Browsing Category "Marc’s Blog"

FINRA Securities Arbitration statistics remain unchanged for 2013

FINRA Securities Arbitration statistics remain unchanged for 2013

Posted by on Feb 6, 2014 in Marc's Blog

I wrote last month that it was not looking good for the folks who advocate for an all-public arbitration panel.  But I knew I had to wait until the publication of the year-end figures to be sure.  And now I’m […]

Readmore

Port St. Lucie broker pleads guilty for stealing from clients.

Port St. Lucie broker pleads guilty for stealing from clients.

Posted by on Jan 31, 2014 in Marc's Blog

The Palm Beach Post reports that Paul Elvidge, a broker formerly with Seacoast Investor Services and Cape Securities, pleaded guilty on embezzlement charges in Federal Court.  He reportedly stole over $1 million dollars. First thing I noticed when I went to […]

Readmore

FINRA arbitrator removed from panel for salty language.

FINRA arbitrator removed from panel for salty language.

Posted by on Jan 30, 2014 in Marc's Blog

I’ve seen impatience.  I’ve seen incompetence.  I’ve seen boredom.  And, yes, I’ve seen arbitrators who have fallen asleep.  But a couple of weeks ago, in a FINRA securities arbitration, I witnessed something unlike I had ever seen. I was supposed […]

Readmore

Welcome to Anthony Aiello at Laidlaw & Company (UK) Ltd, the latest cold call cowboy.

Welcome to Anthony Aiello at Laidlaw & Company (UK) Ltd, the latest cold call cowboy.

Posted by on Jan 16, 2014 in securities, Stockbroker issues

Today’s entrant in the cold caller race is Anthony Aiello.  Anthony hails from New York, of course, and works for Laidlaw & Company. Anthony tried to remind me of a phone call we had “last April” where he supposedly gave […]

Readmore

PIABA shows its true colors, but is unsure what those colors are.

PIABA shows its true colors, but is unsure what those colors are.

Posted by on Jan 8, 2014 in Marc's Blog

Remember PIABA? This is the organization that was formed about 20 years ago.  Its genesis was getting a bunch of claimants’ lawyers together to take on the brokerage firms which, at the time, were fighting limited partnership cases tooth and nail. […]

Readmore

The All Public FINRA Arbitration Panel Made No Difference This Year.

The All Public FINRA Arbitration Panel Made No Difference This Year.

Posted by on Jan 6, 2014 in Marc's Blog

FINRA has released its statistics through November 2013.  Surprise!  The results are not statistically different.  You can see the table here.  You have to go all the way to the bottom.  FINRA buries this comparison there. In November of last year […]

Readmore

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 […]

Readmore

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 […]

Readmore

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, […]

Readmore

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 […]

Readmore