Residents of Pennsylvania might want to read this posting regarding several CFAs that have had disciplinary action taken upon them by the Certified Financial Planner Board of Standards, Inc. (CFP Board). They were from several states, however, included among them was...
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Altoona Securities Law Blog
Regulations surrounding ERISA
Pennsylvania residents may have heard that there is a new rule in the works to help clarify the Department of Labor’s investment duties regulation. For over 30 years, people have asked the Department of Labor to consider how they should apply fiduciary duties towards...
How To Prove Securities Fraud
Securities fraud takes advantage of investors by giving them misinformation that results in losses. This commonly occurs in financial markets, such as stocks, mutual funds, and accounting fraud. Most investors will not be aware they are victims of securities fraud in...
Understanding Ponzi schemes and how to recognize them
A Ponzi scheme is a financial scam that lures investors by promising they can make money fast on their investment with little risk. It works in the same manner as a pyramid scheme by paying the old investors with the money new recruits provide. The scheme can break...
Examples of fiduciary duty and how it works
In the US, including Pennylvania, fiduciary duty means one party acts in the interest of another party, usually involving business transactions, such as being placed in charge of a trust. The other party is often referred to as the principal. The fiduciary has the...
Advisor Group’s SagePoint will pay $1.6M in fines and restitution
According to the Financial Industry Regulatory Authority (FINRA), Advisor Group’s SagePoint Financial will pay over $1.6 million in fines and restitution in connection with premature rollovers of unit investment trusts (UITs). Financial advisors in the U.S., including...
Taking calls from FINRA seriously
Many people are surprised to learn that some enforcement actions pertaining to Pennsylvania securities are not actually done by the government itself. There is a self-regulatory organization called FINRA that has the power to police its own members and can levy fines...
Disability insurance claims under ERISA
Some Pennsylvanians are provided the option of disability insurance benefits through their employers. When employers offer long- and short-term disability insurance to their workers, the plans are covered by the Employee Retirement Income Security Act or ERISA. This...
Aggrieved investors can take action at FINRA
Not only are those engaged in the securities business in Pennsylvania subject to SEC regulation, but they must also register with a self-regulatory organization. Those who are not members of specific securities exchanges must register with an organization called the...
How does the FINRA arbitration process work?
Congress authorized the Financial Industry Regulatory Authority (FINRA) to help protect investors and to ensure that broker-dealers act ethically. One way FINRA attempts to accomplish this goal is through the use of arbitration to help settle disputes. Arbitration...
