to customer order information protection and for not performing sufficient review of the quality of customer order executions. As a firm that offers online services for securities investing and trading to retail customers, E*Trade is supposed to evaluate the competing markets that it routes customer orders to, including exchange and non-exchange market centers. Firms such as E*Trade are also supposed to conduct periodic and stringent reviews of the quality of customer order executions to see if there are any differences among the markets, which is why the firm set up a Best Execution Committee to do this job.

Continue reading "Morgan Stanley and E*Trade Securities Face Penalties for Inadequate Customer Information Protection" »

March 24, 2016

Elder Investors: Morgan Stanley Must Pay Home Shopping Network’s Estate Over $34M, Broker Accused of Making Over $1.7M From Churning at Craig Scott Capital, and $10M Ponzi Scam Involving Jamaican Businesses Targets Older Investors

FINRA Panel Awards Estate Over $34M from Morgan Stanley in the Wake of Churning Allegations
A Financial Industry Regulatory Authority arbitration panel awarded the estate of Home Shopping Network Roy M. Speer over $34M in its case against Morgan Stanley (MS). The panel ruled that the firm, branch manager Terry McCoy, and broker Ami Forte were jointly liable for breach of fiduciary duty, negligence, unauthorized trading, constructive fraud, unjust enrichment, and negligent supervision. The alleged negligence would have occurred from 1/09 to 6/12 and involved investments in the financial services and banking sectors.

According to Mrs. Speer’s lawyer, in six of Mr. Speer’s accounts, about 12,000 transactions took place, most of them involving municipal bond trading and corporate trading. Many of these trades were unauthorized.

The arbitrators awarded $32.8M in compensatory damages to Speer’s widow, Lynnda Speer, and $1.5M for the costs involved in the arbitration process. The panel said that Morgan Stanley violated a law in Florida that prohibits the exploitation of vulnerable adults. Mr. Speer had dementia. Forte, who was his broker, is said to have been in a relationship with him.


Former Craig Scott Capital Broker Accused of Elder Financial Fraud
FINRA is accusing broker Edward Beyn of making over $1.7M in commissions and fees by engaging in excessive trading in client accounts while he was a registered representative at Craig Scott Capital. He is now with Rothschild Liberman. Beyn is accused of churning nine accounts of six customers, all of them over the age of 60, from 3/12 through 5/15. They all sustained losses.

Continue reading "Elder Investors: Morgan Stanley Must Pay Home Shopping Network’s Estate Over $34M, Broker Accused of Making Over $1.7M From Churning at Craig Scott Capital, and $10M Ponzi Scam Involving Jamaican Businesses Targets Older Investors" »

March 8, 2016

North Carolina Retiree Couple Files FINRA Arbitration Case Against Morgan Stanley Over Energy Investment

Two North Carolina investors have filed an arbitration claim with FINRA against Morgan Stanley (MS) over unsuitable investments involving the financial firm’s Cushing MLP High Income Exchange Traded Note. The married couple, who are retirees in their sixties, are accusing the brokerage firm of:


· Common law fraud

· Negligence

· Breach of fiduciary duty

· Negligent supervision

· Failure to adequately disclose the risks


In a phone interview with InvestmentNews, the claimants said that they have lost over $100K. According to the couple, a Morgan Stanley broker invested about $150,000 of their money in the Morgan Stanley Cushing MLP High Income ETN, which is an exchange traded note connected to master limited partnerships with shipping and energy assets. Their legal team said that the couple did not understand the extent of the risks involved in that they could potentially lose their principal. This was a loss they could not afford. Instead, the claimants were purportedly told that their investment would make them money.

The Cushing MLP High Income Exchange Traded Note seeks to give investors cash upon maturity or early repurchase, as well as variable coupon payments every quarter (depending on how the underlying index, performs). The claimants’ broker fraud lawyers believe that Morgan Stanley recommended the exchange traded note to investors who were seeking to make money but may not have understood or been fully apprised of all the risks.

Continue reading "North Carolina Retiree Couple Files FINRA Arbitration Case Against Morgan Stanley Over Energy Investment" »

February 6, 2016

FINRA Cases: Firms To Pay $1.2M Over UIT Sales, Broker Charged for Lying to a Native American Tribe, and Morgan Stanley Ordered to Pay Clients $825K

Brokerage Firms to Pay $1.2M for Not Applying UIT Discounts
The Financial Industry Regulatory Authority has charged Next Financial Group Inc., Stephens Inc., and Key Investment Services with failing to grant sales charge discounts when certain customers that were buying unit investment trusts were eligible for the reduced rates. The three broker-dealers are also face charges for inadequate supervision. The self-regulatory organization is ordering the three firms to pay $1.2M in restitution and fines. The FINRA settlements stated that Stephens did not give the discounts from 1/10 to 5/15 and the other two firms did not give them from 5/09 to 4/14.

Unit Investment Trusts
A UIT is a fund that combines a fixed portfolio of income-producing securities that are bought and held to maturity and an actively managed fund. These funds usually issue securities, also known as units that are redeemable—meaning that the UIT will repurchase the units from an investor at the approximate net asset value.

FINRA has been looking into whether firms are giving clients that are entitled to purchase discounts the reduced rates. Last year, the SRO ordered a number of firms to pay $6.7M in restitutions and fines for not giving discounts to clients when selling them UITs.


Broker Accused of Fraud, Targeting Native American Tribe
Broker Gopi Krishna Vungarala is facing FINRA charges for lying to a Native American Tribe about the $11M in commissions they paid him when he sold the tribe $190M of business development companies (BDCs) and nontraded REITS. The SRO said that from 6/11 to 1/15 Vungarala, who was the tribe’s treasury investment manager and registered representative, lied to the tribe about investments he recommended to them.

Continue reading " FINRA Cases: Firms To Pay $1.2M Over UIT Sales, Broker Charged for Lying to a Native American Tribe, and Morgan Stanley Ordered to Pay Clients $825K " »

January 30, 2016

Morgan Stanley Pays Widow Over $95K for Puerto Rico Securities Losses

A Financial Industry Regulatory Authority (FINRA) arbitration Panel has ordered brokerage firm Morgan Stanley to pay Morrisa Schiffman (Schiffman) $95,632 for the losses she sustained from investing in Puerto Rico securities. Schiffman, who is a widow from New Jersey, had been using the income from the Puerto Rico investments to supplement her retirement. She accused the firm of making unsuitable recommendations and engaging in negligent supervision and disclose failures.

Bloomberg reports this is one of the first cases involving an investor in the U.S mainland seeking financial recovery related to the Commonwealth’s debt. More than 1,300 FINRA arbitration cases have already been filed in Puerto Rico for residents of the island who sustained heavy losses when Puerto Rico bonds began their fall in 2013.

Puerto Rico bonds were a big draw for investors in and out of Puerto Rico for a number of years because the securities are tax-exempt in the U.S. However, since these bonds dramatically declined in value nearly three years ago, investors have come forward to file arbitration claims against brokerage firms who recommended the bonds to them.

Our securities firm’s analysis has shown that, despite their tax advantages, most Puerto Rico bonds were not suitable for many customers' investment goals or their portfolios. Brokers should have steered customers away from the Puerto Rico securities instead of toward them. Because of their negligence, there are investors who have lost all of their money in these bonds.

Firms named in recent Puerto Rico muni bond fraud cases include UBS Financial Services Incorporated of Puerto Rico (UBS), Banco Santander, Banco Popular, Stifel Nicolaus & Co. (SF), Bank of America’s (BA) Merrill Lynch, and others.

Puerto Rico owes $70 billion in debt. The Commonwealth recently defaulted on $37 million of payments that were due to certain creditors so that it could pay more of the general obligation debt that the island owes.

Insurers Ambac Assurance Corporation (AMBAC), Financial Guaranty Insurance Company (FGIC), and Assured Guaranty Corp. (Assured) are now suing the territory over the default, for which they’ve had to pay millions of dollars on claims.

Continue reading "Morgan Stanley Pays Widow Over $95K for Puerto Rico Securities Losses " »

December 12, 2015

Securities Fraud News: Texas REIT’s Share Price Drops Following Ponzi Allegations, Morgan Stanley, Ex-Broker Are Found Jointly Liable in $1M Elder Fraud Case, and Brokerage Firm Resolves Variable Annuities Claims for $475K

United Development Funding IV Shares Fall After Allegations of Texas Ponzi Scheme
United Development Funding IV (“UDF IV”), a Texas-based real estate investment trust (“REIT”), saw its share price drop after Harvest Exchange published a post that said the REIT had been run like a Ponzi scheme for years. United Development was a nontraded REIT that became traded when it listed on Nasdaq last year under the symbol “UDF”.

In the report on the Harvest site, the anonymous author said that the UDF umbrella had traits indicative of a Ponzi scam, such as, it uses new capital to pay distributions to current investors and UDF companies and gives substantial liquidity to earlier UDF companies to pay earlier investors. The article said that once the funding of retail capital to the most current UDF stops, the earlier UDF companies do not seem able to stand on their own. This purportedly indicates that the structure will likely fail and investors will be the ones sustaining losses.

After the report by the online professional network of investors, UDF IV saw its share price plunge from $17.53 to $10.10. It later dropped further to $8.55/share.

Over $1M Awarded in Senior Financial Fraud Case Against Morgan Stanley and a Former Financial Adviser
A Financial Industry Regulatory Authority Inc. arbitration panel has awarded 92-year-old Genevieve Lenehan (“Mrs. Lenehan”) over $1M in her claim against Morgan Stanley (MS) and former Morgan Stanley advisor Justin Amaral (“Amaral”). Mrs. Lenehan accused Amaral of churning and reverse churning her account. Amaral also advised Mrs. Lenehan’s husband until his death five years ago.

Continue reading "Securities Fraud News: Texas REIT’s Share Price Drops Following Ponzi Allegations, Morgan Stanley, Ex-Broker Are Found Jointly Liable in $1M Elder Fraud Case, and Brokerage Firm Resolves Variable Annuities Claims for $475K" »

February 25, 2015

Morgan Stanley, DOJ Arrive at $2.6B Mortgage Bond Settlement

Morgan Stanley (MS) has reached an agreement in principal with the U.S. Department of Justice to resolve claims related to its sale of mortgage bonds. The government probe looked into allegations that the financial firm misrepresented the quality of home loans that were packaged into bonds.

The broker-dealer, however, still needs to negotiate with the DOJ about other terms, including what would be included in a signed statement of facts. The settlement doesn’t resolve probes by state litigators.

Morgan Stanley’s financial agreement is much smaller than what other firms have paid when settling with the Justice Department. Citigroup Inc. (C) paid $7 billion, J.P. Morgan Chase & Co. (JPM) paid $13 billion, and Bank of America Corp. (BAC) paid $16.65 billion.

According to The Wall Street Journal, Goldman Sachs Group (GS) is expected to be the next firm to settle with the government over mortgage bond claims. Earlier this week, that firm disclosed in a filing that the U .S. Attorney’s Office for the Eastern District of California sent notice that the government had “preliminarily” found that Goldman Sachs violated federal law pertaining to mortgage bond sales.

The bank said that it is estimating at least $2.5 billion in legal losses but that this doesn’t factor in future claims that may arise from future federal probes into misconduct over residential mortgage-backed securities (RMBSs).


U.S. Attorney General Eric holder recently said that federal prosecutors have 90-days to determine whether they can bring mortgage bond cases against individuals for parts they may have played in the 2008 financial crisis.

Earlier this month the DOJ, 19 states, and the District Columbia reached a $1.375 billion settlement with Standard & Poor’s Financial Services LLC and McGraw Hill Financial Inc. The agreement resolves claims that the credit rating agency schemed to bilk investors in Collateralized Debt Obligations (CDOs) and RMBS (S).

The RMBS lawsuits contend that investors suffered substantial losses because S & P put out inflated ratings that did not accurately reflect the true credit risks of the securities. The credit rater is also accused of falsely representing that it was putting out objective ratings that were not influenced by its business ties with the investment banks that issued the securities.

Unfortunately, many investor suffered substantial losses during the financial crisis. In many instances, financial firms are being blamed for putting their own interests before investors.

Contact our mortgage-backed securities lawyer if you suspect you were the victim of financial fraud.

Morgan Stanley to Pay $2.6 Billion to Settle Mortgage Cases, The Wall Street Journal, February 25, 2015


More Blog Posts:
Morgan Stanley to Pay a $280,000 Fine to CFTC for Records and Supervision Failures Involving SureInvestment and $35M Ponzi Scam, Stockbroker Fraud Blog, September 16, 2014

Morgan Stanley Must Pay Connecticut Regulators $5M for Supervisory Violations, Stockbroker Fraud Blog, June 18, 2014

US Probing Whether Morgan Stanley Data Breach Was Linked to Fired Financial Adviser, Institutional Investor Securities Blog, February 18, 2015


September 16, 2014

Morgan Stanley to Pay a $280,000 Fine to CFTC for Records and Supervision Failures Involving SureInvestment and $35M Ponzi Scam

Morgan Stanley Smith Barney, LLC (MS) has settled civil charges by the U.S. Commodity Futures Trading Commission accusing the firm of records violations and inadequate supervision involving its know-your-customer procedures. Aside from a $280,000 fine, the broker-dealer will have to disgorge commissions from the subject accounts involved.

According to the regulator, Morgan Stanley did not diligently oversee its employees, officers, and agents when they opened firm accounts for a family of companies known as SureInvestment, which purportedly ran a hedge fund that was partially based in the British Virgin Islands—considered to be a risky jurisdiction. Because of this geographic circumstance, when the accounts were opened the firm should have subjected them to special observation pursuant to the its procedures, including watching out for red flags indicating suspect activities.

The CFTC’s order, however, notes that even though there were a number of red flags in the account opening documents for SureInvestments, Morgan Stanley failed to identify them. Later, it was discovered that SureInvestment doesn’t even exist and that its owner, Benjamin Wilson, was conducting a $35 million Ponzi scam based in the U.K. (Wilson, who has pleaded to criminal charges brought by the Financial Conduct Authority, has been sentenced to time behind bars.)

The CFTC order also said that Morgan Stanley did not properly enforce its trading limits for SureInvestment accounts, which led to initial margin requirements that went way beyond applicable trading limits, did not keep sufficient records about the credit trading limit that applied to the accounts, and failed to respond in a timely and accurate manner to the agency’s request for account records.

In other Ponzi scam-brokerage firm news, three ex-brokerage executives of Allied Beacon Partners Inc., a now-defunct independent broker-dealer, must pay a $1.05 million FINRA arbitration fee plus interest to a family that invested in private placements that were apparently scams. The Bosco family accused Allied Beach and the other defendants of not doing enough due diligence, which they believe would have caused the firm to discover that Shale Royalties and Medical Capital were actually fraudulent investments.

Our broker fraud lawyers represent investors and their families in recouping their financial fraud losses. Contact Shepherd Smith Edwards and Kantas, LTD LLP today.

CFTC Fines Morgan Stanley Smith Barney for Supervision and Records Failures Relating to Its “Know Its Customer” Procedures, CFTC, September 15, 2014

CFTC Fines Morgan Stanley for Failure to 'Know Its Customer', The Wall Street Journal, September 15, 2014

Executives of defunct IBD hit with $1.05 million arbitration award, Investment News, September 16, 2014


More Blog Posts:
Morgan Stanley Must Pay Connecticut Regulators $5M for Supervisory Violations, Stockbroker Fraud Blog, June 18, 2014

Morgan Stanley Gets $5M Fine for Supervisory Failures Involving 83 IPO Shares Sales, Stockbroker Fraud Blog, May 6, 2014

PNC Bank Sues Morgan Stanley & Ex-Trust Adviser For “Surreptitious Conspiracy”, Institutional Investor Securities Blog, April 3, 2014

June 18, 2014

Morgan Stanley Must Pay Connecticut Regulators $5M for Supervisory Violations

Morgan Stanley (MS) must pay banking regulators in Connecticut $5 million over allegations that the broker-dealer did not properly oversee the communications of its brokers. According to The Connecticut Department of banking, there were a number of issues with the firm’s supervisory procedures. The firm is settling without denying or admitting to the securities allegations.

The state regulators say that Morgan Stanley, which has wealth management branch offices in Connecticut, gave them information about their supervisory procedures that either was “obsolete” or nonexistent. Connecticut Securities Division director Eric Wilder also said that the firm had not updated its written supervisory procedures or compliance manuals for a number of years.

Morgan Stanley is accused of depending on an unqualified third-party provider in India to review all email communications. According to Connecticut regulators, the brokerage firm neglected to make sure that whoever was overseeing the India provider had the proper license and was following the Financial Industry Regulatory Authority’s most current procedures. (Wilder said that the minimum criteria that someone in that country needed to fulfill the compliance function was the ability to speak English—Morgan Stanley has specifically denied this allegation.)

To resolve the claims, the firm is going to update its written procedures. Branch supervisors will also be granted direct access to oversee the emails of advisers. Meantime, the third-party service provider in India can continue to work with Morgan Stanley but the proper licenses are required.

Connecticut Banking Regulators Settle With Morgan Stanley Smith Barney Over E-Mail Problems
, Courant.com, June 16, 2014

Banking Commissioner Announces $5 Million Settlement With Morgan Stanley, Connecticut Department of Banking, June 16, 2014


More Blog Posts:
Morgan Stanley Gets $5M Fine for Supervisory Failures Involving 83 IPO Shares Sales, Stockbroker Fraud Blog, May 6, 2014

PNC Bank Sues Morgan Stanley & Ex-Trust Adviser For “Surreptitious Conspiracy”, Institutional Investor Securities Blog, April 3, 2014

$550M Securities Fraud Case Between Texas’ Wyly Brothers & SEC Goes to Trial, Stockbroker Fraud Blog, April 2, 2014

June 13, 2014

Broker Headlines: Former Wells Fargo Broker Must Pay Back Firm $1.2M, Morgan Stanley CEO Wants to Lower Broker Compensation, & Representatives Oppose Best Interest Rules

Ex-Wells Fargo Advisors Broker Must Pay Back Firm $1.2M
A Financial Industry Regulatory Authority panel says that Philip DuAmarel, a former Wells Fargo Advisor (WFC), must pay his former employer back almost $1.3 million. The panel denied his claim that the firm oversold its corporate stock plan services during his recruitment. They told him to pay back the unvested part of an upfront loan he received when he became part of Wells Fargo.

DuAmarel worked for the firm for less than three years when he left in 2010 for Bank of America (BAC) Merrill Lynch. He contended that when the firm was recruiting him he was misled about Wells Fargo’s ability to serve corporate stock plans and also regarding how much he could make for helping executives with their company’s stock trades. DuMarel’s attorney said that the broker left when it became obvious he wouldn’t be able to work with clients they way he did when he was at Citigroup (C) Global Market’s Smith Barney.

Morgan Stanley CEO Seeks To Give Brokers Reduced Payouts
James Gorman, the CEO of Morgan Stanley (MS), said he wants to reduce broker payouts relative to revenue. This could mean that compensation in the wealth management business could drop to 55% of revenue, which is down 5% from last year. He said the reduction could be attributed to an increase in lending and banking products that garner less commission for advisers and fee-based accounts that offer a larger revenue/dollar of client assets (as opposed to accounts where commissions are involved).

Gorman, who made his statements at the firm’s yearly financials conference, also talked about how recruiting expenses was another area that was buoying cost ratios in the brokerage division. He said that the industry had arrived at a breaking point regarding how many veteran financial advisers could be traded back and forth among the biggest firms.

Brokers Oppose DOL’s Proposed Rule About Clients’ Best Interests in Retirement Accounts
According to The New York Times, the Securities Industry and Financial Markets Association, which represents big financial firms on Wall Street, and the Financial Services Institute are continuing to oppose a proposed Labor Department rule that would mandate that a wider group of professionals place clients’ interests ahead of their own when it comes to retirement accounts. Right now, brokers are not obligated to do this when when advising clients about retirement.

The DOL is trying to amend a rule that is part of Employee Retirement Income Security Act, which outlines when advisers become fiduciaries. Currently, it isn’t very difficult for brokers to avoid becoming a fiduciary under Erisa. Before they must follow the higher standard they have to satisfy a five-part test. If they have a customer advice just once, the adviser doesn’t have to meet the rule requirements. Also, the broker and consumer have to both agree that the advice given was the primary reason for an investment choice.

Opponents of the rule, however, have continued to delay even the release of a revised proposed rule. They claim that the new rules would affect the way the industry is paid, which could make it hard for them to work with smaller investors. They are worried the rules could stop them from being able to charge commissions.

Under Erisa fiduciaries are not allowed to receive payment in a manner that would present a conflict of interest. Right now, are compensated in ways where there is possible conflict. This happens when a representative can earn a higher commission when recommending one product over another. Revenue sharing also presents possible conflicts.

Ex-Wells broker ordered to repay firm $1.2 million, Investment News, June 12, 2014

Morgan Stanley's Gorman seeks to tame broker compensation, Investment News, June 11, 2014

Brokers Fight Rule to Favor Best Interests of Customers, NY Times, June 12, 2014

ERISA, United States Department of Labor


More Blog Posts:
Ex-ArthroCare CEO and CFO Convicted in Texas Securities Fraud Case, Stockbroker Fraud Blog, June 11, 2014

SEC Files Order Against New Mexico Investment Adviser Over Allegedly Secret Commissions, Stockbroker Fraud Blog, June 10, 2014

Regulator Headlines: SEC Commissioner Stein Wants Updated Capital Rules for Brokerage Firms, FINRA’s BrokerCheck Link Proposal Faces Opposition, & CFTC Appoints New Enforcement Head, Institutional Investor Securities Blog, June 12, 2014

May 29, 2014

Stockbroker Fraud: Morgan Stanley Sues Convicted Ex-Broker, Former-Wells Fargo Broker Pleads Guilty, And Ex-John Thomas Financial Broker Evades Customer Complaints

Morgan Stanley Files Lawsuit Against Ex-Broker Convicted in Kickback Scam
Morgan Stanley (MS) is suing ex-broker Darin DeMizio for legal fees. DeMizio was convicted over his involvement in a kickback scheme. Now, the financial firm wants him to pay back legal expenses because it says that he purposely defrauded the broker-dealer and hid the fraud while working there.

DeMizio was convicted five years ago for his scheme to pay kickbacks of $1.7 million to his brother and dad. He was sentenced to 38 months behind bars and ordered to pay Morgan Stanley $1.2 million in restitution.


Ex-Morgan Stanley and Wells Fargo Broker Pleads Guilty in Check Fraud Scam Involving Elderly Widow
Adorean Boleancu, a former Morgan Stanley and Wells Fargo (WFC) broker, has entered a guilty plea to wire fraud charges related to a $1.8 million check fraud scheme. His victim was a widow in her eighties. Boleancu admitted that he wrote checks without authorization on her home equity lines of credit and her brokerage account. The checks included payments to his relatives, a significant others, and companies where he had credit card accounts.

According to prosecutors, Boleancu was working for Morgan Stanley when he set up accounts for investor Tonna Treadwell in 2007. He left the firm a year afterwards but kept forging checks from her account through 2011 when he was a Wells Fargo broker.

Boleancu has repaid Treadwell $650,000. As part of a civil settlement with the Financial Industry Regulatory Authority, he agreed to be banned from the industry.


Ex-John Thomas Financial Broker Avoids Customer Complaints With Bankruptcy Filing
Scott Levine, a former John Thomas Financial broker, was granted momentary reprieve from the customer complaints that have been made against him after he filed for bankruptcy protection. Because of the filing, five customer complaints that named him and carry nearly $5 million in damage claims are now frozen.

The allegations against Levine involve purportedly unsuitable investments, private placements, and churning. His former firm, John Thomas Financial, was expelled by FINRA. However Levine continues to work as a broker with IAA Financial.

Under Section 362 of the U.S Bankruptcy Code, administrative actions and litigation are frozen so that those who are in financial trouble can financially recover. Now, however, some investor fraud lawyers are saying that the code is letting brokers continue to stay employed while the customer complaints again them wallow in bankruptcy court.

In FINRA’s BrokerCheck database, complaints directed to a bankrupt broker end up being marked “pending.” Arbitrators can’t rule on them until a bankruptcy judge lifts the order to freeze the claims.

Our stockbroker fraud law firm is here to help investors get back their losses. Contact Shepherd Smith Edwards and Kantas, LTD LLP today.

Brokers dodge customer complaints with bankruptcy, Investment News, May 29, 2014

Morgan Stanley Sues Convicted Ex-Broker for Legal Fees, Bloomberg, May 27, 2014

Ex-Wells, Morgan Stanley broker pleads guilty in check fraud scheme, Reuters, September 17, 2013

U.S. Bankruptcy Code


More Blog Posts:
SEC Files Charges in Penny Stock Scams, Stockbroker Fraud Blog, May 27, 2014

SEC Takes Action to Stop Alleged Fraud Involving Transfer Agent, Institutional Investor Securities Blog, May 28, 2014

Insider Trading Headlines: Principal of Wynnefield Capital Now On Trial, Ex-Vitamin Company Board Member Settles His Case, and Clinical Drug Trial Doctors Face Charges Related to New Cancer Drug, Stockbroker Fraud Blog, May 23, 2014

May 6, 2014

Morgan Stanley Gets $5M Fine for Supervisory Failures Involving 83 IPO Shares Sales

Morgan Stanley Smith Barney LLC (MS) will pay a $5 million fine for supervisory failures involving its advisors soliciting shares in 83 IPOs to retail investors. The Financial Industry Regulatory Authority says that the firm lacked the proper training and procedures to make sure that salespersons knew the difference between “conditional offers” and “indications of interest."

By settling, Morgan Stanley is not denying or admitting to the securities charges. It is, however, consenting to the entry of findings by FINRA.

FINRA believes these issues are related to Morgan Stanley’s acquisition of Smith Barney from Citigroup (C) a couple of years ago. In addition to inheriting more high net worth clients, the SRO contends that Morgan Stanley ended up with financial advisers who might not have gotten the needed training.

Firms are allowed to solicit for “indications of interest” in an initial public offering before the registration statement becomes effective. These are not binding and may only lead to the purchase of shares if the investor reconfirms the intent to buy after the date that the statement went into effect. As for “conditional offers to buy,” these can result in a binding deal after the date that the statement becomes effective as long as the investor doesn’t do anything to rescind it before the firm accepts.

FINRA says that beginning in February 2012, Morgan Stanley put into place a policy in which these two terms were used interchangeably and without appropriate consideration for whether the customer needed to confirm its interest prior to the execution of a sale. The SRO claims that the financial advisers did not get the training or materials they needed to make sure the policy was clear to them. Because of these violations, customers and staff may not have properly comprehended which commitment was solicited.

The SRO is accusing Morgan Stanley of failing to properly monitor compliance and not installing procedures to ensure that conditional offers were solicited in a way that met FINRA rules and federal securities law requirements. The supervisory failures purportedly continued through May 1, 2013. Some of the shares were even sold via social media, including Yelp and Facebook.

Read FINRA's Action to Morgan Stanley (PDF)

Finra Fines Morgan Stanley $5 Million Over IPO Rules, The Wall Street Journal, May 6, 2014


More Blog Posts:
Former Morgan Stanley Broker and Two Others Allegedly Ran $5.6M Insider Trading Scam, Swallowed The Information, Stockbroker Fraud Blog, March 19, 2014

Merrill Lynch, Morgan Stanley Call A Broker Recruiting Truce
, Stockbroker Fraud Blog, October 26, 2013

PNC Bank Sues Morgan Stanley & Ex-Trust Adviser For “Surreptitious Conspiracy”, Institutional Investor Securities Blog, April 3, 2014

March 19, 2014

Former Morgan Stanley Broker and Two Others Allegedly Ran $5.6M Insider Trading Scam, Swallowed The Information

In an alleged insider trading scam that could have been ripped out of the plot of a movie, prosecutors are accusing three men of engaging in methods of spycraft, including eating the evidence, as they ran an insider trading racket that netted about $5.6 million. The information they used was purportedly obtained from Simpson Thacher & Bartlett, LLP, which is the premier mergers-and-acquisitions law practice in New York. The firm is known for its work involving mergers and acquisitions and private equity.

Prosecutors say that Steven Metro, a managing clerk at the law firm, used his employer’s computer system to gather information about deals and other corporate developments involving clients. He then shared the information, which, according to The Wall Street Journal, included data about Tyco International Ltd.’s intentions to purchase Brink’s Home Security Holdings Inc., as well as the Office Dept. Inc. Office Max Inc. merger, with an unnamed mortgage broker during coffee shop and bar meetings. That person then allegedly gave the info to broker Vladimir Eydelman, who until recently, was with Morgan Stanley (MS) (and before that (Oppenheimer & Co. (OPY)) Edylman, 42, then traded on the data.

Metro and Eydelman were arrested this week and then released on $1 million bond. They face numerous criminal charges, including securities fraud. Meantime, the unnamed mortgage broker is working with prosecutors and is expected to consent to a plea deal.
Both Morgan Stanley & Oppenheimer are also cooperating in the probe.

Beginning in 2009, Metro and the unnamed broker would meet with friends for drinks. The unnamed broker and Eydelman would then meet by the large clock at Grand Central. A piece of paper with the stock trading symbol of the company would allegedly be flashed between them and then eaten once the data was memorized. Eydelman also allegedly set up a fake paper trail and “contrived emails” with information to make it seem as if the illegal trades were legitimate.

Shepherd Smith Edwards and Kantas, LTD LLP represents securities fraud victims in getting back their losses. Contact our investment fraud lawyers today.

U.S. Alleges Inside Traders Used Spycraft, Ate Evidence, The Wall Street Journal, March 19, 2014

Morgan Stanley Broker Charged in Post-It Insider Scheme, Bloomberg, March 19, 2014


More Blog Posts:
JP Morgan VP Barred from Securities Industry By FINRA for Insider Trading Scam, Stockbroker Fraud Blog, January 25, 2014

JPMorgan To Pay $2.6B in Penalties in Bernard Madoff Ponzi Scam Settlements, Stockbroker Fraud Blog, January 7, 2014

SAC Capital Advisors LP Expected to Plead Guilty to Insider Trading Criminal Charges, Institutional Investor Securities Blog, October 31, 2013

October 26, 2013

Merrill Lynch, Morgan Stanley Call A Broker Recruiting Truce

Bank of America Corp. (BAC) and Morgan Stanley (MS), which own the largest brokerage firms in the world, are declaring a cease-fire when it comes to using big bonuses to keep their own brokers and lure each other's brokers away. Bank of America Corp. owns Merrill Lynch (MER).

After payments tied to Bank of America’s purchase of Merill Lynch expire in approximately two years, new retention bonuses will no longer be offered to the latter’s lead performers. Also, Morgan Stanley’s chief executive James Gorman has said that with brokers seeking to switch firms less often, compensation costs could fall.

A decline in recruiting could push up broker-dealer profits, which has been held back because of the fight between firms for the leading advisers. Some brokers have even been offered multiple times their yearly salary to move and bring their client roster with them.

Already, Morgan Stanley, the largest broker-dealer with 16,500 financial advisers, paid out 57% of revenue from wealth management as compensation during this year’s third quarter, which is a decrease from the 63% of revenue a year ago. As for Merrill Lynch, a spokesperson for the firm says that in this past quarter since the end of 2010 it has lost the least amount of financial advisers to competitors.

Meantime, UBS (UBS), which has been in the headlines a lot lately over the Puerto Rico bond funds crisis, is reportedly not doing as much recruiting as it did under previous management. During this year’s second quarter, the firm spent $171 million—9.5% of its operating income during that time on recruiting bonuses.

Last month, the Financial Industry Regulatory Authority voted to mandate that brokers reveal how much they were paid to defect to another firm. The plan was supported by Merrill Lynch and Morgan Stanley. However, Stifel Financial Corp. (SF) wrote the SRO to say that the proposal was anti-competitive and would give brokers less incentive to change firms even when this was in the best interest of their customers.

However, broker-dealers are still recruiting from one another to hire financial advisers to take the place of retired brokers. Some of the candidates are being offered six times their take-home salary. One reason for this is that internal training programs are reportedly not producing enough successful brokers.

It is important that as they recruit new financial advisers, brokerage firms continue to properly train and supervise them while ensuring the proper procedures and systems are in place to decrease the chances of brokerage fraud. Unfortunately, some financial advisers who are negligent merely carry on with their misconduct at the firms that they move to, leaving more investor victims in their wake.

You want to work with a securities fraud law firm that knows how to help you recover your losses from stockbroker fraud.

Morgan Stanley Joins BofA in Broker-Recruiting Truce, Bloomberg, October 24, 2013

Analysis: Broker bonus bidding war comes at a cost, Reuters, April 10, 2012


More Blog Posts:
SEC Looking to Simplify Disclosure Rules to Minimize “Information Overload” for Investors, Stockbroker Fraud Blog, October 16, 2013

SEC Focuses More Attention On Accounting Fraud, Variable Annuities, & Market-Maker Risk, Stockbroker Fraud Blog, June 26, 2013

FINRA Arbitration Panel Awards Ex-Wedbush Securities Broker $4.2M Against the Firm, Institutional Investor Securities Blog, October 4, 2013

August 27, 2013

Lloyds, Barclays, to Set Aside Hundreds of Millions of Dollars for Allegedly Mis-Selling to Victims

Britain’s largest banks expected to set aside hundreds of millions of dollars to compensate customers that were the alleged victims of mis-selling. As of the end of July, the Big Four Banks reportedly had budgeted at least $20.2 billion (the figure was converted from pounds) to pay back clients that were mis-sold insurance policies. Lloyds Banking Group (LLOY) and Barclays (BCS) are among the institutions needing to pay such provisions.

According to the Financial Conduct Authority, in April and May both, banks across Britain paid just over $642.6 million in compensation. This is a significant jump from February, when they paid $625.7 million and in March when the amount as $573.75 million U.S. dollars.

Borrowers bought payment protection insurance (PPI) policies, which were supposed to guarantee that they could pay back loans if they were no longer able to work or became unemployed. That said, the policies were purportedly sold to customers that either would not have been able to avail of the coverage because they were either on benefits or self-employed or people that didn’t want to be covered.

Recently, Britain’s high street banks have been involved in another scandal involving seven million people who paid for identity protection and credit policies. (The card protection is supposed to provide coverage to help replace or cancel lost or stolen cards.)

13 banks and credit companies, including Royal Bank of Scotland (RBS), HSBC, Barclays, Capital One, Morgan Stanley (MS), and Santandera, are said to have been involved. Compensation is estimated at about 1.3 billion pounds. Letters will be sent to the customers that were impacted at the end of the month.

The FCA says that those that bought the coverage were issued unclear and misleading information about them so that the purchase was either something they didn’t need or the risks presented to them for why they needed the policy had been exaggerated. Some 23 million policies were involved. The high court must still approve the compensation plan.

Shepherd Smith Edwards is a securities fraud law firm that represents investors seeking to recoup their losses.

Battered banks face huge extra payouts: Mis-selling bill keeps rising to dash hopes of end to crisis, Mail Online, July 29, 2013

UK banks agree to pay for latest mis-selling scandal, Reuters, August 22, 2013

Financial Conduct Authority

More Blog Posts:
FINRA Enhances Its Arbitrator Vetting Policy, Stockbroker Fraud Blog, August 26, 2013

Citigroup Must Pay $11M Claimant for Royal Bank of Scotland Investment Losses, Says FINRA Arbitration Panel, Institutional Investor Securities Blog, August 7, 2013

Texas Money Manager Sued by SEC and CFTC Over Alleged Forex Trading Scam, Stockbroker Fraud Blog, August 6, 2013

July 30, 2013

Morgan Stanley to Pay New Jersey Regulators $100K for Selling Exotic ETFs to Investors, Including Seniors

Morgan Stanley will pay $100,000 to the New Jersey Bureau of Securities for allegedly selling exotic exchange-traded funds to investors. The state’s regulators say that the firm’s financial advisers were not properly trained and sold inverse and leveraged ETFs to senior investors that wanted to earn additional income. These clients instead would go on to sustain losses. A state official contends that the financial firm did not properly supervise staff that was dealing with ETF transactions.

Commenting on the securities settlement, Morgan Stanley said it was “pleased’ to have arrived at a resolution and that since the period in question—1/07 to 6/09, the brokerage firm has overhauled its process involving these products. The amount includes $65K in civil penalties, $25K to pay the state back for its investigative expenses, and $10,000 toward investor education. Already, the broker-dealer has paid $96,940 in restitution to investor in New Jersey.

Last year, Morgan Stanley consented to pay close to $2.4 million to settle Financial Industry Regulatory allegations over the firm’s handling of ETFs. According to the SRO, from 1/08 to 1/0, the firm did not set up or maintain a supervisory system and written procedures to ensure compliance with FINRA and NASD rules related to the sale of inverse, leveraged, and inverse leveraged ETFs.

Instead, contends the SRO, Morgan Stanley oversaw these Non-Traditional ETFs as if they were traditional ones. The financial firm also purportedly did not set up proper training for these non-traditional exchange traded funds and its registered representatives who recommended these investments did not fully comprehend them. Also, there were representatives that allegedly recommended these ETFs to clients whose main goal was to incur income, which means these investments were unsuitable for them.

Non-Traditional ETFs
Inverse and leverage ETFs employ debt and derivatives that are supposed to amplify market returns in the short run while substantially moving away from benchmarks over long periods. A lot of the funds reset daily, which means they can be very different from their underlying benchmark’s performance. These non-traditional ETFs come with certain risks.

Also, there is always a chance that certain inverse and leveraged ETFs won’t meet its objective on any trading day, so it is important that investors know how this might impact their portfolio. Non-traditional ETFs may be more expensive than traditional ones, with expenses and fees potentially affecting your investment.

It is important that you invest in funds and other investments that are appropriate for you, your goals, and the amount of risk your finances can handle. When an investor sustains losses due to unsuitable recommendations, misrepresentations, omissions, or inadequate supervision, this may be grounds for an ETF fraud lawsuit. Contact our securities law firm today.

Morgan Stanley Settles With New Jersey Over ETF Sales, Bloomberg, July 30, 2013

Morgan Stanley To Pay Nearly $2.4 Million ETF Fine and Restitution, Forbes, May 1, 2012


More Blog Posts:

Investor Sues Berthel Fisher Over TNP 2008 Participating Notes Program LLC, Stockbroker Fraud Blog, July 29, 2013

Thornes & Associates Inc. Investment Securities’ Head Gets Industry Bar for “Lending” $4.2M of His Clients’ Assets to Friends, Stockbroker Fraud Blog, July 27, 2013

Both Sides Rest in Ex-Goldman Sachs Bond Trader Fabrice Tourre's Trial For Alleged Mortgage-Backed Securities Fraud, Institutional Investor Securities Blog, July 29, 2013

July 12, 2013

Financial Firms Update: Morgan Stanley Now Owns Smith Barney, Wells Fargo & JPMorgan Defeat Estimates, MLB All-Star Sues UBS for $7.6M, & Ray Lucia, His Firm Fined Over “Buckets of Money” Strategy

Morgan Stanley Buys Smith Barney from Citigroup
Morgan Stanley (MS) now owns Smith Barney, which it just bought from Citigroup (C) for $9.4 billion. Smith Barney’s new name is Morgan Stanley Wealth Management. Based on its new number of financial advisers, the deal makes Morgan Stanley the largest Wall Street firm and comes in the wake of Federal Reserve approval.


Wells Fargo & JPMorgan Defeat Analysts’ Estimates
JPMorgan Chase (JPM) says it experienced a 31% rise in second quarter earnings, surpassing analysts expectations it would garner $5.47 billion on $24.84 billion, and, instead generating, $6.5 billion in earnings and $25 billion of revenue. A year ago for the same period, revenue for the financial firm was at $22 billion.

Meantime, Wells Fargo (WF) is also reporting a 19% profit rise for Q2. This is its 14th quarterly profit increase in a row and 9th consecutive record report. While net income for the same period last year was at $4.6 billion, its net income second quarter for 2013 was $5.5 billion.


5-Time MLB All-Star Sues UBS for $7.6 Million
Retired fiive-time Major League Baseball All-Star Mike Sweeney is suing UBS Financial Services Inc. (UBS) and his former broker there for $7.6 million. Per the securities fraud case, broker Ralph A. Jackson III invested half of Sweeney’s portfolio, worth millions of dollars, in high-risk private placements that failed.

Sweeney contends that he was an inexperienced investor who trusted Jackson to make sure his money was being invested conservatively. He says that over a five-year period, the UBS broker put $6.85M of his portfolio in private-equity investments that were misrepresented to him as safe and suitable, as well $2.7M into other investments without his consent. Sweeney, who hit it big when he signed with the Kansas City Royals, claims he lost $4.9M.


Ray Lucia, His Firm Fined Over “Buckets of Money” Strategy
Financial adviser and nationally syndicated radio host Ray Lucia and his firm Raymond J. Lucia Cos. Inc. must pay fines for allegedly providing misleading information related to his wealth-management strategy known as “Buckets of Money." The Securities and Exchange Commission is accusing the California adviser of causing retirees to believe that his approach would allow them to make income that was inflation-adjusted for life.

Now, an administrative-law judge has taken away Lucia’s adviser registration and fined him $50,000. His firm, which must pay $250,000, also has lost its license. Judge Cameron Elliot found that for years, Lucia misrepresented any purported back-testings’ validity in seminars about saving for retirement. The SEC contends that Lucia and the firm hardly, if at all, conducted any back-tests.

Morgan Stanley Completes Purchase of Smith Barney Venture, Bloomberg, June 28, 2013

JPMorgan Chase and Wells Fargo Beat Estimates, Crossing Wall Street, July 12, 2013

Retired Slugger Sue UBS for $7.6 Million, Courthouse News, June 17, 2013

Ray Lucia, firm fined buckets of money over investment claims, Investment News, July 9, 2013


More Blog Posts:
Ameriprise Financial, Securities America, & Three Other Brokerage Firms Reach $9.6M Non-Traded REIT Securities Settlement with Massachusetts Financial Regulator, Stockbroker Fraud Blog, May 22, 2013

Credit Suisse Must Face ARS Lawsuit Over Subsidiary Brokerage’s Alleged Misconduct, Says District Court, Stockbroker Fraud Blog, January 11, 2013

Securities Case Over Insuring The $160M in Disgorgement Paid to the SEC Goes Back to Trial Court, Institutional Investor Securities Blog, July 6, 2013

May 30, 2013

Morgan Stanley Unveils Trade Flow Insights Product to Give Brokers Better Sales Data

Morgan Stanley (MS) has a new trade tool to help brokers better understand who is buying and selling what financial products. Trade Flow Insights was recently rolled out to over 16,000 financial advisers.

The tool provides information on leading sales and purchases that have been executed, in addition to asset allocation. Advisers can even filter data to determine which products were the most popular in the last week or month. Client age, asset class, and household assets are just some of the filter categories.

Not only will Trade Flow Insights let representatives know what products are most in demand, but also it will inform them of which financial instruments their coworkers are most successful with. Some brokers are saying that having this type of insight is beneficial, helping them become aware of current trends while causing them to probe more deeply into the investment options out there before making a buy for an investor.

Still, other advisers are concerned that their trades and strategies will no longer become private. Respecting these concerns, Morgan Stanley has designed Trade Flow Insights so that single-day activity won’t be accessible. Activity surrounding a certain investment will only show up when at least 50 advisers have been involved in at least 4,000 client accounts.

The tool could also be beneficial for newer advisers, who may be able to avail from the experiences and knowledge of their more seasoned counterparts.

Securities Fraud
If you suspect that your investment losses are a result of unsuitable recommendations, unauthorized trading, misrepresentations and omissions, inadequate supervision, breach of duty, failure to execute trades, overconcentration, negligence, registration violations, and margin account abuse, you may have grounds for a securities fraud claim or lawsuit. Contact our securities lawyers today.

Morgan Stanley Gives Advisers a Peek at What Peers Buy, The Wall Street Journal, May 13, 2013


Morgan Stanley rolls out Trade Flow Insights tool, Investment News, May 26, 2013


More Blog Posts:
Morgan Stanley & Goldman Sachs Settle Federal Homeowner Foreclosure Complaints for $557 Million, Stockbroker Fraud Blog, January 16, 2013

Morgan Stanley Hit with $5 Million Securities Fraud Lawsuit Involving Alleged Superannual Account Losses Related to Risky Option Trading, Institutional Investor Securities Blog, May 18, 2013

January 16, 2013

Morgan Stanley & Goldman Sachs Settle Federal Homeowner Foreclosure Complaints for $557 Million

Goldman Sachs (GS) and Morgan Stanley (MS) have agreed to collectively pay $557M to settle complaints accusing them of wrongfully foreclosing on homeowners. Under their respective agreements with the Federal Reserve, Morgan Stanley will pay $227M while Goldman will pay $330M.

Approximately 220,000 people who lost their homes due to “robo-signing” and other abuses could receive compensation as a result. Per the agreement with the two investment banks, they will pay $232 million in cash to compensate homeowners. This will conclude the loan files review against the two banks that were ordered in 2011. Cash payments will vary and may go as high as $125,000 to borrowers whose homes foreclosed in 2009 and 2010. $325M will go toward lowering mortgage balances and forgiving outstanding principal on home sales that made less than what borrowers owed on mortgages.

The deals stuck by Morgan Stanley and Goldman Sachs is similarly structured to the $8.5B one reached last week with JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C), Wells Fargo (WFC), PNC Financial Services (PNC), MetLife Bank (MET), SunTrust (STI), Sovereign (SOV), Aurora, and US Bank. They are paying 3.8 million homeowners approximately $3.3 billion to conclude the foreclosure review. $5.2 billion is for forgiveness of principal and mortgage modifications. Ally Financial and HSBC are in talks to work out similar settlements. The Fed reports that now, over 4 million borrowers will receive cash compensation.

These latest mortgage settlements come nearly one year after the US government and 49 state attorneys general reached an “unprecedented” deal that involved Citigroup, Bank of America, Wells Fargo, JPMorgan Chase, and Ally Financial when they agreed to pay $25 billion to settle allegations of abusive foreclosure practices related to the housing market crisis.

Aside from the rob-signing debacle, which involved banks approving foreclosures without making sure that they were warranted or retaining workers who signed bogus signatures on fake documents to get houses through the foreclosure process faster, other wrongdoings that allegedly occurred include the use of deceptive tactics when offering loan modifications, the improper filing of documents in bankruptcy court, and not offering offer borrowers other options prior to foreclosure.

In other industry news, Goldman Sachs is thinking about selling its reinsurance. A main reason for this is Basel III capital rules, which compel banks to look at non-core businesses that are exiting. Goldman Sachs Reinsurance Group is with its securities division in New York.

Securities Fraud
Our securities fraud law firm is dedicated to helping our investor clients recoup losses they have suffered because of financial fraud. Your initial case evaluation with one of our experienced securities attorneys is free.

Goldman, Morgan Stanley pay $557M to settle mortgage case, AP/New York Post, January 16, 2013

Goldman, Morgan Stanley Set $557 Million Fed Mortgage Accord, Bloomberg, January 16, 2013

Goldman Mulls Majority Sale of Reinsurance Business, The Wall Street Journal/Red Lion Trader, January 16, 2013


More Blog Posts:
Credit Suisse Must Face ARS Lawsuit Over Subsidiary Brokerage’s Alleged Misconduct, Says District Court, Stockbroker Fraud Blog, January 11, 2013

Morgan Stanley, Citigroup, Wells Fargo, and UBS to Pay $9.1M Over Leveraged and Inverse ETFs, Stockbroker Fraud Blog, May 3, 2012

Principals of Global Arena Capital Corp. and Berthel, Fisher & Company Financial Services, Inc. Settle FINRA Securities Allegations, Stockbroker Fraud Blog, April 6, 2012