On February 2, 2023, another former Credit Suisse investment adviser represented by Lax & Neville LLP won a FINRA arbitration award against Credit Suisse Securities (USA) LLC for unpaid deferred compensation. See James D. Garrity v. Credit Suisse Securities (USA) LLC, FINRA No. 20-03957. Lax & Neville has tried eight…
New York Securities Lawyer Blog
Rich, Intelisano & Katz Lawyers Investigate Regulation D Offerings Issued by HJ Sims & Co. Inc.
HJ Sims & Co. Inc. (“HJ Sims”) appears to have used Regulation D (“Reg D”) offerings to pass its risk of loss onto its customers while it retained the potential for significant gains. A scheme like this would violate numerous FINRA Rules and regulations, including suitability, Regulation BI (“Reg BI”),…
RIK Won the Largest Award Against UBS Relating to Its YES Options Strategy
The investment fraud attorneys at Rich, Intelisano & Katz won a $5.2 million FINRA arbitration award for their clients, George and Sandra Schussel, in a case relating to UBS’s Yield Enhancement Strategy (“YES”). Investors in YES, including the Schussels, suffered significant losses in December 2018. Many investors in YES have…
CALIFORNIA AND ILLINOIS COURTS CONFIRM $10 MILLION AWARD AND $9.5 MILLION AWARD AGAINST CREDIT SUISSE FOR UNPAID DEFERRED COMPENSATION
On September 9, 2022, the Superior Court of the State of California entered judgment on a FINRA Arbitration Award against Credit Suisse Securities (USA) LLC, ordering it to pay more than $10 million to seven investment advisors formerly employed in the Los Angeles and San Francisco branches of its now-closed…
Liquidating or Exchanging Annuities May Be Unsuitable for Investors
Annuities are insurance contracts that make routine payments to customers either immediately or at some point in the future. This insurance contract allows investors to protect and grow their retirement savings while providing them with guaranteed income. Some brokers and financial advisors recommend selling or exchanging annuities for “better” investment…
Unsuspecting Investors Lost Millions Due to UBS’s Failure to Make Adequate Disclosures about Its Yield Enhancement Strategy (“YES”)
Many investors of UBS’s Yield Enhancement Strategy (“YES”), if not all, would never have invested in YES if UBS made full and fair disclosures related to its risks. YES was marketed as an overlay strategy for additional incremental investment income. Put simply, UBS advertised YES as an “iron condor” strategy…
Brokerchalk Podcast – Shocking Revelations Around Merrill’s CTP Program
CLICK HERE FOR PODCAST Major bracket Wall Street banks have only recently institutionalized substantial retirement packages for senior advisors to sunset out with very few restrictions. Inheriting advisors who care to take over these books of businesses face an enormous opportunity to convert these books, yield a solid short-term return,…
Advisor Talk with Frank LaRosa – Legal Perspective Series – Advance Your Financial Advisor Career with Brian Neville
CLICK HERE TO LISTEN TO PODCAST The legal nuances behind making a move to a new firm partner intimidate many an advisor, but it’s time to move past that block. In this first episode in Advisor Talk’s Legal Perspective Series, Elite Consulting Partners CEO Frank LaRosa is joined by Brian…
Advisor Talk with Frank LaRosa – Legal Tips For Financial Advisors Considering a Transition with Brian Neville
CLICK HERE TO LISTEN TO PODCAST Need legal tips for your financial advisor practice? Recent media coverage of an advisor’s transition from RBC to UBS and then back to RBC has shone a light on the legal missteps an advisor can make when moving their book of business to a…
Lax & Neville has Won More Than $30 Million for Former Credit Suisse Advisers Seeking Deferred Compensation in FINRA Arbitrations
Lax & Neville LLP has successfully brought claims on behalf of former Credit Suisse investment advisers for their portion of the over $200 million of deferred compensation that Credit Suisse refused to pay its advisors when it closed its US private bank in 2015, violating the advisers’ employment agreements and…