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Recent FINRA/Texas State Securities Board Enforcement Actions

Robert Linkin

By Robert Linkin | August 05, 2016

Complex Litigation, Securities Litigation

Even with the frequency of enforcement actions slowing during the summer months, both FINRA and the Texas State Securities Board have brought or settled several significant enforcement actions against broker dealers, summarized below. Recent FINRA Enforcement Actions: FINRA Fines Prudential Annuities Distributors, Inc. $950,000 On July 19, 2016, FINRA announced it had fined Prudential Annuitites…

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FINRA FINES AND SANCTIONS PLANO BROKER DEALER PTX SECURITIES IN CONNECTION WITH THE SALE OF OIL & GAS PRIVATE PLACEMENTS

Robert Linkin

By Robert Linkin | June 23, 2016

Complex Litigation, Securities Litigation

FINRA has censured PTX Securities, LLC of Plano, Texas for its failure to conduct due diligence regarding oil and gas private placement offerings, and specifically, for failing to investigate the impact of an adverse money judgment against the issuer of these securities. PTX derives the majority of its revenue from its role as a managing…

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United Development Investment Fraud Likely to Lead to Investor Claims

Robert Linkin

By Robert Linkin | May 17, 2016

Complex Litigation, Securities Litigation

United Development Investment Fraud Likely to Lead to Investor Claims A series of independent broker-dealers, including IMS Securities, Inc., Berthel Fisher & Co. Financial Services, Inc., Centaurus Financial Inc., and VSR Financial Services, Inc. are likely to face an increasing number of investor arbitration claims in the coming months related to the United Development Funding…

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METLIFE SECURITE FINED $25 MILLION BY FINRA FOR MISCONDUCT RELATED TO THE SALE OF VARIABLE ANNUITIES

Robert Linkin

By Robert Linkin | May 05, 2016

Complex Litigation, Securities Litigation

In a release dated Tuesday, May 2, 2016 FINRA announced it had fined MetLife Securities, Inc. $20 million dollars and ordered it to pay an additional $5 million dollars to customers of the firm in connection with repeated misrepresentations made by the company regarding variable annuity replacement applications. Typically the misrepresentations and omissions by MetLife…

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Texas Investment Advisor Registration Revoked

Robert Linkin

By Robert Linkin | April 22, 2016

Complex Litigation, Securities Litigation

The Texas Securities Board has entered a Disciplinary Order revoking the registration of Dallas Investment Advisor Sarah Helen Hancock. Among other things, Hancock apparently withdrew grossly excessive amounts of money from clients’ accounts, and on at least one occasion, fraudulently misrepresented an account’s value to justify the amount she collected as management fees. Hancock’s registration was officially revoked…

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The Risks of Securities Backed Lines of Credit

Robert Linkin

By Robert Linkin | January 21, 2016

Complex Litigation, Securities Litigation

An increasing number of securities firms are marketing and offering securities-backed lines of credit, or SBLOCs, to investors. SBLOCs can be a key revenue source for securities firms, especially in times of solid market returns and growing investment portfolios, when investors may feel more comfortable leveraging their assets. Firms market SBLOCs as a type of…

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North American Securities Administrators Association Warn of Top Threats to Investors in 2016

Robert Linkin

By Robert Linkin | January 19, 2016

Complex Litigation, Securities Litigation

The North American Securities Administrators Association (NASAA) has released its list of the top threats to investors in 2016.  NASAA urged investors to be particularly careful when approached with unsolicited investments, especially those involving promissory notes, oil and gas deals and real estate investment opportunities, including non-traded real estate investment trusts. “Investing is serious business,”…

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Dallas Based WFG Investments Fined by Texas Securities Board

Robert Linkin

By Robert Linkin | September 30, 2015

Complex Litigation, Securities Litigation

The Texas State Securities Board has reprimanded and fined WFG Investments Inc. $175,000 for failing to determine whether the sales of alternative investments exposed clients to excessive risk. Specifically, the Disciplinary Order, entered Sept. 3rd by Securities Commissioner John Morgan, found WFG violated supervisory procedures it established to make sure its registered agents were selling…

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