On April 11, 2024, Morgan Stanley's stock experienced its most significant decline in five months, dropping 5.3% to $86.84. This downturn followed reports that U.S. regulators are intensifying their investigation into the bank's wealth management practices, particularly its anti-money laundering measures for high-net-worth clients.
According to a Wall Street...
New York broker-dealer Oppenheimer & Co. has agreed to pay a $500,000 fine to resolve allegations by the Financial Industry Regulatory Authority (FINRA) concerning its failure to properly supervise certain trades. These trades, conducted directly by brokers with fund companies on behalf of customers, highlighted significant lapses in oversight and regulatory compliance...
Nontraded REITs (Real Estate Investment Trusts) are encountering significant obstacles in today's economic climate. Factors such as rising interest rates, headlines about half-empty office buildings, and investors pulling their money from these products have created a challenging environment.
This blog explores the current state of nontraded REITs, with a...
John Nicholas Matson (CRD #1796541) is a previously registered broker and investment advisor who has been barred by FINRA from acting as a broker or associating with a broker-dealer firm.
Matson, who has had a career spanning 26 years with various firms, has faced numerous allegations and disciplinary actions.
The U.S. Securities and Exchange Commission (SEC) has spotlighted significant concerns within the financial industry, casting a shadow over Western International Securities and a handful of its brokers.
The allegation involves an alleged breach of Regulation Best Interest (Reg BI) involving the sale of GWG L Bonds, amounting to...
With specialized experience in representing financial professionals during critical career transitions, Reif Law Group, P.C. has become a cornerstone for advisors and teams navigating the complex journey from one firm to another.
Through our extensive involvement litigating transition disputes in both courts, JAMS and FINRA, we've pinpointed common pitfalls...
The financial advisory landscape is fraught with complexities and challenges, particularly for investors navigating the myriad of investment options available. In the spotlight is Cynthia Couyoumjian, a Tustin, California-based financial advisor with a history of investor complaints alleging the recommendation of unsuitable investments. This blog post delves into the details surrounding these...
A former veteran financial consultant with an extensive tenure at SagePoint Financial Inc., now known as Osaic Wealth Inc., was recently permanently excluded from the sector. This decision came after the consultant was let go by Osaic in December due to alleged violations of industry norms related to the sale of promissory...
California, long standing as a champion of employee freedom and the right to compete, distinguishes itself from many other states with its robust pro-competition laws, thus strengthening employee rights.
The beginning of 2024 marked a significant stride for employees with the introduction of two pivotal amendments to the California...
In the complex world of investment products and investment advice, disputes can arise that challenge the trust between investors and financial institutions. A current case against Centaurus Financial, Inc. and filed by a group of eleven investors brings to light the legal battles that can emerge from real estate investments gone wrong.
David Sheldon Wells (CRD # 6774493) “voluntarily resigned” from Fifth Third Securities, Inc. in July 2021 after admitting to misappropriating funds from three clients. In a resignation letter to his employer, Wells confessed to using his clients' money for "very risky" options trading.
On September 20, 2022, the United...
Howard Hao-Chung Hsieh (CRD # 4947882) is a stockbroker and FINRA-registered investment advisor with Cetera Investment Advisors in the firm’s Irvine, CA branch office.
FINRA BrokerCheck lists several pending claims against Hao-Chung Hsieh:
On December 27, 2022, a customer alleged Hao-Chung Hsieh made an...
Morgan Stanley Smith Barney FA Notes Holding Holdings LLC (MSSBFAN), a subsidiary of Morgan Stanley & Co., Inc., and an affiliate of Morgan Stanley Smith Barney LLC (MSSB) and Morgan Stanley Smith Barney Financing LLC (MSSBF) (collectively, Morgan Stanley) offered promissory note loans to employees and prospective employees as an inducement to...
Reif Law Group., P.C., is investigating claims of breach of financial duty, financial elder abuse, constructive fraud, breach of contract, and unfair business practice claims against Vereit, Inc., formerly known as American Realty Capital Partners, and formerly known as Cole Capital Partners, LLC, plus Vereit Operating Partnership, L.P. (collectively, Vereit), EFA Asset...
Last updated June 22, 2024
