By Business Wire
Now citable by any party and binding on California superior courts, the decision in DeVone v. Morgan Stanley also holds that a timely lawsuit reaches an advisor’s full course of conduct, and that a financial professional’s fiduciary duty is not confined to the services named in...
By Tracy Williams from Business Wire
SAN DIEGO--(BUSINESS WIRE)--Reif Law Group, P.C., an investor-side securities and financial elder abuse law firm, has filed a petition in San Diego County Superior Court on behalf of Michael J. Massery, a 77-year-old retiree, seeking FINRA arbitration of financial elder...
June 30, 2025 – Orange County, CA. An Orange County Superior Court judge delivered a stinging rebuke to Guaranty Income Life Insurance Company (GILICO), denying their summary judgment motion and calling their legal arguments "contradictory" and "not credible" in a case involving elderly investors who lost substantial retirement savings.
A Los Angeles-based Morgan Stanley broker, Rodney Dean Halvorson, has filed a lawsuit against the firm, seeking at least $24 million in damages. Halvorson alleges that Morgan Stanley misled him regarding the company’s willingness to work with international clients, ultimately upending his career and financial stability.
Allegations of...
Reif Law Group, P.C., a nationally recognized securities litigation and arbitration law firm, is investigating Baker Tilly Capital, LLC for selling private placement Qualified Opportunity Zone (QOZ) funds, including Block 216 QOF, LLC.
This investigation focuses on potential misconduct in the sale of these speculative investments to retail...
Zachary Ellis Taylor (CRD #6074776), a financial advisor who previously worked with Oppenheimer & Co. Inc. in Newport Beach, California, and a previously registered broker, has been involved in numerous customer disputes, financial issues, and regulatory challenges in recent years. Despite his extensive experience in the securities industry, Taylor's career has been...
Western International Securities, a California-based broker-dealer currently under acquisition by LPL Financial, has been ordered to pay over $1.5 million for failing to detect churning in 100 customer accounts. This large penalty, issued by the Financial Industry Regulatory Authority (FINRA) on Monday, underscores the importance of robust compliance systems in the financial...
The United States Securities and Exchange Commission (SEC) has taken action against Wells Real Estate Investment LLC, a West Palm Beach, Florida-based company, its CEO Janalie C. Bingham, and her spouse, Jean Joseph, a convicted felon. The SEC’s emergency action, filed on August 21, 2024, includes an asset freeze and other...
B. Riley Financial (NASDAQ: RILY) is facing a turbulent period as its stock experienced a significant drop recently, plummeting by as much as 32% during morning trading on August 15, 2024. The stock's sharp decline prompted trading halts due to volatility, underscoring the uncertainty surrounding the financial services firm. By mid-morning, the...
Ameriprise Financial has taken legal action against LPL Financial, an industry competitor, accusing LPL of encouraging brokers it recruits away from Ameriprise to "harvest" and "misappropriate" confidential client information when the brokers transition between investment firms. The lawsuit, filed on July 30, 2024, in the U.S. District Court for the Southern District...
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.
