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Earlier this year, University of Chicago and University of Minnesota business school professors, Mark Egan, Gregor Matvos, and Amit Seru, published an academic working paper in which they concluded that approximately 7.28% of registered securities brokers have “misconduct” disclosures on their FINRA Brokercheck reports.[1] The study classified six types of Brokercheck…
According to the Securities Arbitration Commentator, more than one thousand FINRA arbitration claims have been filed against brokerage firms for recommending investments in Puerto Rico bonds and bond funds. The brokerage firms allegedly touted the bonds and bond funds as safe, low-risk investments, suitable for investors seeking income and capital preservation, notwithstanding the…
On February 2, 2016, FINRA Enforcement filed a complaint against Midland-based financial advisor Gopi Vungarala, a registered representative of Purshe Kaplan Sterling Investments, alleging that he regularly lied to his customer, a Native American tribe, regarding investments that he recommended. It is alleged that Vungarala fraudulently induced the tribe to…
Michigan’s securities regulators are charged with enforcing the many provisions of the Michigan Uniform Securities Act of 2002 or “MUSA.” They have wide-ranging powers under the Act, including the power to issue cease and desist orders and levy fines. Among the most common violations of the Act are (1) offering and selling unregistered,…