With apologies to “My Cousin Vinnie,” a UIT is a Unit Investment Trust. UITs are investment products that brokers love to sell and investors should avoid. UITs are portfolios of stocks, bonds, or mutual funds which are assembled by trustees …
The law firm of Smiley Bishop & Porter LLP is investigating potential claims against Wells Investment Securities, Inc. (“Wells Securities” and “Wells”) concerning its sales of Wells Real Estate Funds. Wells Securities is a Norcross, Georgia based broker-dealer which makes …
The paltry returns from many traditional income investments like government bonds and CDs and the volatility of stocks have inspired brokers to push investments that promise high yields, but often carry hidden dangers. According to a recent release from the …
It has been reported that the Secretary of State of Georgia, who regulates stockbrokers, is investigating whether securities laws were violated by the sale of reverse convertible notes to Georgia investors. According to a July 21, 2011 report in Bloomberg, the …
In AT&T Mobility LLC v. Concepcion (April 27, 2011), the U.S. Supreme Court handed a big win to corporations that want to avoid facing class actions for consumer fraud. In a five to four decision, the Court reversed a Ninth …
It takes a cold, cold heart to exploit a natural disaster as a hook to defraud stock market investors. But according to a recent FINRA Alert, that is exactly what is happening in the wake of the Japanese earthquake, tsunami, …
There are between 3,000 and 9,000 arbitration claims filed with FINRA against brokerage firms every year. The most frequently filed complaints allege that a broker breached his/her fiduciary duty, made misrepresentations, or sold investments that were not suitable for the …
If there is one thing that is not in short supply in the financial planning profession it’s initials. Professional designations in the financial planning business include CFPs, CFAs, ChFCs, RIAs, RRs, and CSAs to list only a few. To make …
FINRA has issued an Investor Alert to warn investors about stock-based loan programs. Brokers, financial planners, insurance agents and other advisors are pitching these programs as a way for clients to tap into the value of their stock holdings without …
FINRA announced it fined Nuveen Investments $3 million for misleading marketing materials used to push its auction-rate preferred securities. Nuveen did not directly sell the securities to its customers, but it did create marketing brochures used by the brokers who …
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