It takes a lot of courage to report illegal or fraudulent misconduct by one’s own employer. This is because being a whistleblower carries significant risks. Whistleblowers not only risk their current employment, but possible ongoing retaliation that can harm their industry reputation and ability to find work with employers in…
Can I Sue My Brokerage Firm for Filing a False Form U5? Financial firms that deal in securities do carry legal liability for filing a Form U5 with false information, and financial advisors can indeed sue their former firms for filing an inaccurate Form U5. Whenever a brokerage firm terminates…
From Deutsche Bank to Credit Suisse and Barclays, brokers are in transition for a variety of reasons – some voluntary and some obligatory. Either way, for a FINRA registered representative, leaving their broker-dealer can be a nerve-wracking time. Regardless of the reason for leaving, the ultimate goal is always the…
Brokers beware; FINRA is watching your firm, and you. Becoming embroiled in a regulatory inquiry or investigation can become a major and costly headache and impediment to registered representatives’ business. In January 2016, the Financial Industry Regulatory Authority (FINRA) released its annual list of priorities, showing what sorts of sweeps…
Thinking about leaving your broker-dealer? Looking to make the transition to a new firm? It has been reported recently that brokers from Credit Suisse, Deutsche Bank and potentially Merrill Lynch are being heavily recruited to leave and join new broker-dealers. For those leaving Credit Suisse, Deutsche Bank, and Merrill (as…
Today, Ms. Malecki was extensively quoted in the FundFire story titled MSWM Goes to Court to Get Former FA to Pay Back Loans. This story is focused on Morgan Stanley’s attempt to go to court to make a former advisor pay-up after FINRA arbitrator granted them a million dollar reward in…
A number of senior management with UBS Puerto Rico were terminated late last week, according to sources. It is believed that individuals from marketing, investment banking, lending and other areas of the bank’s operations on the island were all let go. Read the recent report by Reuters on this here. Consistent…
“My broker dealer wants me to meet with its lawyers.” This is the start of a FINRA registered representative’s worst nightmare. Your heart is pounding and your head starts to race. “Why me?” “What do they want to know?” “What could I have done?” “Are they going to ask me…
Malecki Law announces the filing of a $10 million FINRA arbitration claim against UBS Financial Services, Inc. and UBS Financial Services Incorporated of Puerto Rico (collectively “UBS”) on behalf of former UBS Puerto Rico registered representatives, Jorge Bravo and Teresa Bravo (the “Bravos”). In the Statement of Claim filed with…
Reuters reported on February 6, 2015 that UBS in Puerto Rico held a meeting during which executives of the firm, including Miguel Ferrer, then the Chairman of UBS Financial Services Inc. of Puerto Rico, threatened financial advisors to sell UBS originated Puerto Rico closed-end bond funds despite the brokers’ and…