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Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
Customers: Beware What You Sign
[Image: Signage / Ebay]
by Howard Haykin
These written statements were false because … 1) the Authorization was not necessary to allow the broker to continue servicing the policy; 2) no part of the Department of Labor's "Fiduciary Rule" triggered a requirement for customers to sign the Form; and, 3) taking no action regarding the Form had no effect on the customers' choices going forward.
The broker’s actions were intentional … i.e., he preyed on vulnerable individuals who, in many cases, were financially unsophisticated, elderly, or parents of children with developmental disabilities. The broker initially met them through his approved outside business activity (OBA), a company that purportedly specialized in financial planning for parents and caregivers of individuals with special needs and advised the customers about Medicaid eligibility and other long-term care and special needs matters.
INVESTOR TAKE-AWAYS. Before giving another person access to your brokerage or insurance account, consult with a trusted professional who has nothing to do with the account(s). Particularly when such authorizations assign authority to withdraw funds from an account. SAFETY FIRST.
[For further details, click on … FINRA Case #2018057690301.]