Law and legal issues

After both firms exited the Broker Protocol, their attempts to browbeat advisors have largely failed, one recruiter argues.

Rival firms like Ameriprise could stand to gain as advisors adapt to new recruiting realities.

Form U4s and U5s don’t always match up, but it’s still the advisor’s responsibility to be proactive, writes compliance expert Alan J. Foxman.

The beleaguered bank is reported to have been ordered by the Justice Department in late 2017 to conduct an independent investigation of the business.

The wirehouse is charting a litigious course since breaking with the Broker Protocol, and some observers think the scorched-earth campaign could harm its reputation.

The move could help the firm block former advisors from contacting clients.

The 84-year-old client wanted to preserve her wealth, but says her advisor made "unsuitable" asset allocations.

A FINRA arbitration panel concluded that the No. 1 IBD made false and defamatory statements in its U5 filings.

The firm invested the widow's money in oil and gas securities, real estate investment trusts and other investments that did not square with her conservative risk profile, her lawyer argued.

"Simply put, the plaintiff here is looking to be paid the same money twice," a spokeswoman for the Swiss firm says.

The barred advisor and his brother defrauded a widow as part of a real estate investment scheme, according to federal prosecutors.

The regulator proposed rule changes that will make it considerably more difficult for advisors to erase customer complaints from their disciplinary records.

In the latest clash after Morgan Stanley's exit from the Broker Protocol, the firm notched a win as the case heads to FINRA arbitration.

Entrepreneurs who suffer continuous losses could find their work classified as a hobby by the IRS.

Morgan Stanley and one of its advisors were ordered to return the entrepreneur's investment in two private placement funds totaling $536,000 and pay him $37,500 in compensatory damages.

The convicted fraudster allegedly stole more than $270,000 from his victims, including his mother and ex-girlfriend.

Wells may have settled with former employee Claudia Ponce de Leon because it wanted to avoid the "massive exposure" of a jury trial, an expert says. It is unclear how the agreement will affect Wells’ other cases.

It’s not easy, but advisors who believe they were wronged can request their records be expunged, an expert says.

The advisor claimed the bank placed a slanderous statement in his form U5, preventing him from finding a new job.

How advisors deal with grievances and arbitration can make or break a career.