If you own a limited partnership interest, or are considering such an investment, you should be aware of a less-recognized form of investor abuse: limited partnership fraud. Because limited partners do not participate in day-to-day partnership operations and there is no board of directors to review management decisions, the general partner has almost complete control […]
Ponzi Schemes
Even in the wake of the “Bernie” Madoff scandal, investors continue to lose billions of dollars in Ponzi schemes. Stripped to its bare bones, a Ponzi scheme is a ploy where a promoter pays one set of investors with money raised from other investors. Ponzi promoters promise investors high returns but offer few details, except […]
FINRA CEO Expresses Concerns About Investment Products
Rick Ketchum, Chairman and CEO of the Financial Industry Regulatory Authority (FINRA), recently spoke at the CCOutreach BD National Seminar. Ketchum addressed some specific product concerns: Over the last couple of years, FINRA has issued a number of Regulatory Notices related to products that have raised concerns for us from an investor protection standpoint. As […]
A Warning About Variable Annuities
Brokers love variable annuities, but most investors should view them as toxic investments. Variable annuities are basically mutual funds contained within a highly expensive insurance “wrapper.” They are attractive to brokers because they offer almost unbelievably high commission payouts which the client never sees, but pay through high annual expenses and large “surrender charges” which […]
John C. Porter, Jr. and Brian Smiley Recognized by Georgia Super Lawyers Magazine
John C. Porter, Jr. and Brian Smiley have been named by Georgia Super Lawyers magazine as two of the top attorneys in Georgia for 2011. Only 5% of the lawyers in the state are named by Super Lawyers. The selections for this esteemed list are made by the research team at Super Lawyers, which is […]
Equity Indexed Annuities
Here’s a proposition: Fearful investors provide a ready market for products that sound safe, but aren’t. Exhibit A in support of that proposition? The Equity Indexed Annuity, or EIA. An EIA is an annuity, meaning it’s a contract to pay a guaranteed minimum interest rate, which is then goosed up by aligning the rate it […]
Brian Smiley Reelected to the PIABA Board of Directors
Brian Smiley was reelected to the Board of Directors of the Public Investors Arbitration Bar Association. This was for his third two-year term. During the organization’s annual meeting in Ponte Vedra Beach Florida, Brian conducted a members only session on brokerage firm defense tactics.
Can the SEC Beat Goldman Sachs?
Smiley Bishop & Porter LLP quoted in U.S. News & World Report on SEC’s suit against Goldman Sach’s. News that the Securities and Exchange Commission filed a civil suit against Goldman Sachs has sent the investment bank’s stocks reeling. But are investors overreacting?
Investors Win More Broker Cases
Brian Smiley addresses the recent flood of claims against brokers. Investors pummeled by last year’s market meltdown are increasingly taking their brokers to task.
Brian Smiley Speaks at ICLE Seminar
Brian Smiley spoke before the prestigious Annual Securities Litigation & Regulatory Practice seminar conducted by the ICLE. His topic was, “Arbitration Against Stockbrokers: The Machinist and the Millionaire.” His paper involved claims against investment professionals for failing to adequately diversify client portfolios.
