Merrill Lynch Agrees To Pay $2.5 Million To Settle Alleged Failures To Provide Sales Charge Discounts On Unit Investment Trust UIT Purchases.

The Financial Industry Regulatory Authority (FINRA) has issued an order imposing fines of $500,000 on Merrill Lynch, Pierce, Fenner, & Smith (“Merrill Lynch” or “Merrill” or “Respondent”) for allegedly failing to provide sales charge discounts (such as ”breakpoint discounts” and “rollover and exchange discounts) to Merrill Lynch customers on certain Unit Investment Trust UIT purchases, according to an August 18, 2010 FINRA securities & investment regulatory press release.   Merrill Lynch will reportedly pay $2 million to compensate affected Unit Investment Trust UIT customers.

According to FINRA, between October 2006 and June 2008, Merrill Lynch failed to appropriately apply discounts on rollover and breakpoint purchases resulting in Merrill Lynch customers being overcharged on their Unit Investment Trust UIT purchases.

In settling this matter, Merrill Lynch neither admitted nor denied the charges, but consented to the entry of FINRA’s findings.

If You Lost Money In A Merrill Lynch Unit Investment Trust Or Other Investment and Believe Merrill Lynch May Be To Blame For Your Losses, Contact A Securities Arbitration Attorney and Broker Fraud Lawyer:

-Recover Merrill Lynch Brokerage Account Losses-

Fill Out The Form On The Right For A Free Attorney Review.

If You Have Thoughts About Merrill Lynch, Share Your Merrill Lynch Securities & Investment Comments With Others Below.

Merrill Lynch To Pay $2.5 Million For Allegedly Failing To Provide Unit Investment Trust UIT Sales Charge Discounts is a post from: YourSecuritiesArbitrationLawyer.com

Morgan Stanley Ordered To Pay $800,000 By FINRA for Allegedly Failing To Disclose Certain Information About the Relationships Morgan Stanley, or its Analysts, Had With Companies Covered in its Research Reports and The Availability of Independent Research in Customer Account Statements.

The Financial Industry Regulatory Authority (FINRA) has issued an order censuring and imposing fines on Morgan Stanley & Co., Inc. in the amount of $800,000 to settle charges relating to Morgan Stanley’s alleged failure to make public disclosures required by FINRA’s rules governing research analyst conflicts of interest and failure to comply with the 2003 Research Analyst Settlement requiring firms disclose the availability of independent research in broker customer account statements, according to an August 10, 2010 FINRA securities & investment regulatory press release.

FINRA reportedly found that from April 2006 to June 2010, Morgan Stanley issued equity research reports that failed to disclose accurate information about the relationships Morgan Stanley, or its analysts, had with companies covered in its research reports, representing approximately 6,836 deficient disclosures in about 6,632 equity research reports and 84 public appearances by research analysts, including the following alleged deficient disclosures:

• Securities holdings of an analyst, or a member of the analyst’s household, in a subject company;
• Morgan Stanley’s receipt of investment banking and non-investment banking revenue from subject companies;
• Morgan Stanley’s role as a manager, or co-manager, of a public offering of securities for subject companies;
• Morgan Stanley’s role as a market maker for certain subject companies’ securities; and
• Price charts for securities covered in equity research reports and the valuation method used to support published price targets.

According to FINRA, Morgan Stanley also did not disclose in approximately 127,600 monthly Morgan Stanley brokerage account statements sent to Morgan Stanley customers from August 2007 to February 2008 that it had available independent, third-party research.

In settling this matter, Morgan Stanley neither admitted nor denied the charges, but consented to the entry of FINRA’s findings.

If You Lost Money In Any Morgan Stanley Investment or Brokerage Account and Believe Morgan Stanley May Be To Blame For Your Losses, Contact A Securities Arbitration Attorney and Broker Fraud Lawyer:

-Recover Morgan Stanley Brokerage Account Losses-

Fill Out The Form On The Right For A Free Attorney Review.

If You Have Thoughts About Morgan Stanley, Share YourMorgan Stanley Securities & Investment Comments With Others Below.

Morgan Stanley Censured and Fined $800,000 For Alleged Deficient Conflict of Interest Disclosures in Equity Research Reports and Public Appearances by Research Analysts is a post from: YourSecuritiesArbitrationLawyer.com

SunTrust Investment Services Ordered To Pay $1.4 Million By FINRA for Alleged Unsuitable Unit Investment Trust (UIT), Closed-End Fund (CEF) and Mutual Fund Transactions.

The Financial Industry Regulatory Authority (FINRA) has issued an order imposing fines on SunTrust Investment Services, Inc.  in the amount of $1.44 million to resolve charges related to unsuitable unit investment trust (UIT), closed-end fund (CEF) and mutual fund transactions, according to a July 22, 2010 FINRA securities & investment regulatory press release.  $900,000 reportely represents a fine that includes $224,000 in disgorgement of broker commissions earned on the alleged unsuitable trades while $540,000 represents restitution to certain customers who allegedly incurred brokerage account losses.

According to FINRA, SunTrust Investment Services engaged in 294 unsuitable short-term Unit Investment Trust (“UIT”), Closed-End Fund (“CEF”) and mutual fund transactions in certain customer accounts that allegedly involved recommending a short-term trading strategy of buying and selling Unit Investment Trusts and Closed-End Funds less than a year after purchase and using the proceeds to purchase other Unit Investment Trusts or Closed-End Funds, often with sales load fees as high as 4 and 5%.

In addition, FINRA reportedly found that SunTrust failed to ensure that eligible customers received the maximum sales charge discount on UIT purchases and lacked adequate systems and procedures for monitoring and supervising UIT, CEF and margin transactions.

In settling this matter, SunTrust Investment Services neither admitted nor denied the charges, but consented to the entry of FINRA’s findings.

If You Lost Money In Any SunTrust Investment Services Investment, or Brokerage Account and Believe SunTrust Investment Services May Be To Blame For Your Losses, Contact A Securities Arbitration Attorney and Broker Fraud Lawyer:

-Recover SunTrust Investment Services Brokerage Account Losses-

Fill Out The Form On The Right For A Free Attorney Review.

If You Have Thoughts About SunTrust Investment Services, Share Your SunTrust Investment Services Securities & Investment Comments With Others Below.

SunTrust Investment Services Ordered To Pay $1.4 Million For Alleged Unsuitable Closed-End Fund and Mutual Fund Transactions is a post from: YourSecuritiesArbitrationLawyer.com

Bayou Group Hedge Fund Investors Awarded $20.6 Million In FINRA Arbitration Against Prime Broker Goldman Sachs.

A FINRA securities arbitration panel has reportedly awarded $20.6 million to a group of Bayou Hedge Fund Investors in a securities arbitration lawsuit brought against Goldman Sachs alleging that Goldman Sachs should have known Bayou Group founder Samuel Israel III was running a Ponzi scheme because Goldman Sachs, as the prime brokerage service, could see that Bayou’s actual performance indicating massive losses was inconsistent with its offering documents that showed massive gains, according to a Goldman Sachs securities arbitration news report.

If You Lost Money In Any Investment, Retirement or Brokerage Account and Believe Goldman Sachs May Be To Blame For Your Losses, Contact A Securities Arbitration and Investment Fraud Lawyer.

Fill Out The Form On The Right For A Free Attorney Review.

-Report Brokerage Account Losses-

If You Have Thoughts About The Goldman Sachs Securities Arbitration Award, Share Your Goldman Sachs Securities Arbitration Comments Below.

Goldman Sachs Ordered To Pay $20.6 Million Arbitration Award in Securities Arbitration Over Bayou Group Hedge Fund Ponzi Scheme is a post from: YourSecuritiesArbitrationLawyer.com

Phoenix Derivatives Group and Eight Brokers Ordered To Pay $4.3 Million By FINRA for Allegedly Engaging In Improper Communications About Customers’ Interdealer Brokerage Rate Negotiations in the Wholesale Credit Default Swap (CDS) Market.

The Financial Industry Regulatory Authority (FINRA) has issued an order imposing fines on Phoenix Derivatives Group, LLC of New York and eight brokers – three employed at Phoenix and five at four other interdealer brokerage firms – for improper communications about customers’ proposed brokerage rate reductions in the wholesale credit default swap (CDS) market, according to a June 24, 2010 FINRA securities & investment regulatory press release.

FINRA reportedly found that the brokers engaged in communications with personnel at other interdealer brokerage firms that improperly attempted to influence those firms and individuals, including communications regarding reactions to customers’ proposed rate reductions and statements concerning actual or contemplated interdealer broker responses or counter-positions to the customers’ proposed rate reductions and/or discussions about creating identical, or similar, individual counter-proposals to rate reduction requests.

Phoenix Derivatives Group was fined $3 million (of which $900,000 is a joint and several fine apportioned among the three CDS desk co-heads).  In addition to Phoenix and its desk co-heads, five brokers at other interdealer firms in the CDS market were reportedly fined a total of $1.3 million and issued suspensions by FINRA:

• Thomas J. Lewis and Matthew A. Somers, former brokers and co-managers for the CDS desk at Chapdelaine Corporate Securities & Co., of New York, were each fined $350,000 and suspended from working in the securities industry in all capacities for six months and three months, respectively.
• John P. Tompkins, a former broker and manager of the CDS desk at CreditTrade (US) Corp., of New York, was fined $100,000 and suspended in all capacities for four months.
• Michael B. Jessop, a former broker and co-manager of the CDS desk at Tullett Liberty Inc., of New York, was fined $250,000 and suspended in all capacities for two months.
• Eric Ridder, a former broker for Creditex Group, Inc., of New York, was fined $250,000 and suspended in all capacities for two months.

In settling this matter, Phoenix Derivatives Group and the eight brokers neither admitted nor denied the charges, but consented to the entry of FINRA’s findings.

If You Lost Money In Any Phoenix Derivatives Group Investment, or Brokerage Account and Believe Phoenix Derivatives Group May Be To Blame For Your Losses, Contact A Securities Arbitration Attorney and Broker Fraud Lawyer:

-Recover Phoenix Derivatives Group Brokerage Account Losses-

Fill Out The Form On The Right For A Free Attorney Review.

If You Have Thoughts About Phoenix Derivatives Group, Share Your Phoenix Derivatives Group Securities & Investment Comments With Others Below.

Phoenix Derivatives Group & Eight Brokers Fined $4.3 Million Over Alleged Improper Communications About Customers’ Interdealer Brokerage Rate Negotiations is a post from: YourSecuritiesArbitrationLawyer.com

Piper Jaffray Ordered To Pay $700,000 By FINRA for Allegedly Failing to Retain Emails In Violation Of Federal Securities Law And NYSE, NASD and FINRA Rules.

The Financial Industry Regulatory Authority (FINRA) has issued an order requiring Piper Jaffray & Co. to pay a monetary fine of $700,000 for violations related to its alleged failure to retain approximately 4.3 million emails from November 2002 through December 2008, according to a May 24, 2010 FINRA securities & investment regulatory press release.

Piper Jaffray also reportedly failed to disclose its email retention and retrieval issues to FINRA, which may have affected Piper Jaffray’s ability to comply with email extraction requests from FINRA or to respond to email requests from other regulators or from parties in civil litigation or arbitrations.  Piper Jaffray also agreed to a censure.

In settling this matter, Piper Jaffray neither admitted nor denied the charges, but consented to the entry of FINRA’s findings.

In U.S. Bancorp Piper Jaffray Inc., Case No. 02-227 (NYSE Hearing Board November 15, 2002) Piper Jaffray was previously disciplined for violations regarding its alleged failure to preserve electronic email communications as required by NYSE & NASD Rules and federal securities laws.  In that case, Piper Jaffray reportedly consented to a censure and sanction of $1,650,000 by the Securities & Exchange Commission, New York Stock Exchange and NASD arising from investigations of Piper Jaffray’s alleged conflicts of interest between its investment banking and research departments.

For more information on Piper Jaffray’s settlement of alleged rule violations, read Piper Jaffray’s financial regulatory authority letter of acceptance, waiver and consent, No. 20090197795.

If You Lost Money In Any Piper Jaffray Investment, Retirement or Brokerage Account and Believe Piper Jaffray May Be To Blame For Your Losses, Contact A Securities Arbitration Attorney and Stock Broker Fraud Lawyer:

-Recover Piper Jaffray Brokerage Account Losses-

Fill Out The Form On The Right For A Free Attorney Review.

If You Have Thoughts About Piper Jaffray Settlement, Share Your Piper Jaffray Securities & Investment Comments With Others Below.

Piper Jaffray Censured & Fined $700,000 For Alleged Email Retention Violations is a post from: YourSecuritiesArbitrationLawyer.com

Wells Fargo Securities Fraud Lawsuit Alleging Breach of Fiduciary Duty and Consumer Fraud Results In $30 Million Award For Wells Fargo Clients.

Four plaintiffs in Minnesota were awarded more than $30 million in damages in a securities fraud lawsuit against Wells Fargo in Ramsey County circuit court in Minnesota alleging that Wells Fargo invested plaintiffs money in risky securities and failed to disclose the diminishing value of their investments, according to a securities lawsuit news report.

The plaintiffs reportedly alleged that Wells Fargo operated a securities lending program whereby it held clients’ securities in custodial accounts and then used those funds to make temporary loans to brokers who then borrowed the securities (by posting collateral worth at least 102 percent of the value of the loaned securities) to make risky trades, such as short sales and option trades involving structured investment vehicles, SIVs, mortgage backed and asset backed securities. The Wells Fargo securities fraud complaint reportedly alleged that Wells Fargo promised to focus on safe, liquid investments, such as money markets.

A jury reportedly found that Wells Fargo breached its fiduciary duty to the plaintiffs and violated the Minnesota Consumer Fraud Act and awarded compensatory damages of $30.1 million, $14.1 million for breach of fiduciary duty claims and $4 million to each plaintiff on the consumer fraud claim.

If You Lost Money In A Wells Fargo Investment, Retirement or Brokerage Account and Believe Wells Fargo May Be To Blame For Your Losses, Contact A Securities & Investment Lawyer.

Fill Out The Form On The Right For A Free Attorney Review.

-Report Wells Fargo Brokerage Account Losses-

If You Have Thoughts About The Wells Fargo Securities Fraud Lawsuit, Share Your Comments Below.

Wells Fargo Ordered To Pay $30 Million In Lawsuit Over Securities Lending Practices is a post from: YourSecuritiesArbitrationLawyer.com

Peak Securities Corporation Customer Awarded $400,000 In Stock Broker Arbitration Against Peak Securities Over Investment In Medical Provider Funding Corp. VI.

A FINRA securities arbitration panel has reportedly awarded an investor $400,000 in a securities arbitration lawsuit brought against Peak Securities Corporation in Orlando, Florida (styled Marilyn Hazell v. Peak Securities Corporation, Case No. 10-01629) alleging breach of contract, breach of fiduciary duty, negligence, and common law fraud against Peak Securities relating  to the purchase of a note offered by Medical Provider Funding Corp. VI in claimants’ brokerage account, according to securities arbitration and stock broker fraud lawsuit news reports.

If You Lost Money In A Peak Securities Investment, Retirement or Brokerage Account and Believe Peak Securities May Be To Blame For Your Losses, Contact A Securities Arbitration Lawyer.

Fill Out The Form On The Right For A Free Attorney Review.

-Report Peak Securities Brokerage Account Losses-

If You Have Thoughts About The Peak Securities Stock Broker Arbitration Award, Share Your Securities Arbitration Comments Below.

Peak Securities Stock Broker Arbitration Award Issued In Securities Arbitration Over Investment In Medical Provider Funding Corp. VI Notes is a post from: YourSecuritiesArbitrationLawyer.com

Citigroup Global Markets Ordered By FINRA To Pay $1,500,000 for Allegedly Failing to Supervise Handling Of Trust Funds Belonging To Cemeteries In Michigan and Tennessee .

The Financial Industry Regulatory Authority (FINRA) has issued an order requiring Citigroup Global Markets, Inc. to pay a monetary sanction of $1.5 million (a $750,000 fine and disgorgement of $750,000 in commissions) for supervisory failures relating to its handling of trust funds belonging to cemeteries in Michigan and Tennessee, according to a May 26, 2010 FINRA securities & investment regulatory press release.

FINRA reportedly found that from September 2004 through October 2006, Citigroup broker Mark Singer and two of his customers were involved in a scheme to misappropriate an amount alleged in various legal actions to be over $60 million in cemetery trust funds.

FINRA’s investigation reportedly showed that Citigroup Global Markets failed to reasonably supervise the handling of these accounts by inadequately responding to a succession of “red flags,” failures that permitted the scheme to continue undetected until October 2006.  In settling these matters, Citigroup Global Markets reportedly neither admitted nor denied the charges, but consented to the entry of FINRA’s findings.

If You Lost Money In Any Citigroup Global Markets Investment, Retirement or Brokerage Account and Believe Citigroup Global Markets May Be To Blame For Your Losses, Contact A Securities Arbitration Attorney and Stock Broker Fraud Lawyer:

-Recover Citigroup Global Markets Brokerage Account Losses-

Fill Out The Form On The Right For A Free Attorney Review.

If You Have Thoughts About Citigroup Global Markets, Share Your Citigroup Global Markets Securities & Investment Comments With Others Below.

Citigroup Global Markets Sanctioned $1.5 Million For Alleged Supervisory Violations Relating to Cemetary Trust Funds is a post from: YourSecuritiesArbitrationLawyer.com

Wedbush Morgan Securities Customer Awarded $106,800 In Securities Arbitration Over Option Trading In Apple, Jetblue Airways, Boeing, Intel, Amazon Com, and PHLX Gold & Silver.

A FINRA securities arbitration panel issued an award in a securities arbitration brought against Wedbush Morgan Securities, Inc. in Baltimore, Maryland (styled Nakano v. Wedbush Morgan Securities, Inc., Case No. 09-03657) alleging that Wedbush Morgan Securities engaged in misrepresentation, breach of fiduciary duty, unauthorized trading, churning, manipulation, gross negligence and failure to supervise in connection with option trading in the customer’s account in Apple, Jetblue Airways, Boeing, Intel, Amazon Com, and PHLX Gold & Silver.

The Wedbush Morgan securities arbitration award reportedly provides, among other things, that Wedbush Morgan Securities pay the investor claimant $106,800 in compensatory damages.

If You Lost Money In A Wedbush Morgan Securities Investment, Retirement or Brokerage Account and Believe Wedbush Morgan Securities May Be To Blame For Your Losses, Contact A Securities Arbitration Lawyer.

Fill Out The Form On The Right For A Free Attorney Review.

-Report & Recover Wedbush Morgan Brokerage Account Losses-

If You Have Thoughts About The Wedbush Morgan Securities Arbitration Award, Share Your Securities Arbitration Comments Below.

Wedbush Morgan Securities Arbitration Award is a post from: YourSecuritiesArbitrationLawyer.com