Investor Blog Archives - Stoll Berne | Attorneys | Class-Action, Securities, IP, Real Estate, Business Litigation

SEC Gives Guidance About Certain Leveraged and Complex Exchange Traded Products

November 30, 2020

Alleged Fraudster Flees from Arrest Using Submersible Sea Scooter

November 24, 2020

The U.S. Attorney for the Eastern District of California announced the arrest and indictment of Matthew Piercey in connection with a fraud and Ponzi investment scheme involving Family Wealth Legacy and Zolla.

Categories: Investor Blog

DCBS Proposes Amendment to Oregon Administrative Rule About the Use of Certifications, Designations, and Titles by Securities Professionals

November 18, 2020

The Oregon Department of Consumer and Business Services (“DCBS”), Finance and Securities Regulation recently gave notice of a proposed rulemaking to amend the rule regarding the use of special designations, professional certifications, or titles by securities professionals.

Categories: Investor Blog, Laws and Regulations

New Requirements Before Registered Representative May Be Named a Customer’s Beneficiary

November 3, 2020

In an October 29, 2020, regulatory notice, FINRA announced the adoption of a new rule that creates new requirements before any person associated with a firm regulated by FINRA obtains power of attorney or is named a beneficiary, executor, or trustee for or on behalf of a customer.

Categories: Investor Blog, Laws and Regulations, Regulators and Enforcement

SEC Declines to Implement Vetting Requirements for Investors in Leveraged and Inverse Exchange-Traded Funds

October 29, 2020

The Wall Street Journal reported that the SEC is not moving forward on a measure to require broker dealers and investment advisers to vet individual investors before permitting them to trade leveraged and inverse exchange-traded funds.

Categories: Investor Blog, Laws and Regulations, Regulators and Enforcement

Metals.com Accused of Selling Fraudulently Overpriced Gold and Silver Bullion

September 29, 2020

Metals.com and its parent company, TMTE, Inc., along with Chase Metals, LLC, Chase Metals, Inc., Barrick Capital, Inc., and its principals Lucas Asher (aka Lucas Thomas Erb, aka Luke Asher) and Simon Batashvili are alleged to have run a nationwide fraud that brought in more than $185 million in money from customers to buy fraudulently overpriced gold and silver bullion.

Categories: Investigations, Investor Alerts, Investor Blog, Laws and Regulations, Regulators and Enforcement

Investor Claims in Court and FINRA Arbitration

September 22, 2020

Mistakes made by even well-intentioned financial advisers, stock brokers, promoters, solicitors, and others who give investment advice or sell financial products sometimes come to light when markets are volatile or when a bull market ends.

Categories: Investor Alerts, Investor Blog, Laws and Regulations

Free Tools to Research Investment Firms and Individuals

September 17, 2020

Investors have access to free electronic search tools through self-regulatory organizations, federal, and state regulators to research investment firms and professionals. This post describes several free tools that give access to information beyond what you can learn using Google and other search engines.

Categories: Investor Alerts, Investor Blog, Laws and Regulations, Regulators and Enforcement

SEC Expands the Definition of Accredited Investor

August 27, 2020

On August 26, 2020, the SEC adopted amendments to the definition of “accredited investor.” Many private capital market offerings...

Categories: Investor Alerts, Investor Blog, Laws and Regulations

Federal Appellate Court Upholds FINRA Rules

August 13, 2020

The Fourth Circuit Court of Appeals recently confirmed that a violation of FINRA rules can be a breach of an agreement between an investor and a broker-dealer.

Categories: Investor Blog, New Decision, Regulators and Enforcement

SEC Proposes Changes to its Whistleblower Program

August 5, 2020

Proposed Regulation 21F, that the U.S. Securities and Exchange Commission is currently reviewing, could impact the SEC whistleblower program.

Categories: Investor Blog, Laws and Regulations

Is Your Investment Adviser Using a Solicitor?

July 24, 2020

Some investors may not realize that the person who the investor thinks of as his or her investment adviser is actually a solicitor for another business who is paid a cash fee to bring in clients.

Categories: Investor Alerts, Investor Blog

NASAA Announces Support for Investor Choice Act of 2019

July 7, 2020

The North American Securities Administrators Association, Inc. (NASAA) announced its support for the Investor Choice Act of 2019 (S. 2992) in a June 2020 letter to the bill’s sponsor, United States Senator Jeff Merkley.

Categories: Investor Blog, Laws and Regulations

Regulation Best Interest Goes Into Effect

July 1, 2020

Beginning June 30, 2020, brokerage firms and their associated persons will have to comply with Regulation Best Interest (Reg BI), which sets a new standard of conduct when working with retail investors.

Categories: Investor Blog, Laws and Regulations

Preliminary Injunction Ordered Against Investment Advisor for Elder Fraud

June 24, 2020

On June, 3, 2020, the U.S. Securities and Exchange Commission (“SEC”) obtained a preliminary injunction against investment adviser Paul Horton Smith, Sr. and related entities. The SEC alleges Smith and his entities engaged in a Ponzi scheme targeting senior citizens.

Categories: Investigations, Investor Blog

Applied Bioscience Corp. Charged with Antifraud Violation

June 22, 2020

The U.S. Securities and Exchange Commission (“SEC”) filed a complaint for fraud against Applied Bioscience Corp. in May 2020. The SEC alleges that Applied Biosciences Corp. sought to exploit the COVID-19 pandemic for profit.

Categories: Investor Blog, Laws and Regulations, Regulators and Enforcement

World Elder Abuse Awareness Day

June 18, 2020

June 15, 2020 was World Elder Abuse Awareness Day. The Oregon Division of Financial Regulation used June 15 as an opportunity to remind all of us to help elders be on guard for financial exploitation.

Categories: Investor Alerts, Investor Blog

FINRA Warns Investors and Retirees

June 16, 2020

FINRA warned investors and retirees about investment advisors who are taking advantage of temporary changes to withdrawal rules from retirement accounts to encourage clients to invest in risky products that often charge high fees.

Categories: Investor Blog

Financial Advisor Ronald Hannes Under Investigation

June 10, 2020

Stoll Berne is investigating claims on behalf of individual investors who may have lost money with Spokane-based financial advisor, Ronald Hannes of Woodbury Financial.

Categories: Investigations, Investor Blog

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SEC Gives Guidance About Certain Leveraged and Complex Exchange Traded Products

Alleged Fraudster Flees from Arrest Using Submersible Sea Scooter

DCBS Proposes Amendment to Oregon Administrative Rule About the Use of Certifications, Designations, and Titles by Securities Professionals

New Requirements Before Registered Representative May Be Named a Customer’s Beneficiary

SEC Declines to Implement Vetting Requirements for Investors in Leveraged and Inverse Exchange-Traded Funds

Metals.com Accused of Selling Fraudulently Overpriced Gold and Silver Bullion

Investor Claims in Court and FINRA Arbitration

Free Tools to Research Investment Firms and Individuals

SEC Expands the Definition of Accredited Investor

Federal Appellate Court Upholds FINRA Rules

SEC Proposes Changes to its Whistleblower Program

Is Your Investment Adviser Using a Solicitor?

NASAA Announces Support for Investor Choice Act of 2019

Regulation Best Interest Goes Into Effect

Preliminary Injunction Ordered Against Investment Advisor for Elder Fraud

Applied Bioscience Corp. Charged with Antifraud Violation

World Elder Abuse Awareness Day

FINRA Warns Investors and Retirees

Financial Advisor Ronald Hannes Under Investigation