Straight Talk

The purpose of this blog is to provide education and news that will help clients through the litigation process.

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A three-person Financial Industry Regulation Authority Inc. (FINRA) panel awarded Mississippi investor Tracy Noble Gilbert $1.29 million in compensatory damages and $250,000 in attorneys' fees over the handling of her finances by a former broker for Stifel Nicolaus & Co. Inc. Churning and breach of fiduciary duty Gilbert accused her former father-in-law, Lanis Dale Noble, [...] Read More
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Imagine being able to get information about any financial professional in the United States by visiting one web site. Investor protection To make it easier for investors to track securities violations by advisers and brokers, the Securities and Exchange Commission (SEC) Investor Advisory Committee (IAC) pitched the idea that the SEC work with other federal [...] Read More
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If your financial adviser has never broached the subject of passing on your assets to the next generation, you have lots of company. A J.D. Power 2015 U.S. Full Service Investor Satisfaction Study finds that only 42 percent of investors say their advisers have asked them what will happen to their money when they die. [...] Read More
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Many investment advisers reinforce client behaviors that are in the advisers’ best interest, and fail to discourage financial errors by investors. These findings were reported in a working paper published by the National Bureau of Economic Research. The paper grew out of research at Harvard University, MIT and the University of Hamburg. In the study, [...] Read More
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Thomas J. Buck, a senior vice president of investments at Merrill Lynch, was fired last month due to the company's loss of confidence following Buck's mislabeling a bond trade, failing to disclose key information to a client, and giving inaccurate information to his managers - all according to recent reports. Tom Buck, 61, spent over [...] Read More
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Tim Duncan, San Antonio Spurs 15-time All Star, recently sued his adviser in Texas state court, claiming he was pushed into investments despite conflicts of interest that ultimately caused him substantial losses. In his complaint filed in San Antonio, Duncan claims that his Atlanta-based financial adviser, Charlie Banks, hid his own interest in investment opportunities [...] Read More
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TIAA-CREF, New York City Retirement Systems (NYCRS) and other investors recently filed complaints in the U.S. District Court in New York against American Realty Capital Properties (ARCP), a real estate investment trust. Deceiving the market The suit alleges that ARCP violated securities law by misrepresenting the company's business and prospects, deceiving the market and artificially [...] Read More
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If President Obama gets his way, your retirement savings could grow even more each year. In a recent speech to AARP supporters in Washington, Obama said he is asking the Labor Department to write new rules that could save investors as much as $17 billion dollars a year by requiring financial advisers to put their [...] Read More
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As an investor, you might not be getting what you pay for regarding financial planning. A recently released study attributes this to the lack of government-enforced professional standards. According to research conducted on behalf of the Financial Planning Coalition, clients could not identify Certified Financial Planners from other advisers. When they worked with someone who [...] Read More
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The Securities and Exchange Commission (SEC) recently fined 13 financial firms for selling risky Puerto Rican bonds to retail clients beneath the minimum allotment of $100,000 for a single transaction. To shut out small investors and protect those who may not be able to withstand large losses on risky offerings, the SEC mandates that municipal [...] Read More