The market for financial advisors to transition from one firm to another is thriving despite less broker dealers being part of the Broker Protocol, the global economy being at a near standstill, and millions of Americans applying for unemployment on a weekly basis. The wire houses are actively recruiting and…
New York Securities Lawyer Blog
Mortgage REITs Collapse During Market Turmoil
Mortgage REITs have often been recommended by brokerage firms as safe investments that generate consistent income. However, during the recent market turmoil the bottom has fallen out for many Mortgage REITs. For example, AGNC Investment and Annaly Capital are down over 50% in the last month or so, a way…
Margin Call Disputes Primer
Margin call disputes often arise during times of market turmoil such as now. Knowing what to do and whom to speak to when a margin call is issued is vitally important to an investor’s financial well-being. Here is a little primer on what to do. A margin call often occurs when…
Beware of Investment Advisor “Recommendations” from Securities Firms that Specialize in “Self Directed” Trading Accounts.
Many firms, such as TD Ameritrade, Charles Schwab and Fidelity, whose business model includes or is tailored primarily to investors who want the benefits of a self-directed account also offer to introduce investors who wish independent investment advice to professional investment advisors who are technically “unaffiliated” with the firm. Such…
UBS YES Strategy Lawsuits
Rich, Intelisano & Katz, LLP (RIK) continues its investigation into UBS’ sale of its Yield Enhancement Strategy or the “YES” options program. Many investors around the country have filed arbitrations against UBS alleging that UBS misrepresented the risks of the options program, failed to implement appropriate risk controls, and failed…
Lax & Neville LLP Appointed Special Securities Counsel for Court Appointed Receiver
On September 18, 2017, Lax & Neville LLP was appointed special securities litigation counsel for court-appointed Receiver, Richard W. Barry, in an action commenced by the Attorney General of New Jersey on behalf of the Chief of the New Jersey Bureau of Securities. The action alleged securities fraud in the…
TWO MORE FORMER CREDIT SUISSE ADVISERS REPRESENTED BY LAX & NEVILLE LLP WIN FINRA AWARD, NEW YORK LABOR LAW CLAIMS AGAINST CREDIT SUISSE
On May 7, 2019, two former Credit Suisse investment advisers represented by Lax & Neville LLP won a $6.68 million FINRA arbitration award against Credit Suisse Securities (USA) LLC for unpaid deferred compensation and violations of the New York Labor Law (“NYLL”). This is the fourth FINRA Award against Credit…
NEW YORK SUPREME COURT, COMMERCIAL DIVISION DENIES CREDIT SUISSE’S PETITION TO VACATE $1 MILLION FINRA AWARD FOR UNPAID DEFERRED COMPENSATION
On November 6, 2018, Nicolas Finn, a 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. On November 27, 2018, Credit Suisse petitioned the New York Supreme Court (Commercial Division) to vacate the Finn…
UBS’s Flawed Yield Enhancement Strategy (YES)
The so-called “Yield Enhancement Strategy,” or “YES,” has seen a major rise in popularity at large investment firms, especially UBS, as a vehicle for investors to “enhance” returns relatively safely. “YES” has been pitched as a relatively safe way to generate enhanced returns on a consistent basis, especially when markets are flat. Fairly stable markets have been norm for many years, until recently, making…
ANOTHER FORMER CREDIT SUISSE ADVISER REPRESENTED BY LAX & NEVILLE LLP WINS A FINRA ARBITRATION AWARD AGAINST CREDIT SUISSE SECURITIES (USA) LLC IN THE DEFERRED COMPENSATION ARBITRATIONS
On November 6, 2018, a former Credit Suisse investment adviser represented by Lax & Neville LLP, a leading securities and employment law firm, won a FINRA arbitration award against Credit Suisse Securities (USA) LLC for unpaid deferred compensation. This is the second FINRA Award against Credit Suisse for unpaid deferred…