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Investor Rights Blog

The Law Firm of David R. Chase, PA, headed by former SEC Prosecutor, David R. Chase, is investigating legal claims against potentially responsible parties for losses sustained by customers of NSM Securities, LLC. The Financial Industry Regulatory Authority, FINRA, expelled NSM Securities from the securities industry, alleging multiple violations of securities industry rules. In FINRA’s Order Accepting Offer of Settlement, it alleged that NSM Securities “…derived most of its revenue from actively and aggressively trading...
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The Law Firm of David R. Chase, PA, headed by former SEC Prosecutor, David R. Chase, is investigating possible claims of selling away by Houston based stock broker James “Jeb” Bashaw. Bashaw was associated with LPL Financial LLC in Houston, Texas from November 2001 up through his termination in September 2014. LPL Financial allegedly terminated Bashaw for, among other reasons, engaging in securities transactions without its prior knowledge and approval, Investment News recently reported. A...
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UBS is hit with a $3.6 million fine and must pay back $1.7 million in restitution for sale of Puerto Rico closed-end mutual funds. UBS Financial Services Incorporated of Puerto Rico (UBS) has cut a deal with Puerto Rico’s Office of the Commissioner of Financial Institutions (OCFI) in connection with UBS’s sales of closed-end mutual funds in Puerto Rico. Under the terms of the settlement, UBS will pay a $3.5 fine, $1.7 million in restitution to...
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The press has reported that Merrill Lynch recently fired two veteran brokers, Stephen Brown and James Goetz, for recommending clients to invest in a hedge fund outside Merrill Lynch, without Merrill Lynch’s knowledge and permission.  It is reported that Messrs. Brown and Goetz managed approximately $2.5 billion in assets and were part of Merrill’s Private Banking and Investment Group, or P-BIG, in Pittsford, New York, a suburb of Rochester. Selling away takes place when a...
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The Securities and Exchange Commission (SEC) has sued Matthew Bell for securities fraud, alleging he was involved in a massive pump-and-dump stock manipulation scheme. Mr. Bell was also indicted by the United States Attorney’s Office in the Eastern District of New York on similar charges. The penny stock manipulation scheme involved a few different stocks, including CodeSmart Holdings, Cubed, Inc., StarStream Entertainment, Inc., and the Staffing Group, LTD. The indictment alleges that in an effort...
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As a stock market investment, your financial advisor and brokerage firm owe you certain legal duties and responsibilities when you entrust them to manage your hard-earned monies. Unfortunately, they don’t always do the right thing, and may act in their own self-interest at your direct financial expense. It is not always easy to spot. Pay attention to the following warning signs and seek legal counsel if you believe you have been defrauded. Warning Signs •...
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UBS Financial Services, Inc. was a big seller of Lehman Principal Protected Notes, hawking almost $1 billion worth to its clients. The Lehman Notes were pitched to investors, including retirees and the elderly, seeking a safe and conservative “risk free” haven for their monies. As is now painfully clear, the “100 percent principal protection” guarantee was illusory as it became essentially worthless when Lehman Brothers declared bankruptcy. Recently, UBS was hit hard in two arbitration...
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