Articles Posted in Firm News

“Recent Tools to Combat Financial Elder Abuse”: a closer look at mandatory and permissive conduct for Oregon securities professionals. Today, over 46 million Americans are 65 years of age or older. This accounts for nearly 15% of the population. According to the Population Reference Bureau, that number is projected to more than double by the…

Current cryptocurrency regulation and cryptocurrency investment regulation can be summed up in one phrase:  Regulation by Enforcement. I moderated a great panel presentation this weekend on Cryptocurrency Investments, Supervision and Securities Regulation at PIABA’s mid-year CLE event in Los Angeles on May 5, 2018.  We discussed the current state of regulation as well as the…

Oregonian Article Alerts Investors to the Dangers of High Return Investments The Chief of Enforcement at the Division of Finance and Corporate Securities Consumer & Business Services Department (DFCS), Van Pounds,  was both quoted in Molly Young’s recent Oregonian article about high return investments and Salem investment adviser Kevin Winder.  Winder lost his license for…

Investment News reported today that LPL Financial is being asked to pay $3.6 million in investor repayments and fines. The state of New Hampshire and LPL financial on Monday slapping LPL with a $1 million fine and $200,000 in investigative costs in addition to the $2.4 million in buybacks and restitution for clients.The state alleges unsuitable…

Investor Choice. Since 1987, when the Supreme Court decided McMahon v. Shearson Lehman Brothers, investors have been denied their Constitutional right to a jury trial. Instead, if they have lost money through the fraud or negligence of a FINRA-licensed stockbroker, financial advisor or brokerage firm, investors are required to bring their cases through the FINRA…

On December 12, 2014, NASAA presented an amicus brief supporting the Respondents in the Texas Supreme Court case Arnold v. Life Partners, Inc. The brief argued that that life insurance contracts sold as life settlement contracts to third parties as investments during an insured’s lifetime should be classified as investment contracts under Texas law, and…

On Thursday the Wall Street Journal reported that The Consumer Federation of America (CFA) had launched a campaign to support proposed rules from the Labor Department and the Securities and Exchange Commission that would require more advisers to be held to a “fiduciary” standard. Your feedback to the CFA could ultimately help hold financial advisers…

Banks Law Office, PC. is pleased to learn today that FINRA has chosen Richard Berry to replace Linda Fienberg as the new President of FINRA Dispute Resolution beginning December 1. Mr. Berry replaces Linda Fienberg who will retire in November after 18 years at the helm of Dispute Resolution. Our firm has known Rick Berry…

Robert S. Banks, Jr. was appointed by the Oregon Division of Finance and Corporate Securities to the Rule Advisory Committee for a proposed Crowdfunding exemption in Oregon. The first meeting is being held on October 20, 2014 in Salem. Any interested citizens should feel free to contact Mr. Banks with their comments or concerns about…

Investment News reported today that SWS Financial Services is facing charges regarding its sale of variable annuity applications. The Financial Industry Regulatory Authority’s (FINRA) complaint alleges that SWS gave the go ahead on numerous variable annuity applications without principal review for suitability. FINRA requires that firms have supervisory systems and written procedures to supervise VA…