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.

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...