News from Banks Law Office | Blog

In a recent disciplinary action by the Financial Industry Regulatory Authority (FINRA), Richard S. Siminou faced penalties for trading violations and unsuitable recommendations. The key details of this case are as follows: If you lost money because of Siminou’s investment advice, please contact Banks Law Office.

In a recent regulatory development, BrokerBank Securities, Inc. and its CEO, Philip Paul Wright, faced severe sanctions from the Financial Industry Regulatory Authority (FINRA). This case shines a spotlight on the consequences of non-compliance in the financial industry, revealing how the firm and its CEO allowed an unregistered person to operate in a registered capacity.…

The Department of Labor (DOL) has announced the release of a new retirement security rule, commonly referred to as the “fiduciary rule,” which has been highly anticipated and controversial in the financial industry. This rule is set to be officially released at a White House event at 3:30 p.m. Eastern Time and is expected to…

The duration of FINRA (Financial Industry Regulatory Authority) consumer arbitrations can vary widely depending on several factors, including the complexity of the case, the number of parties involved, and the availability of the arbitrators. On average, FINRA arbitration cases typically take around 18 months from the initial filing to the issuance of an award. However,…

Last month, we noted that GWG L-Bond investors had already lost most of their money. In October 2023, the status of GWG-L Bond investments has continued to decline. As we noted in our previous blog post, GWG’s bankruptcy allowed the company to re-structure the debts it owed to L-Bond holders. As a result, L-Bond investors…

FINRA (The Financial Industry Regulatory Authority Inc.) has been penalizing broker-dealers for their involvement in selling high-risk GPB private placements, which were limited partnerships investing in income-producing businesses. GPB raised $1.8 billion from retail investors, but their failure to file required financial statements with the SEC led to problems. Now, FINRA is increasingly focusing on…

FINRA’s Secret Agreement To Rig Arbitrator Selection In 2022, a Georgia court issued a bombshell opinion that found that FINRA had made an illegal secret agreement with a lawyer, Terri Weiss, who represented brokerage firms in FINRA arbitrations. Specifically, FINRA told Weiss that it would make sure certain arbitrators that had served on one of…

On July 12, 2023, an individual named Luke Michael Johnson was accused in a FINRA (Financial Industry Regulatory Authority) complaint of making unsuitable recommendations to customers. These recommendations involved advising customers to invest over $2.35 million in illiquid alternative investments. The complaint alleges that these recommendations were unsuitable based on the customers’ financial profiles, including…

On July 20, 2023, Robert Spencer Gerstein, based in Boca Raton, Florida, was subject to an AWC (Acceptance, Waiver, and Consent) by FINRA (Financial Industry Regulatory Authority). As part of this agreement, Gerstein faced several sanctions: The allegations against Gerstein revolved around his engagement in short-term trading of securities that were meant to be held…

On July 17, 2023, Daniel M. King of Venice, California, was issued an AWC (Acceptance, Waiver, and Consent) by FINRA. In this disciplinary action, King was fined $10,000, suspended from associating with any FINRA member for two months, and ordered to pay $33,374.31 plus interest in restitution to a customer. This restitution is related to…