Main office: (616) 632-8000
Toll-free: (888) 607-4819
In a host of recent arbitration filings, customers of former financial advisor Edward Turley of San Francisco allege that Turley engaged in unauthorized and unsuitable trading in their accounts. There are three pending cases involving damage claims of close to $80 million. Five other cases have been settled for an aggregate amount of $30…
On Wednesday, the U.S. Court of Appeals for the Tenth Circuit denied the SEC’s request for a rehearing en banc in the case of Bandimere v SEC, thus confirming its earlier ruling that the SEC’s use of “non-appointed” Administrative Law Judges (“ALJs”) is unconstitutional. The SEC’s last avenue of appeal is by leave to the Supreme…
Under Section 509(5) of the Michigan Uniform Securities Act, “[a] person acting as an investment adviser or investment adviser representative that provides investment advice for compensation in violation of section 403(1), 404(1), or 506 [of the Act] is liable to the client.” MCL 451.2509(5). Unregistered Investment Advisor Section 403(1) of…
On April 8, 2016, the Department of Labor (“DOL”) promulgated regulations designed to tackle the problem of “conflicted advice” in the retirement savings industry. Conflicted advice refers to the situation in which a securities broker or other “advice provider” [1] makes a recommendation to a customer that is based, at least in part, on the advice provider’s own pecuniary…