Browsing Category "Marc’s Blog"

Brokerage firm learns a lesson about stubbornness in arbitration.

Brokerage firm learns a lesson about stubbornness in arbitration.

Posted by on Dec 20, 2013 in Marc's Blog

A client approached us last year. He had retired from an independent-style brokerage firm and sold his book of business to another broker. He had signed a “Continuing commission” agreement with the broker and the firm. He was was supposed […]

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UBS forcing out more producers, encouraging expensive financial plans.

UBS forcing out more producers, encouraging expensive financial plans.

Posted by on Dec 4, 2013 in Marc's Blog

OnWallStreet reports that UBS is tinkering with its payout structure. This is not good news for employees or investors. First, brokers will be paid a 50% payout on financial plans costing $1,000 or more. Huh? There better be some gold […]

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Leave this earth better than when you got here.

Leave this earth better than when you got here.

Posted by on Nov 19, 2013 in Marc's Blog

An old friend, I’ll call him David (because that’s his real name and I don’t think he’s embarrassed to know me) called me last night. He was on the way home from the wake for a lawyer we both knew, […]

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Jerry or Gerry From EJ Sterling, Inc. – Welcome to the Cold Caller List

Jerry or Gerry From EJ Sterling, Inc. – Welcome to the Cold Caller List

Posted by on Nov 4, 2013 in Marc's Blog

Got a call from 370666149, which is not a real phone number. The person shouting at me at the other end of the phone was “Jerry” or “Gerry” an alleged stockbroker from EJ Sterling, Inc. He talked very fast and […]

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The FINRA All Public Arbitration Panel Revisited

The FINRA All Public Arbitration Panel Revisited

Posted by on Nov 4, 2013 in arbitration, FINRA, Marc's Blog

Two months ago, I wrote a post about FINRA All-Public panels and how they don’t seem to make a difference. FINRA has released its statistics through September 2013 here. Guess what? Nothing has changed. The number of cases decided by […]

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A new entrant in the cold call contest – Jack Fitzpatrick from Blackbook Capital

A new entrant in the cold call contest – Jack Fitzpatrick from Blackbook Capital

Posted by on Oct 28, 2013 in Marc's Blog

I received a call today from Jack Fitzpatrick from Blackbook Securities. Jack told me that he was following up on a conversation we had on September 30 about a particular company. This was a baldfaced lie. He said the company […]

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Yet another cold call cowboy, Patrick Rusci

Yet another cold call cowboy, Patrick Rusci

Posted by on Sep 27, 2013 in Marc's Blog, Stockbroker issues

Or as his mother and father called him, Praxedes Russi. Now I am sure that Praxedes is a difficult name to use while cold calling, so I don’t fault him for using Pat, but when I asked him to spell […]

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Wells Fargo Advisors brokers “-” changing jobs? Your assets could be at risk.

Wells Fargo Advisors brokers “-” changing jobs? Your assets could be at risk.

Posted by on Sep 20, 2013 in Marc's Blog

Do you work at Wells Fargo? Do you have an employment agreement and promissory note? Are you (understandably) thinking about changing jobs? Well, then, you may have a problem if Wells Fargo believes you owe money on the note. I […]

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The All-Public FINRA Securities Arbitration Panel – is it any better?

The All-Public FINRA Securities Arbitration Panel – is it any better?

Posted by on Sep 6, 2013 in Marc's Blog

In February 2011, FINRA started allowing claimants to choose an all-public panel in securities arbitrations. I thought it was window-dressing. I did not think that the presence or absence of a non-public arbitrator would make a difference. In 2011, FINRA […]

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FINRA warns about marijuana stock scams.

FINRA warns about marijuana stock scams.

Posted by on Aug 21, 2013 in Marc's Blog

This should come as no surprise. A topic is in the news and scammers figure out a way to make a profit, sometimes faster than the actual industry that is the subject of the scam. In this case, FINRA is […]

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