On December 23, 2021, a team of seven former Credit Suisse investment advisers represented by Lax & Neville LLP won a $9.5 million FINRA arbitration award against Credit Suisse Securities (USA) LLC for unpaid deferred compensation. See Prezzano et al. vs. Credit Suisse Securities (USA) LLC, FINRA No. 19-02974. This comes…
New York Securities Lawyer Blog
Brian Neville and Andrew Parish Discuss The Largest Mistake Made by Teams Looking to Transition
RIK Files Several Multi-Million Dollar Claims Related to Options Trading
Although some registered representatives and financial firms downplay the risks involved with options trading, in reality, options trading can be an aggressive strategy that may entail high risks. Because of the risks associated with option trading, it is generally only suitable for investors with a high net worth, experience, and…
FINRA is Cracking Down on Improper Options-Trading Approval and Lack of Supervision
In recent years, options trading has become more popular with investors. Because of the high risks associated with options trading, FINRA imposes specific rules and guidelines relating to trading options and which accounts can be approved for options trading. For example, firms are required to have an options principal oversee…
Andrew Parish and Brian Neville Discuss Firm Transitions
SPACs & the Risks of Investing in Blank Check Companies
Wall Street’s fastest growing trend is investing in Special Purpose Acquisitions Companies (“SPACs”). SPACs are a way for private companies to go public without having to go through the traditional IPO process. SPACs have been around for decades but have recently gained popularity in companies seeking to go public in…
Lax & Neville LLP Wins a FINRA Arbitration Award Granting Expungement Relief to Two Former Merrill Lynch Financial Advisors
On March 11, 2021, a FINRA arbitrator awarded expungement relief to George D. Ewins Jr. and Richard J. Kowalski, former Merrill Lynch financial advisors. Ewins and Kowalski were represented by Robert J. Moses of Lax & Neville LLP. Ewins and Kowalski sought expungement of a customer complaint from their registration…
Lax & Neville is Investigating Claims Against Broker-Dealers and Financial Advisors who Sold GPB Capital Investments to Investors
On February 4, 2021, the Securities and Exchange Commission (“SEC”) charged three individuals and affiliated entities with running “a Ponzi-like scheme” that raised over $1.7 billion by selling unregistered, high commission private placements issued by GPB Capital Holdings, an alternative asset management firm. The SEC alleges that David Gentile, the…
Can Investors Recover for Losses from NYC REIT?
Yes, many investors have filed claims to recover losses sustained as a result of their investments in NYC REIT, a real estate investment trust that purports to own “a portfolio of high-quality” commercial real estate located within the five boroughs of New York City. This REIT began as a non-traded…
Amarin – A Highly Risky Speculative Biotech Stock Sold to Investors
Lax & Neville LLP is investigating claims involving Amarin, a speculative biotech stock recommended and sold to investors by financial advisors. Amarin is a biopharmaceutical company with one significant commercial product, Vascepa, a fish oil drug designed to reduce cardiovascular risk among patients with elevated risks of cardiovascular events and…