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Finra Hits Veteran Broker Over UIT (Unit Investment Trust) Sales

FINRA’s ongoing campaign to rein in alleged sales abuses involving short-term trading of unit investment trusts in customer accounts has led a 23-year veteran advisor to accept a $10,000 fine and three-month suspension. Miller Stern Lawyers – 410-Law-Firm is currently investigating clients of Stifel Nicolaus and all firms and broker…

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Finra Fines for Inadequate Broker Checks

FINRA fined a small independent broker-dealer in California $35,000 for failing to adequately conduct background investigations on registered reps and for failing to obtain regulatory pre-approval for a seven-month growth spurt, according to Advisor Hub. Infinity Financial Services, an Oakland, CA-based firm founded 13 years ago by a former Merrill…

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The Second Largest FINRA Settlement in last decade – Merrill Lynch to pay $26 million, in part to former NH Governor Craig Benson, to settle churning allegations by Charles Kenahan

 Miller Stern Lawyers – 410-Law-Firm is currently investigating clients of Merrill Lynch and Charles Kenahan and Dermond Cavanaugh who are may be victims of, and suffered damages and losses, due to abuses such as churning, beach of fiduciary duty, overcharging , and unauthorized trading. According to CNBC and other new…

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Morgan Stanley Fires Brokers over Inherited Account Credits Blake Ridenour Jazmin Gabriela Carpenter and others

Morgan Stanley terminated around ten brokers following a nationwide probe of alleged abuses in its inherited account program, according to lawyers, firm sources and former managers per advisor Hub.  Miller Stern Lawyers – 410-Law-Firm is currently investigating clients of Morgan Stanley who are victims of, and suffered damages and losses,…

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Citigroup’s errors lead to securities class action

NEW YORK (Legal Newsline) – Miller Stern Lawyers – 410-Law-Firm is currently investigating clients of Citigroup who are victims of, and suffered damages and losses in their pension funds, due to regulatory fines and penalties. A securities class action against Citigroup has been filed in New York federal court.  Their plaintiff…

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Stern v. Stifel – Excerpt from the Experts Examiner reading the post arbitration motions

Securities Experts Roundtable The Expert’s Examiner   Stifel, Nicolaus & Co. v. Stern, No. 1:20-cv-00005 (D. Md. Mar. 31, 2020). September 6, 2020 We reach back in time a bit to present this Explained Award, but for good reason, we think. First, it’s still timely, in that a post-Award challenge…

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Wells Fargo Pays $550,000 for Failing to Supervise

Miller Stern Lawyers – 410-Law-Firm is currently investigating clients of Wells Fargo Advisors who are victims of, and suffered damages and losses, due to the failure to supervise.  It has been reported that Wells Fargo Advisors has agreed to pay more than $550,000 in fines and restitution for failing to…

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FINRA Suspends Broker

FINRA has fined and suspended a former Edward Jones & Co. broker in Kansas who attempted to settle a customer complaint on his own, according to a settlement letter and Advisor Hub. “Topeka-based broker Michael A. Erwin allegedly wrote a $2,500 check out of pocket to resolve a complaint from…

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Brokers get hit for cutting corners

According to Advisor Hub, “Joseph Woitkoski, who was terminated by Raymond James Associates in 2018 after 20 years as a registered rep, was suspended for 30 days and fined $7,500 for allegedly making discretionary trades for 12 customers without their written authorizations, according to an acceptance, waiver and consent letter…

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SEC Settles Securities Fraud Charges Filed Against Stephen Douglas Pizzuti

Miller Stern Lawyers, LLC – 410-Law-Firm is currently investigating allegations of fraud against Stephen Douglas Pizzuti in connection with an SEC settlement. According to the settlement posted on www.sec.gov “Pizzuti (CRD 1461660), age 58, is a resident of DeBary, Florida. At the time of the misconduct that led to his…