Tag: Vernon Litigation

Regulators giving increased scrutiny to ETNs in wake of volatility

JPMorgan has announced that it has stopped issuing shares in its Alerian MLP exchange-traded note. Regulators at the Securities and Exchange Commission and the Financial Industry Regulatory Authority have already announced that they are giving increased scrutiny to the ways in which ETNs are sold to consumers, according to a report in Investment News. The regulatory interest came following the closure of another ETN. In that situation, Credit Suisse VelocityShares […]

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States’ financial stress may put pressure on municipal bonds

At Vernon Litigation, we are concerned that States in distress – such as California – will push their problems down to the local level, which will in turn put tremendous stress on municipal bonds issued by municipalities within those states. If California’s current effort to convince its constituency to accept a tax hike to help the state get out from underneath a $15.7 billion deficit fails, then the next steps […]

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FINRA sides with Apple non-traded REIT investor and against David Lerner

A Financial Industry Regulatory Authority panel sided for the investor against David Lerner Associates Inc. in the first case involving Apple REITs to go to a hearing. The FINRA panel ordered David Lerner to pay full compensatory damages of $24,450 to the investors and reimburse the investors for the filing cost. The panel did not award punitive damages, costs or attorneys fees in the claim filed by attorney Keith Griffin. […]

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SEC exec recognizes some brokers don’t even understand all the products they’re selling

Financial conflicts of interest are rampant with both big and small broker-dealers. This results in broker-dealers selling products without adequate due diligence or even reckless or fraudulent due diligence.    This often leads to financial advisors selling products without adequate or accurate information and, at times, selling products they don’t even understand.  An SEC executive seems to now agree.   According to a story in Investment News today, Julius Leiman-Carbia, associate director […]

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