Industry News

Federal Appeals Court Rules that SEC’s “In-House” Court System is Unconstitutional

Federal Appeals Court Rules that SEC’s “In-House” Court System is Unconstitutional

The U.S. Court of Appeals for the Tenth Circuit ended 2016 with a bang last week when it ruled that the SEC’s long-standing practice of using “non-appointed” Administrative Law Judges (“ALJs”) to preside over agency enforcement hearings violates the Appointment Clause of the U.S. Constitution. The decision in Bandimere v SEC was accompanied by a…

Shining a Light on Investment Abuse

Shining a Light on Investment Abuse

This short educational video released by the Public Investor’s Arbitration Bar Association Foundation examines the recent Wells Fargo scandal and the conflicts of interest that drive brokers and financial advisors to betray their clients’ trust. The video features victims of investment abuse and attorneys who explain why investors are hesitant to hold their brokers and financial…

FINRA Panel Awards $125,000 in Case Against Michigan-Based Investment Advisor, MKD Wealth Coaches

FINRA Panel Awards $125,000 in Case Against Michigan-Based Investment Advisor, MKD Wealth Coaches

On November 5, 2015, a panel of FINRA arbitrators awarded $125,000 in compensatory damages to the Michael J. Morse Trust, Michael Morse IRA, and Harriet Morse IRA (the “Claimants”) in connection with claims filed against Michigan-based Investment Advisor firm, Mackey, Komara & Dankovich LLC, which also provides advisory services under…

FINRA Panel Denies Expungement Request By La Salle Broker, Michael Singer, Following Settlement of Claims Relating to Non-Traded REITs

FINRA Panel Denies Expungement Request By La Salle Broker, Michael Singer, Following Settlement of Claims Relating to Non-Traded REITs

On October 24, 2014, a panel of FINRA arbitrators in Detroit, Michigan denied a unopposed motion for expungement filed by broker Michael David Singer in a suitability case initiated by a former customer of Singer and La Salle St. Securities, L.L.C. (“La Salle”). The motion was filed after the claims against Singer…