Seeking Greater Yield and Safety, Muni Bond Customers Encounter Defaults Despite the fact that the coronavirus has taken a toll on city and state finances, this isn’t stopping investors from buying municipal debt in a bid for greater yield and more safety than the markets can provide at this time.…
Proprietary, Non-Traded Oil, Gas and Energy Investments Plunged In Value If your David Lerner Associates broker recommended and sold you any of the firm’s proprietary non-traded oil and gas investments and you sustained significant losses, you may have grounds for an investor fraud claim for damages. The privately-held broker-dealer exclusively…
Coastal Equities Has Been The Subject of $3M in Investor Arbitration Claims Coastal Equities, a mid-sized broker-dealer, recently arrived at a settlement with the Financial Industry Regulatory Authority (FINRA) in which it agreed to give $280K in restitution to several customers. The firm is accused of failing to reasonably supervise…
FINRA Suspends Texas Broker For Three Months Kurt Jason Gunter, a Wells Fargo Clearing Services (WRET) registered representative in Bee Cave, Texas, was recently sanctioned by the Financial Industry Regulatory Authority (FINRA). The self-regulatory organization (SRO) contends that he allegedly made unsuitable unit investment trust (UIT) sales to customers. In…
Office of the Comptroller of the Currency Accuses Bank of Inadequate Internal Controls JPMorgan Chase Bank has been ordered to pay a $250M penalty. The Office of the Comptroller of the Currency (OCC) contends that the bank engaged in “unsafe and unsound practices” related to its internal controls and an…
After American Realty Capital New York City Real Estate Investment Trust Went Public, Share Price Plunged If you are a retail investor whose broker recommended that you invest in American Realty Capital (ARC) New York City Real Estate Investment Trust (REIT), you may have grounds for an unsuitable investment recommendation…
Morgan Stanley Fires Financial Advisors After Inherited Account Credits Investigation Morgan Stanley (MS) announced recently that it has terminated a number of financial advisors after a months-long investigation into payments being made to retired Morgan Stanley financial advisors under Morgan Stanley’s own Legacy Account Payments Program. Morgan Stanley’s “sunset plan”…
Florida-Based Financial Management Company Employee Allegedly Stole Money Albertín Aroldis Chapman de la Cruz, the star relief pitcher for the New York Yankees, has filed an investment fraud lawsuit against Pro Management Resources and several individuals. The financial management and tax planning company reportedly has also been serving as Chapman’s…
Investors Who Were Sold Telecommunication Company’s Bonds Grapple with Losses In its second sale in two months, Frontier Communications Corp. wants to sell $2.8B in junk bonds to help pay for its exit from bankruptcy. According to sources that spoke with Bloomberg, this includes new $1.8B first-lien bonds at an…
New York Stockbroker is Named in Multiple Customer Disputes If you suffered substantial losses from investments recommended to you by Spartan Capital Securities broker Joseph Kelly, you may have grounds for filing a Financial Industry Regulatory Authority (FINRA) arbitration claim to recover your losses. Kelly, who is based in New…