Unethical brokers and financial advisors target those they feel are most vulnerable, and often times that is the elderly. Investors close to retirement or already retired are typically the most risk averse and require the most conservative portfolios because they have limited ability to make up for investment losses in the future. First and foremost,…
Continue reading ›Unexpected economic events in recent years mean that even the most conservative investors might find themselves with less money than they planned to have at a certain stage of life. The temptation to try and recover financial losses quickly is intense. High returns are seductive and even the wise investor might find him/herself lured into…
Continue reading ›David Lerner & Associates, Inc. (DLA), of Syosset, NY, is under investigation by FINRA, the Financial Industry Regulatory Authority. FINRA filed a complaint charging the firm with soliciting investors to purchase shares in Apple REIT Ten, a non-traded $2 billion Real Estate Investment Trust (REIT) without conducting a reasonable investigation to determine whether it was…
Continue reading ›Banks Law Office is actively investigating Apple REITs, certain collateralized mortgage obligations (“CMOs”), and Real Estate Mortgage Investment Conduits (“REMICs”) sold by David Lerner Associates, Inc. ( “DLA”). This investigation follows a formal complaint filed by FINRA alleging that DLA sold Apple REIT Ten shares “targeting unsophisticated and elderly customers” to buy illiquid securities. Glade…
Continue reading ›Robert Banks, security attorney of Banks Law Office, chaired FINRA’s Arbitrator Training Task Force and played a key role in the development of the training materials. Becoming an arbitrator gets you involved in your community and empowers you to help citizens resolve disputes. As an arbitrator you will learn more about the industry and refine…
Continue reading ›Banks Law Office is representing five investors in the Grifphon Alpha Funds. We have not filed any claims against Grifphon or its management in these cases. Rather, we are pursuing claims against the bank, investment advisors and brokerage firm that recommended Grifpon to our clients. Our clients are in California and Oregon. Four of the…
Continue reading ›What Is FINRA Arbitration and Why Do I Have To Do It? When you open a brokerage account with a FINRA broker-dealer firm (which includes all stock brokerage firms), you sign a form contract called a New Account Form. It includes a paragraph, usually on the back, saying that you agree that if you ever…
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