Banks Law Office continues to express reservations about the new advertising rules for Reg D Private Placements. “The majority of our investor clients over the last few years have been people who purchased private placements on the advice of a financial advisor,” said Banks. “While there may be a small place for private placements in…
Continue reading ›Bankers Life is in the news for problems involving long term care insurance. A class action lawsuit has been filed on behalf of clients by Mike Williams of Williams Love O’Leary & Powers and Chris Cauble of Grants Pass. We are talking to seniors who were sold annuities by Bankers Life representatives after the age…
Continue reading ›Claimants lawyers and investors everywhere are celebrating a new FINRA rule that was approved yesterday by the SEC. This rule, which will become effective on September 30th, makes an all-public panel the default option for choosing the three arbitrators deciding cases involving a claim of $100,000 or more. Robert Banks was the chair of the…
Continue reading ›Every year we receive dozens of calls from investors who have lost money in scams that involve unregistered products and brokers. Your options for recovery are minimal when a product or an adviser isn’t registered. This video posted in May warns investors of some such products.
Continue reading ›FINRA has issued a Regulatory Notice advising brokers to be careful about the language they use when selling IRAs to investors. Specifically, FINRA discusses describing IRA accounts as “free” or sold at “no fee”. The communications of brokers and their employers must be fair, balanced, and complete, with no omissions of material information that would…
Continue reading ›The FINRA BrokerCheck record of Altamonte Springs, Florida broker Stephen Pizzuti (CRD # 1461660) shows that Mr. Pizzuti is the subject of a FINRA Department of Enforcement Complaint. The complaint, filed July 3rd, alleges that Mr. Pizzuti distributed materially misleading sales information to the public, provided false information to FINRA, and other activities. Mr. Pizzuti…
Continue reading ›The FINRA BrokerCheck record of Altamonte Springs, Florida broker John W. DuBrule (CRD # 1223724) shows that Mr. DuBrule is the subject of a FINRA Department of Enforcement Complaint. The complaint, filed July 3rd, alleges that Mr. DuBrule provided false information on client statements and other activities. Mr. DuBrule shows as being currently employed by…
Continue reading ›The FINRA BrokerCheck record of former Florida broker Kevin A. Tuttle (CRD # 2414158) shows that Mr. Tuttle is the subject of a FINRA Department of Enforcement Complaint. The complaint, filed July 3rd, alleges that Mr. Tuttle provided false information on client statements and other activities. Mr. Tuttle is no longer registered as a broker…
Continue reading ›High-profile securities fraudsters are often repeat offenders. The 71-year-old square-jawed former Oregon candidate for governor, Craig Berkman, recently pled guilty in a New York courtroom to one count of securities fraud and one count of wire fraud. This all relates to a scam that targeted investors eager to make early purchases of Facebook stock when…
Continue reading ›The FINRA BrokerCheck record of Portland, Oregon broker Ormond Hart Ormsby (CRD # 1017594) shows that Ormsby has been sanctioned by FINRA within the past two months, for violations of investment-related rules or regulations. He has been suspended until November 19, 2013 from association with any FINRA member in any capacity. The Banks Law Office…
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