We have commented in this space before on the starkly discouraging facts facing investors contemplating bringing legal action to redress the wrong doings of Wall Street. To […]
In its January 2014 posting of disciplinary actions, FINRA disclosed that it had disciplined a broker in Wisconsin for ‘selling away’ (i.e. selling without the […]
Yesterday, the Wall Street Journal (WSJ) published a front page story detailing the results of an analysis that they conducted examining the efficacy of FINRA’s monitoring of the bankruptcies and criminal charges against securities brokers. FINRA is the regulator of first resort of the brokerage industry and brokers are required to disclose to FINRA bankruptcies, and most criminal charges and convictions. Certain criminal convictions will obviously result in the loss of a securities broker’s privileges to sell securities. Bankruptcies are often a red-flag of financial duress or irresponsibility and, according to the WSJ, there is a significant correlation of bankruptcies and regulatory violations in its analysis. […]
Financial abuse of elders can be prevented or stopped. If the abuse has already occurred, its tragic results can often be rectified to a significant degree. However, the individual’s rights must be vigorously asserted in a system that is confusing and often unfairly biased in favor of the financial industry and against individuals. […]
In recent months, civil suits have revealed that during the depths of the financial crisis, in the official quotes given to the British Bankers Association (BBA) to be used in calculating the London Interbank Offered Rate (LIBOR), many Wall Street firms were deliberately and dramatically understating their cost of funds in an effort to depress LIBOR. […]
A little over five years ago, Bernie Madoff confessed that for decades he had been running a massive Ponzi scheme. February 4th marked the 5 year anniversary of the testimony of Harry Markopolos before the U.S. House of Representatives Committee on Financial Services. Markopolos spent eight years repeatedly trying to prompt the SEC to take action against Madoff, which it never did.