Meyer Wilson Blog

Could Wall Street Reform Spell End of Mandatory Pre-Dispute Arbitration Clauses in Securities Disputes?

An important issue confronting Congress in the debate over Wall Street reform is the use of mandatory pre-dispute arbitration provisions in account opening forms between consumers and their broker-dealers and investment advisors. In 1987, a sharply divided United States Supreme Court decided Shearson/American Express v. McMahon, 482 U.S. 220 (1987). In its decision the Court… read more

FINRA Issues Regulatory Notice Aimed at Private Placements

In the wake of recent problems with private placement deals, the Financial Industry Regulatory Authority (FINRA) has weighed in to remind broker-dealers of their due diligence obligations with respect to private placements. Private placement deals gone wrong, for example those with Medical Capital and Provident Royalties, have resulted in a large number of FINRA securities… read more

Claims Against Third Parties Involved in Enrique Villalba’s Fraud

Recovering Investment Losses Against Third Parties Involved in Enrique Villalba’s Fraudulent Investment Scheme The Ohio law firm of Meyer & Associates is actively investigating the potential liability of third parties involved in the fraudulent investment scheme led by Enrique Villalba. Federal prosecutors charged Villalba, an Ohio resident, with one count of wire fraud on March… read more

FINRA Fines, Suspends Broker for Failure to Supervise

The Financial Industry Regulatory Authority (FINRA) recently fined and suspended former Raymond James broker Karen L. Fence of New Jersey for failing to supervise the activities of a representative. FINRA’s entry of findings alleged that Ms. Fence was responsible for the supervision of a representative while at Raymond James. Ms. Fence failed to take appropriate… read more

FINRA Statistics Show Surge in Variable Annuity Cases

While overall arbitration filings with the Financial Industry Regulatory Authority (“FINRA”) increased last year, cases involving variable annuity sales increased nearly threefold, rising to 123 cases in 2009 from only 47 in 2008. A variable annuity is a complex, specific type of annuity product that includes both insurance and securities components. Due to their intricacies,… read more

Ponzi Scheme Alert for Investors

Recently exposed Ponzi schemes, such as those perpetrated by Bernie Madoff and Allen Stanford, have raised awareness of such operations among the general public. But smaller, less notorious Ponzi schemes are carried out on a regular basis. Investors must be vigilant when selecting their investment advisors and investments, to protect their assets from such unscrupulous… read more

FINRA Expels Broker-Dealer Over Private Placements

In the wake of the recent downfall of a number of private placement investments, the Financial Industry Regulatory Authority (FINRA) has now expelled its first broker-dealer from the securities industry over its involvement in such offerings. Recently, FINRA expelled broker-dealer Provident Asset Management LLC from the industry. Provident Asset Management was at the heart of… read more

Specter Bill Awaits Mark-Up

On September 17th of last year, the U.S. Senate Committee on the Judiciary’s Subcommittee on Crime and drugs held a hearing on the “Liability for Aiding and Abetting Securities Violations Act of 2009”. Senator Arlen Specter, a Democrat from Pennsylvania, introduced the S. 1551, which Specter stated was intended to overturn two “errant” decisions of… read more

Nevin Shapiro and Capitol Investments USA, Inc. – Alleged Ponzi Scheme

Meyer Wilson has launched an investigation into an alleged $900 millionPonzi scheme operated by Nevin Shapiro through his company Capitol Investments USA, Inc. (“Capitol”). According to the complaint filed by the United States Securities and Exchange Commission (“SEC”), from February 2003 to November 2009 Shapiro sold promissory notes to investors promising returns of 10 to… read more

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