Most people do not realize that there is a big distinction between brokers and investment advisors. Many people think, they both recommend securities. While that is true, that is pretty much where the similarities end. A broker is regulated by The Financial Industry Regulatory Authority (FINRA) a self-regulatory organization (SRO)…
On March 27, 2014, the Financial Industry Regulatory Authority (FINRA) filed a regulatory complaint against two former brokers from MetLife Securities, Inc., a unit of MetLife Inc. According to the complaint, Christopher Birli (Birli) and Patrick Chapin (Chapin), who both worked for MetLife in Williamsville, New York, until 2012, participated…
The Financial Industry Regulatory Authority (FINRA) announced approval of amendments to FINRA’s supervision rule that would expand the obligations of brokerage firms to check the background of applicant brokers upon registration. The rule would encompass first-time applications as well as transfers between firms and require the brokerage firm to verify…
The Financial Industry Regulatory Authority (FINRA) has determined that Charles Schwab & Co. (Charles Schwab) violated the self-regulatory organization’s rules by adding waiver languages to agreements that prohibited customers from participating in any class action cases against the firm. Schwab settled the claims and was fined of $500,000. The firm…
People have joked that securities regulators are asleep at the wheel due to the number of frauds that go unpunished for so long. However, a recent Bloomberg BusinessWeek article exposed that the phrase is literally true in some cases. Every dispute an investor has with their brokerage firm must be…
Saving enough money for retirement is challenging enough. Unfortunately, senior investors now need to worry about trusting financial advisors and investment promoters in order to avoid losing their hard earned savings. There are steps and precautions seniors can take to help guard their investments. First, fraudsters tend to target people…
On Monday, April 14, 2014, the Financial Industry Regulatory Authority (FINRA) announced that it would lift the hold that it had put on some cases related to the collapse of Puerto Rico Bond Funds. FINRA has been able to expand its pool of arbitrators that will be available to hear…
Music lovers looking to reminisce while enjoying classic hits from the 80’s and 90’s may not be getting what they paid for. Producers have created and marketed a compilation of some of those classic tunes, which include songs such as “Only In My Dreams” by Debbie Gibson, “Jenny/867-5309” by Tommy…
Consumers receive unwanted texts and calls from companies. Overtime consumers become frustrated by the plethora of messages on their home phones, faxes or mobile devices. The intrusion can not only be harassing, but also is costly for consumers. The Telephone Consumer Protection Act (TCPA) and the Controlling the Assault of…