A few weeks ago, one of my U5 expungement clients in Michigan got a call from a law firm based in Colorado asking if...
Securities Industry Law Articles
SEC Industry Attorney // Securities Industry Law // Serving FINRA-member broker-dealers and SEC-RIA firms in handling regulatory issues and litigation.
It’s a Minefield – Reporting Outside Business Activities
Every so often your firm will have you fill out an OBA questionnaire. Whatever you do, before filling it out, talk it...
Can You Get Your U5 Expunged Without a Lawyer?
As my Scottish grandmother would say, “Good luck with that!” I’ve been at this for 20 years. I don’t think I’ve ever...
Merrill Lynch Veteran Fired Over Outside Business Activity
Outside business activities (“OBA”) are no joke when it comes to your employment with a broker-dealer. Earlier this...
Cetera Fined $125,000 for Violating Customer Privacy While Recruiting
Customer privacy is a huge issue in the broker recruiting process. Take a lesson from Cetera Advisor Networks....
Using Client Testimonials in Your Brokerage Practice
Recently, the SEC has decided to allow brokers to employ client testimonials in their practice, opening a huge – and...
Defamation Claims, Privilege, and FINRA Arbitration
If you are a broker who has had what you think is defamatory language put on your Form U5, the only way you can compel...
Get Your U5 Cleaned Up While You Can
Form U5 defamation cases are on the rise, with a reported 24% increase over the filing period from 2019 to 2020. In...
California Changes Course On U5 Defamation Cases
In California, it has long been the case that what a brokerage firm puts on your U5 is protected by “absolute...
Emails Tell the Tale
When I started out in this business, I represented investors against brokers and the investor was always right. Then...
Defending a Selling Away Case
In Barbara Golds v. LPL et al., I defended LPL against a market maven who wanted the FINRA panel to believe she was...
There Are Lies and There Are White Lies
Virtually every case I defended at Oppenheimer involved some disgruntled investor trying to get a Mulligan and/or...