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Litigation
$31M settlement of shareholder suit against RCS Capital, Nicholas Schorsch (Corrected)
Stockholders had alleged “false and misleading” financial statements.
Fiduciary rule to make FINRA arbitration more difficult for advisors
The impartial conduct standards have boosted clients’ chances, a longtime arbitrator says.
Ex-SII Investments broker swindled $1.8M from friends and clients: FBI
The advisor used the money on cars and gambling in the latest Ponzi-like scheme, investigators say.
SEC: Advisor defrauded elderly clients of $1M for mortgage payments
The broker persuaded clients to write checks payable to him, the regulator claims.
Broker loses $3.3M defamation case against Raymond James
Experts say such cases are commonly filed by advisors yet difficult to win.
HighTower advisor urges Trump to pardon junk king Michael Milken
David Bahnsen told the president that that Milken’s prosecution was a result of “a period of class envy run amok.”
Judge tosses restraining order against UBS breakaways
The Swiss wirehouse hit the founding partners of an $8 billion firm with a lawsuit.
Former Nicholas Schorsch firm CFO found guilty of accounting fraud
The magnate's fallen empire included RCS Capital, the onetime parent of Cetera Financial Group.
Disabled clients lost $500K in TD Ameritrade chatroom
They seek a refund and damages after they said the firm directed them to its Thinkorswim website, according to a FINRA arbitration filing.
In wake of ski resort fraud case, Raymond James grabs Morgan complex manager
The new recruit joins after the regional firm paid $150 million to settle a lawsuit brought by an SEC receiver.
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