In March of 2013 we posted concerns about Aequitas in an article you can review here for problems involving long term care insurance. If you’re an investor in any Aequitas offering, we welcome your call. Please contact our office for a free consultation. We might be able to help you recover financial losses.
Continue reading ›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…
Continue reading ›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…
Continue reading ›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…
Continue reading ›A New Your Times Dealbook post reports that some UBS customers were encouraged by brokers to borrow money to invest in these funds believing that they were safe investments. Some UBS clients have allegedly been forced to liquidate investments to meet margin calls.If you invested in UBS Puerto Rican funds on the recommendation of a broker and…
Continue reading ›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…
Continue reading ›Banks Law Office salutes Oregon Senator Jeff Merkley and ten other Senators who are pressing the SEC to finish four overdue financial reforms outlined in the Dodd -Frank. Wall Street Reform and Consumer Protection Act . These reforms are designed to help prevent another financial crisis and to make markets safer for investors and the…
Continue reading ›A Bloomberg article released yesterday considers the results of a three-month investigation into 401(k) rollovers for retiring employees (Retirees Suffer as $300 Billion 401(k) Rollover Boom Enriches Brokers). The article focuses on former Royal Alliance brokers Kathleen Tarr and Richard McCollam, whose clients included hundreds of retiring AT&T employees. According to FINRA’s BrokerCheck, dozens of…
Continue reading ›On June 12, 2014, Bob Banks spoke to a group that included registered investment advisors, accountants and attorneys. His talk was entitled “A Uniform Fiduciary Standard For Brokers and RIAs: Is It Coming And Does It Matter?” In his presentation, Bob Banks discussed the differences between the suitability standard commonly applied to stockbrokers and the…
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