Category: Securities Arbitration

Did You Overpay for Mortgage Bonds?

The SEC has charged Merrill Lynch with misleading customers on mortgage bond prices and overcharging for trades to increase profits. For help with investment fraud, contact Meyer Wilson today for a free consultation with one of our investment fraud lawyers.

Congress Votes in the Middle of the Night to Give Big Banks Immunity from Lawsuits

The Senate voted 51-50 on Tuesday, October 24 to repeal a rule put in place by the Consumer Financial Protection Bureau (CFPB) that banned mandatory arbitration clauses in certain financial contracts. All 48 Democrats, along with Republicans Lindsey Graham and John Kennedy, voted against the resolution. Vice President Mike Pence cast the tie-breaking vote late… read more

FINRA Issues Warning Over Non-Lawyer Arbitration Representatives

The Financial Industry Regulatory Authority (FINRA) recently released a statement warning investors that a number of non-lawyer representatives have exploited customer claimants they represented in FINRA’s arbitration and mediation forum. FINRA was made aware of this issue after customer claimants made allegations, reporting that their representatives took settlement money they were aware of, were represented… read more

Energy Investors Continue to Lose Money in 2017; Investors May Be Able to Recover Their Losses in FINRA Arbitration

The law firm of Meyer Wilson has successfully represented numerous investors in recent years who suffered significant losses in energy-related stocks, master limited partnerships (MLPs), and other similar investments. If your stockbroker or financial advisor improperly sold you energy-related investments that lost money, the lawyers at Meyer Wilson might be able to help you recover… read more

Broker James Edward Lyons Accused of Unauthorized Trading

Former Raymond James broker, James Edward Lyons, was discharged from Raymond James after client allegations of unauthorized trading in April of 2017. James Lyons, who is not currently registered, has been accused of unauthorized trading most recently, but also has several other customer complaints in the past. Before working at Raymond James starting in 2013,… read more

Former Broker Donald A. DeVito II Accused of Churning and Unauthorized Trading

Donald A. DeVito II, a former Wells Fargo stockbroker, has been accused of churning and unsuitability in a recent customer complaint filed in May 2017. Regulatory documents show that Donald DeVito was terminated from Wells Fargo in late 2016 because of “concerns related to the level of trading in accounts.” He is not currently registered… read more

J.P. Morgan Securities Ordered to Pay $485,000 to Clients

J.P. Morgan Securities, LLC (“J.P. Morgan“) was recently ordered by a three-person arbitration panel to pay two of its clients $485,000 in damages. The clients filed an arbitration against the brokerage firm and registered representative Robert Owen Klein in January 2012 for losses they suffered as a result of an investment strategy that involved short… read more

Major Blow to Transparency Efforts of SEC Oversight of FINRA Arbitration

The U.S. Court of Appeals for the District of Columbia Circuit recently affirmed a trial court’s order denying an investors’ rights group’s Freedom of Information Act request for certain documents relating to the Securities & Exchange Commission’s (SEC) oversight of Wall Street’s mandatory arbitration program. At issue was a request by the Public Investors Arbitration… read more

The Gap in Regulatory Coverage for Registered Investment Advisors

By Courtney Werning An investment adviser is an individual or company who is paid for providing advice about securities to their clients. Although the terms sound similar, investment advisers are not the same as financial advisers and should not be confused. The term financial adviser is a generic term that usually refers to a broker… read more

Securities America is Under Investigation for Sales Practices of Non-Traded REITS

By: Courtney Werning According to the recent annual report filed with the SEC by Ladenburg Thalmann Financial Services, Inc., which owns Securities America, the Pennsylvania Department of Banking and Securities requested that Securities America provide information concerning purchases of non-traded REIT securities by Pennsylvania residents since 2007. Last year, Securities America was one of several… read more