Arbitration Complaint Filed Against Morgan Stanley Concerning Shawn Good
MDF Law announces the filing of an arbitration complaint against Morgan Stanley concerning the negligent supervision of North Carolina broker Shawn Good. The arbitration was filed before the Financial Industry Regulatory Authority, or FINRA, and was assigned case number 22-00944. If you or someone you know was a victim of Shawn Good, please call attorney […]
Recovery Options for Clients of Philip Riposo & Riposo Asset Management
On March 3, 2022, Philip Riposo was fired from United Planners’ Financial Services for allegedly falsifying account statements and other documents related to Riposo Asset Management. According to records accessed from FINRA on April 20, 2022, Mr. Ripsos was terminated for admitting to creating and providing clients with fake account statements from “Zurich Kemper Investments.” […]
FINRA Rule 2165: Protecting Seniors by Freezing Assets
In 2018, FINRA adopted FINRA Rule 2165 to combat extremely high incidences of elder financial abuse. In 2020, Elder Fraud claimed over 100,000 victims, summing up to losses of nearly $1 billion. According to a report by the Internet Crime Complaint Center (IC3), the 60+ demographic was hit the hardest, both in the number of […]
Investment Losses and Taxes: What Investors Need to Know for 2022
Monday April 18, 2022 is right around the corner and many investors are considering how to treat their 2021 investment losses, especially from ponzi schemes, for tax purposes. The following is an educational reference, which should not take the place of professional advice. Investment Losses Caused by Ponzi Schemes Fortunately, the tax code does provide […]
Risky Option: Did Your Advisor Tell You the Risks About Covered Calls?
Covered calls are a way for investors to potentially earn money from stock they already own or which they are intending to buy, in addition to any dividends, or gains from underlying stock price increases. Covered call options can offset the initial cost of buying the stock in the first place. If you are not […]
Securities Fraud Lawsuit Filed Against Cabaletta Bio, Inc. (CABA)
A securities fraud lawsuit has been filed against Cabaletta Bio, Inc. (NASDAQ: CABA) for potential securities violations on behalf of shareholders who purchased shares anytime (i) pursuant and/or traceable to the offering documents issued in connection with the Company’s initial public offering conducted on or about October 24, 2019; and/or (ii) between October 24, 2019 […]
FINRA Arbitration Statistics for 2021: Deck Continues to be Stacked Against Investors
FINRA—the Financial Industry Regulatory Authority—is a private, self-regulatory organization that regulates brokerage firms, financial advisors, and advisory firms. FINRA offers arbitration and mediation services for investors who seek assistance with some registered member that they feel has violated FINRA’s code of conduct. FINRA maintains a public record of financial advisor and brokerage disciplinary actions and […]
Morgan Stanley’s David Lehnertz Involved in $5 Million Suitability Complaint
Morgan Stanley broker and investment adviser David Lehnertz (CRD# 2287146) is involved in a pending customer dispute seeking 7-figure damages. According to his Financial Industry Regulatory Authority (FINRA) BrokerCheck report, accessed on February 24, 2022, he is currently based in the firm’s office in Newport Beach, California. Customer Complaint: David Lehnertz Made Unsuitable Recommendations In […]
Court: Wells Fargo’s Lawyer Rigged Complaint Process
In an alarming decision, the Superior Court of Fulton County, Georgia recently found that Wells Fargo Advisors engaged in a scheme to “manipulate” and “secretly redline the neutral list” of FINRA arbitrators that are used to resolve Wells Fargo Advisor Complaints. The case number is Civil Action File No. 2019CV328949. A copy of the decision […]
IRS Hires Additional 200 Attorneys to Prosecute Syndicated Conservation Easement Investors
On January 21, 2022, the IRS posted an announcement that it was seeking to hire up to 200 attorneys to prosecute fraudulent syndicated conservation easement, or SCET, deals. The IRS’s announcement comes after a series of aggressive actions by attorneys at the U.S. Department of Justice. These actions include the high-profile indictments of CPAs. In […]