Switch to ADA Accessible Theme
Close Menu

Category Archives: FINRA

New York Judge Vacates $11 Million FINRA Arbitration Award Against Citigroup

By McCabe Rabin, P.A. |

An $11 million FINRA arbitration award against Citigroup and its employee, Edward James Mulcahy, has been vacated by a New York judge. Judge Charles Ramos of the Supreme Court of the State of New York entered an Order on January 2, 2014 vacating the July 2013 arbitration award issued by a panel of three… Read More »

Facebook Twitter LinkedIn

FINRA Update: Securities Arbitrator Pay Going Up; Confidential Investor Information to be Redacted; and Senators Push for Tighter Expungement Guidelines for Brokers

By McCabe Rabin, P.A. |

The FINRA Board of Governors (“Board”) recently met to discuss revisions to several of its rules governing securities arbitrations between investors, brokerage firms, and brokers. The Board has authorized FINRA to file a number of proposed amendments to the FINRA Code of Arbitration Procedure for Customer Disputes with the Securities and Exchange Commission (“SEC”)…. Read More »

Facebook Twitter LinkedIn

UBS Financial Services of Puerto Rico Named in FINRA Arbitration Seeking Damages For Losses in Puerto Rico Municipal Bonds Bought on Margin

By McCabe Rabin, P.A. |

A prominent Puerto Rico family has filed a FINRA arbitration claim against UBS Financial Services of Puerto Rico for approximately $22 million in losses sustained in Puerto Rico municipal bonds purchased on margin through the UBS Puerto Rico Family of Funds. Victor Gomez Garcia, his wife Socorro Horta Mendez, his daughter Madeline Gomez Horta,… Read More »

Facebook Twitter LinkedIn

FINRA Considers Requiring Brokerage Firms to Carry Insurance

By McCabe Rabin, P.A. |

In a recent interview with the Wall Street Journal, Susan Axelrod, FINRA’s Executive Vice President of Regulatory Operations, said that the regulator is considering a requirement that brokerage firms maintain errors and omissions insurance to cover the payment of arbitration awards. According to FINRA, since 2011, 11% of arbitration awards with a total value… Read More »

Facebook Twitter LinkedIn

FINRA Rules Update

By McCabe Rabin, P.A. |

Arbitration Panel Selection The Securities and Exchange Commission (“SEC”) has approved a proposal by the Financial Industry Regulatory Authority (“FINRA”) to make an all-public panel of three arbitrators the default choice for all customer cases seeking damages of $100,000 or more. Previously, absent the affirmative selection by a customer of an all-public panel within… Read More »

Facebook Twitter LinkedIn

Survey Shows Over 80 Percent of Participants Have Been Exposed to Financial Scams

By McCabe Rabin, P.A. |
Facebook Twitter LinkedIn

Terrell Owens Sues Former Agents for Recommending Now-Banned Financial Adviser Jeff Rubin

By McCabe Rabin, P.A. |

Former NFL wide receiver Terrell Owens is looking to his former agents Drew and Jason Rosenhaus, to recoup $6.5 million of losses incurred because of actions by Jeffrey Rubin of Lighthouse Point, the financial adviser the Rosenhaus brothers recommended. According to the Daily Business Review, the lawsuit names the Rosenhaus brothers and their company… Read More »

Facebook Twitter LinkedIn

FINRA Announces Settlement with Oppenheimer Over Unregistered Penny Stocks

By McCabe Rabin, P.A. |

The Financial Industry Regulatory Authority (“FINRA”) has fined Oppenheimer & Co. Inc. $1,425,000 for failing to have an adequate anti-money laundering (“AML”) compliance program and for selling more than a billion shares of unregistered penny stocks. Oppenheimer agreed to the sanctions in settlement of allegations first made by FINRA in its May 2013 complaint…. Read More »

Facebook Twitter LinkedIn

Proposed FINRA Rule Changes

By McCabe Rabin, P.A. |

FINRA currently has two proposed rule changes pending approval by the Securities and Exchange Commission (“SEC”). The SEC has until September 18, 2013 to act on the proposed rule changes. SR-FINRA-2013-023 – Panel Selection FINRA has proposed changes to Rule 12403 that governs the selection of arbitrators in customer cases requiring three arbitrators. A… Read More »

Facebook Twitter LinkedIn

FINRA Award Vacated Because of Arbitrator Misconduct

By McCabe Rabin, P.A. |

In a Memorandum and Order dated August 1, 2013 (“M&O”), the United States District Court for the Eastern District of Pennsylvania vacated a FINRA Arbitration Award after finding that the investor, Athena Venture Partners, L.P. (“Athena”), was “prejudiced by [an arbitrator’s] misbehavior.” According to the Court, the “misbehavior” involved conduct by former FINRA public… Read More »

Facebook Twitter LinkedIn