SEC and FINRA Launch National Senior Investor Initiative Examination Program

In releasing a report on the National Senior Investor Initiative, the SEC and FINRA have reaffirmed the paramount importance of protecting senior investors.

Andrew J. Bowden, OCIE’s Director, said, “Seniors are more dependent than ever on their own investments for retirement. Broker-dealers are developing and offering a variety of new products and services that are intended to generate higher yields in a low interest rate environment. It is imperative that firms are recommending suitable investments and providing proper disclosures regarding the related terms and risks.”

“With the dramatic increase in the population of our nation’s seniors, it is critical that securities regulators work collaboratively to make sure that senior investors are treated fairly. The culture of compliance at firms is key to ensuring that seniors receive suitable recommendations and proper disclosures of the risks, benefits and costs of any investments they are purchasing,” said Susan Axelrod, FINRA Executive Vice President, Regulatory Operations.

For a link to the announcement of this initiative click here.  If you are a senior who may have been a victim of investment fraud or unethical practices by your stockbroker contact the attorneys at West & West, LLC by calling 410-296-4655 for a free initial consultation.

Former NFL Player Will Allen Accused Of Running $32M Ponzi Scheme

Former NFL Cornerback Will Allen and a business associate have been accused of running a $32 Million Ponzi Scheme thru a company that provided loans to professional athletes according to a complaint filed by the SEC.  If you would like more details, please click here.

If you believe you may have been a victim of a Ponzi scheme or other investment fraud contact the mid-Atlantic investment fraud lawyers at West & West, LLC for a free initial consultation by calling them at 410-296-4655.

Ronald Berman Formerly Of Axiom Capital Management Withdraws Maryland Registration

On March 25, 2015, Ronald M. Berman, formerly of Axiom Capital Management, Inc., withdrew his registration with the State of Maryland and agreed not to reapply for registration in Maryland as a broker-dealer, agent, investment adviser or investment adviser representative for a period of five (5) years.  Previously, Mr. Berman’s general securities representative registration was revoked by FINRA based upon Mr. Berman’s disciplinary and regulatory record, Axiom’s failure to show that it could effectively supervise Mr. Berman and Mr. Berman’s outstanding loans and the conflict presented by these loans.  To see the order click here.

If you believe that you may have been the victim of stockbroker misconduct at the hands of Mr. Berman, Axiom Capital Management or any other broker or firm, please contact West & West, LLC for a free initial consultation.

FINRA Arbitration Panel Finds Stifel Nicolaus And Broker Liable For Over $1.5M

On March 31, 2015 in Gilbert v. Noble and Stifel Nicolaus, FINRA Case Number 12-02897, the Panel found Respondents jointly and severally liable for compensatory damages in the amount of $1,292,342.00 and attorneys’ fees in the amount of $250,000.00.  The claims related to the use of margin as well as purchases of variable annuities issued by Sunlife and Manulife and a Friedman Billings Ramsey Real Estate Investment Trust (REIT).

If you believe that you may have been the victim of stockbroker, fraud, misconduct or malpractice in connection with variable annuities, REITs or other securities or investment products please call Maryland Investment Fraud Attorneys West & West at 410-296-4655.