FINRA

Citigroup Global Markets – Exchange Traded Funds Misconduct

May 2, 2012

The Financial Industry Regulatory Authority recently fined Citigroup Global Markets because: FINRA found that from January 2008 through June 2009, the firms did not have adequate supervisory systems in place to monitor the sale of leveraged and inverse ETFs, and failed to conduct adequate due diligence regarding the risks and features of the ETFs. As […]

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LPL Financial Smacked For Tenant-in-Common Investments

February 15, 2012

According to a recent article in The Investment News, LPL Financial was just hit with a$1.4 million award for selling Tenant-in-Common investments, commonly known as TICs, to an elderly couple.  According to the elderly couple’s attorney: There was a fraudulent picture painted of investors receiving monthly income checks from the properties . . . That […]

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Wells Fargo Broker Accused of Stealing From Elderly Client

January 24, 2012

Another sad story about a stockbroker taking advantage of an elderly client.  According to Forbes, Ralph Edward Thomas Jr. of Baltimore misused his elderly client’s funds in a number of ways, including: Between June 2006 and May 2009, without permission, and through forgery, Thomas initiated three mortgages in the name of KL on her personal […]

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Citigroup Documents Show Broker Manipulation

January 16, 2012

The NY Times had a great article this weekend about how Citi sold its ASTA/MAT municipal arbitrage securities.  The article explained how risky these securities were, and how Citi hid that risk from investors.  Specifically, the article quoted a Citi broker that said: I’m sure a great deal of time and energy went into the […]

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Behringer Harvard REIT Investigation Ramps Up

January 13, 2012

Salas Wang LLC was already investigating and bringing cases for investments in Behringer Harvard.  But, as the Investment News points out, Behringer Harvard is actually starting to admit that its investors lost 60% of their original investment.  Our investigation has been focused on the details of the investment that brokers aren’t telling their clients.  Specifically, […]

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Wells REIT II Investor Recovery Options

December 27, 2011
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Wells REIT II real estate investment trust is an investment that is simply a fundraising entity for real estate mogul Leo F. Wells III.  Brokers sold this as a safe, guaranteed return investment, that ultimately may be just a bank account for the Wells family.  Conflicts of interest in this investment are rampant, and investors […]

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Get MetLife, Lose Money?

December 27, 2011
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Salas Wang LLC is investigating MetLife’s practices in supervising its former registered broker, Robert Van Zandt.  Specifically, we believe that MetLife allowed Van Zandt to perpetrate a ponzi scheme on its watch.  If you’ve lost money investing with Metlife and/or Robert Van Zandt, please give us a call at 312.803.4963, or fill out the contact […]

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Are You a Customer of National Securities Corporation?

August 17, 2011

National Securities Corporation was recently fined by FINRA for selling unsuitable securities to its customers.  Specifically, it recommended investments in Medical Capital Holdings Inc. and Provident Royalties, LLC. If you suffered financial losses because of your investments with National Securities Corporation, you may have options to recover your losses. Call Jeff Salas at Salas Wang […]

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SunTrust Fined for Auction Rate Securities Practices

July 31, 2011

According to the Securities Law Prof Blog, FINRA fined SunTrust in connection with its sales of auction rate securities.  The blog reports that: SunTrust RH and SunTrust IS used advertising and marketing materials that were not fair and balanced, and did not provide a sound basis for evaluating all the facts about purchasing ARS. Specifically, the […]

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