Tag Archives: securities attorney

FINRA Fines 10 Firms $43.5 Million On “Toys R Us” IPO

December 11, 2014

The Financial Industry Regulatory Authority (FINRA) fined 10 brokerage firms a total of $43.5 million for allowing their analysts to solicit investment banking business and for offering favorable research coverage in connecting with the 2010 IPO of Toys R Us.

Firms and fines:

  • Barclays Capital                    $5 million
  • Citigroup Global Mkt         $5 million
  • Credit Suisse                           $5 million
  • Goldman Sachs                      $5 million
  • JP Morgan Sec.                      $5 million
  • Deutsche Bank                      $4 million
  • Merril Lynch                            $4 million
  • Morgan Stanley                     $4 million
  • Wells Fargo                              $4 million
  • Needham & Co.                     $2.5 million

Entire FINRA Press Release here. 

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Amarin Corp. Losses ? Options for Investors Seeking Recovery of Loss

December 12, 2014

While there is a class action pending seeking losses on Amarin Corporation (AMRN), investors with significant losses would be wise to consider filing an individual FINRA arbitration seeking damages against the broker/ broker dealer who made the recommendation.

FINRA arbitration is generally concluded in a year or so, with limited costs involved and the average recovery is almost always a greater percentage of the losses than what is achieved in the typical class action.

Amarin was trading at nearly $20 a share in May 2011. On December 12, 2014, it was trading at just a little over $1.

If you suffered substantial losses on an investment in Amarin which you made upon the recommendation of your broker, contact us to discuss your options.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Geoffrey Richards Securities-Hypoluxo, FL-Sanctioned by Securities Regulators

December 11, 2014

To resolve allegations by the Financial Industry Regulatory Authority (FINRA) that it violated securities rules and regulations related to the reporting of net capital , Geoffrey Richards Securities agreed to a censure and to pay a fine of $40,000.

The violative conduct took place between 6/24/2010 and 1/31/2013 when the company acted as an underwriter in 24 firm commitment offerings, in violation of its membership agreement and without filing a continuing membership application.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Citigroup Fined $3 Million-Failure to Deliver Prospectuses on ETFs

December 10, 2011

Citigroup entered into a settlement agreement with the Financial Industry Regulatory Authority and agreed to pay a fine of $3,000,000 and a censure to resolve allegations that the company failed to failed to deliver prospectuses in connection with the sale of exchange traded funds (ETFs).

According to the agreement, Citigroup failed to deliver the required disclosure documents in 255,000 purchases between September 2010 and November 2010. Case# 2011026502901.

If you suffered damages as a result of investing in exchange traded funds purchased from Citigroup, you may be able to recover damages. Contact us to learn more.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Wedbush Fined/Sanctioned by Securities Regulators Over Supervison/Reporting Issues

December 11, 2014

The Financial Industry Regulatory Authority (FINRA) rendered a decision in Complaint #20070094044, appealing the sanctions imposed ay an earlier decision by a FINRA hearing panel against Wedbush Securities and Edward William Wedbush. It  the earlier hearing the panel found  that the company committed various regulatory failures with respect to the reporting of customer complaints and that its founder/president Edward Webush failed to reasonably supervise regulatory reporting.

The appeal affirmed the liability findings of the panel and modified the sanctions, imposing a $300,000 fine on Wedbush Securities and a 31 day suspension in all principal capacities and $50,000 fine on Mr. Wedbush.

According to the decision, “The Firm’s reporting failures included substantial settlements with customers, FINRA and SEC Wells Notices, criminal matters, bankruptcies, customer complaints and arbitration filings.”

With regard to prior supervision issues, the decision notes: “We considered the Firm’s extensive disciplinary history with respect to supervision failures. In the past 10 years alone, the Firm has been fined approximately $2,000.000 by FINRA, NASD and NASDAQ in 16 separate disciplinary actions and settlements involving supervisions failures. The Firm’s disciplinary history coupled with its failure to remedy regulatory reporting problems despite repeated warnings from regulators present a significant aggravating factor in our determination of sanctions”

If you have questions about losses in your brokerage account, call us to discuss your options.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870