March 11, 2016

Recovery options for investors following FBI Raid of United Development Funding (UDF) offices in Dallas, Texas

March 11, 2016/ Jon Furgison

Recovery options for investors following FBI Raid of United Development Funding (UDF) offices in Dallas, Texas

The Furgison Law Group securities lawyers are also investigating a number of brokerage firms’ sales practices involving recommendations for investors to invest in United Development Funding I, United Development Funding III, United Development Funding IV, United Development Funding V, or other investment programs sponsored by UDF. According to offering materials, all UDF REITs were sold by brokerage firms. Those firms include, but are not limited to IMS Securities Inc., Berthel Fisher & Co., Financial Services Inc., Centaurus Financial Inc., VSR Financial Services, Inc., Geneos Wealth Management, and Realty Capital Securities, LLC. Brokerage firms, like those listed above, reportedly sold over $1 billion of UDF REITs to individual investors.

January 15, 2016

FINRA Sanctions UBS Puerto Rico $18.5 Million for Supervisory Failures Regarding Sales of Puerto Rican Closed-End Funds and Related Loans

January 15, 2016/ Jon Furgison

FINRA Sanctions UBS Puerto Rico $18.5 Million for Supervisory Failures Regarding Sales of Puerto Rican Closed-End Funds and Related Loans

FINRA fined UBS Financial Services Incorporated of Puerto Rico (UBS PR) $7.5 million for supervisory failures related to the suitability of transactions in Puerto Rican closed-end fund (CEF) shares and ordered UBS PR to pay approximately $11 million in restitution to 165 customers who were forced to realize losses on their CEF positions.

January 15, 2016

FINRA Sanctions 12 Firms a Total of $6.7 Million for Failing to Apply Sales Charge Discounts to Customers' Purchases of UITs

January 15, 2016/ Jon Furgison

FINRA Sanctions 12 Firms a Total of $6.7 Million for Failing to Apply Sales Charge Discounts to Customers' Purchases of UITs

FINRA ordered 12 firms to pay restitution totaling more than $4 million and fines totaling more than $2.6 million for failing to apply available sales charge discounts to customers' purchases of Unit Investment Trusts (UITs), and related supervisory failures.

January 15, 2016

FINRA Orders Wells Fargo, Raymond James, and LPL Financial to Pay More Than $30 Million in Restitution to Retirement Accounts and Charities Overcharged for Mutual Funds

January 15, 2016/ Jon Furgison

FINRA Orders Wells Fargo, Raymond James, and LPL Financial to Pay More Than $30 Million in Restitution to Retirement Accounts and Charities Overcharged for Mutual Funds

FINRA has ordered Wells Fargo Advisors, LLC, Wells Fargo Advisors Financial Network, LLC, Raymond James & Associates, Inc., Raymond James Financial Services, Inc. and LPL Financial LLC to pay more than $30 million in restitution, including interest, to affected customers for failing to waive mutual fund sales charges for certain charitable and retirement accounts.

January 15, 2016

FINRA Orders an Additional Five Firms to Pay $18 Million in Restitution to Charities and Retirement Accounts Overcharged for Mutual Funds

January 15, 2016/ Jon Furgison

FINRA Orders an Additional Five Firms to Pay $18 Million in Restitution to Charities and Retirement Accounts Overcharged for Mutual Funds

FINRA order Edward Jones, Stifel Nicolaus, Janney Montgomery, AXA and Stephens to pay $18 million in restitution for overcharging customers and failing to adequately supervise the sale of mutual funds that offered sales charge waivers.

January 15, 2016

FINRA Fines Cantor Fitzgerald & Co. $7.3 Million for Selling Billions of Unregistered Microcap Shares

January 15, 2016/ Jon Furgison

FINRA Fines Cantor Fitzgerald & Co. $7.3 Million for Selling Billions of Unregistered Microcap Shares

FINRA has fined Cantor Fitzgerald & Co. $6 million and ordered disgorgement of nearly $1.3 million in commissions, plus interest, for selling billions of unregistered microcap shares in violation of federal law and failing to have adequate supervisory or anti-money laundering (AML) programs tailored to detect "red flags".

January 12, 2016

FINRA Fines Scottrade $2.6 Million for Failures in Electronic Records Retention

January 12, 2016/ Jon Furgison

FINRA Fines Scottrade $2.6 Million for Failures in Electronic Records Retention

FINRA fined Scottrade, Inc. $2.6 million for failing to retain a large number of securities-related electronic records in the required format, and for failing to retain certain categories of outgoing emails. Scottrade also did not have a reasonable supervisory system in place to achieve compliance with certain Securities and Exchange Commission (SEC) and FINRA books and records rules, which contributed to its record-retention failures.

January 11, 2016

FINRA Fines Deutsche Bank Securities Inc. $1.4 Million for Violating Regulation SHO and Short Interest Reporting Rules

January 11, 2016/ Jon Furgison

FINRA Fines Deutsche Bank Securities Inc. $1.4 Million for Violating Regulation SHO and Short Interest Reporting Rules

FINRA Fines Deutsche Bank Securities Inc. $1.4 Million for Violating Regulation SHO and Short Interest Reporting Rules

January 11, 2016

FINRA Fines Barclays Capital, Inc. $13.75 Million for Unsuitable Mutual Fund Transactions

January 11, 2016/ Jon Furgison

FINRA Fines Barclays Capital, Inc. $13.75 Million for Unsuitable Mutual Fund Transactions

FINRA Sanctions Barclays Capital, Inc. $13.75 Million for Unsuitable Mutual Fund Transactions and Related Supervisory Failures

January 11, 2016

FINRA Fines Fidelity Brokerage Services LLC $1 Million for Supervision Failures

January 11, 2016/ Jon Furgison

FINRA Fines Fidelity Brokerage Services LLC $1 Million for Supervision Failures

Fidelity Failed to Follow Up on Red Flags to Detect or Prevent Theft of Funds From Senior Investors by Fraudster Posing as Fidelity Broker.

Stock Fraud Lawyer | Securities Arbitration Attorneys| Furgison Law Group

The Furgison Law Group represents retail and institutional investors around the world in securities arbitration and litigation. The firm represents clients before the Financial Industry Regulatory Authority (FINRA) [formerly the National Association of Securities Dealers (NASD)], the American Arbitration Association (AAA) and in numerous state and federal courts to resolve financial disputes between customers, financial advisers, banks, brokerage firms and other financial institutions.

Our firm has represented litigants in state and federal courts in California and across the country in a variety of business and professional liability disputes, including complex litigation and cases involving sophisticated theories of fraud, misrepresentations and omissions, professional negligence and breach of fiduciary duty.

Our headquarters are in Southern California, but we have a network of associate attorneys that allow us to serve clients from across the country and around the world.

We have recovered millions of dollars in investment losses for our clients and we look forward to helping you.

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