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Mar 18, 2023

J.P. Morgan Sued For Edward Turley’s Alleged Misconduct: $55 Million!

The Law Offices of Robert Wayne Pearce, P.A. has filed another case against Ex-J.P. Morgan broker Ed Turley for alleged misrepresentations, misleading statements, unsuitable recommendations, and mismanagement of Claimants’ accounts. The Law Offices of Robert Wayne Pearce has filed another case against J.P. Morgan Securities for alleged misrepresentations, misleading statements, unsuitable recommendations, and mismanagement of Claimants’ accounts continuing in fall 2019 and thereafter by Edward Turley (“Turley”), a former “Vice-Chairman” of J.P. Morgan. At the outset, it is important for our readers to know that our clients’ allegations have not yet been proven. IMPORTANT: We are providing information about our clients’ allegations and seeking information from other investors who did business with J.P. Morgan and Mr. Turley and had similar investments, a similar investment strategy, and a similar bad experience to help us win our clients’ case. Please contact us online via our contact form or by giving us a ring at (800) 732-2889. Latest Updates on Ed Turley – November 18, 2022 The Advisor Hub reported today that the former star broker with J.P. Morgan Advisors in San Francisco Edward Turley agreed to an industry bar rather than cooperate with FINRA’s probe of numerous allegations of excessive and unauthorized trading that resulted in more than $100 million worth of customer complaints. FINRA had initiated its investigation of Edward Turley as it related to numerous customer complaints in 2020. The regulator noted in its Acceptance Waiver and Consent Agreement (AWC) that the investors had generally alleged “sales practice violations including improper exercise of discretion and unsuitable trading.” According to Edward Turley’s BrokerCheck report, he had been fired in August 2021 for “loss of confidence concerning adherence to firm policies and brokerage order handling requirements.” On October 28th, FINRA requested Turley provide on-the-record testimony related to his trading patterns, including the “use of foreign currency and margin, and the purchasing and selling of high-yield bonds and preferred stock,” but Edward Turley through counsel declined to do so. As a result, Edward Turley violated FINRA’s Rule 8210 requiring cooperation with enforcement probes, and its catch-all Rule 2010 requiring “high standards of commercial honor,” the regulator said and he was barred permanently from the securities industry. Related Read: Can You Sue a Financial Advisor or Stockbroker Over Losses? Turley Allegedly Misrepresented And Misled Claimants About His Investment Strategy The claims arise out of Turley’s “one-size-fits-all” fixed income credit spread investment strategy involving high-yield “junk” bonds, preferred stocks, exchange traded funds (“ETFs”), master limited partnerships (“MLPs”), and foreign bonds. Instead of purchasing those securities in ordinary margin accounts, Turley executed foreign currency transactions to raise capital and leverage clients’ accounts to earn undisclosed commissions. Turley over-leveraged and over-concentrated his best and biggest clients’ accounts, including Claimants’ accounts, in junk bonds, preferred stocks, and MLPs in the financial and energy sectors, which are notoriously illiquid and subject to sharp price declines when the financial markets become stressed as they did in March 2020. In the beginning and throughout the investment advisory relationship, Turley described his investment strategy to Claimants as one which would generate “equity returns with very low bond-type risk.” Turley and his partners also described the strategy to clients and prospects as one “which provided equity-like returns without equity-like risk.” J.P. Morgan supervisors even documented Turley’s description of the strategy as “creating portfolio with similar returns, but less volatility than an all-equity portfolio.” Note: It appears that no J.P. Morgan supervisor ever checked to see if the representations were true and if anybody did, they would have known Turley was lying and have directly participated in the scheme. The Claimants’ representative was also told Turley used leverage derived from selling foreign currencies, Yen and Euros, to get the “equity-like” returns he promised. Turley also told the investor not to be concerned because he “carefully” added leverage to enhance returns. According to Turley, the securities of the companies he invested in for clients “did not move up or down like the stock market,” so there was no need to worry about him using leverage in Claimants’ accounts and their cash would be available whenever it was needed. The Claimants’ representative was not the only client who heard this from Turley; that is, he did not own volatile stocks and not to worry about leverage. Turley did not discuss the amount of leverage he used in clients’ accounts, which ranged from 1:1 to 3:1, nor did Turley discuss the risks currency transactions added to the portfolio, margin calls or forced liquidations as a result of his investment strategy. After all, Turley knew he could get away without disclosing those risks. This was because J.P. Morgan suppressed any margin calls being sent to Turley’s clients and he liquidated securities on his own to meet those margin calls without alarming clients.  This “one-size-fits-all” strategy was a recipe for disaster. J.P. Morgan and Turley have both admitted that Turley’s investment strategy was not suitable for any investor whose liquid net worth was fully invested in the strategy. It was especially unsuitable for those customers like Claimants who had other plans for the funds in their J.P. Morgan accounts in fall 2019 and spring 2020. Unfortunately, Turley recommended and managed the “one-size-fits-all” strategy for his best clients and friends, including Claimants. Turley was Claimants’ investment advisor and portfolio manager and required under the law to serve them as a “fiduciary.” He breached his “fiduciary” duties in making misrepresentations, misleading statements, unsuitable recommendations, and mismanagement of Claimants’ accounts. The most egregious breach was his failure to take any action to protect his clients at the end of February 2020, when J.P. Morgan raised the red flags about COVID-19 and recommended defensive action be taken in clients’ accounts. Turley Allegedly Managed Claimants’ Accounts Without Written Discretionary Authority Claimants’ representative hired Turley to manage his “dry powder,” the cash in Claimants’ accounts at J.P. Morgan, which he would need on short notice when business opportunities arose. At one point, Claimants had over $100 million on deposit with J.P. Morgan. It was not...

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Sep 1, 2020

Investors With “Blown-Out” Securities-Backed Credit Line and Margin Accounts: How do You Recover Your Investment Losses?

If you are reading this article, we are guessing you had a bad experience recently in either a securities-backed line of credit (“SBL”) or margin account that suffered margin calls and was liquidated without notice, causing you to realize losses. Ordinarily, investors with margin calls receive 3 to 5 days to meet them; and if that happened, the value of the securities in your account might have increased within that period and the firm might have erased the margin call and might not have liquidated your account. If you are an investor who has experienced margin calls in the past, and that is your only complaint then, read no further because when you signed the account agreement with the brokerage firm you chose to do business with, you probably gave it the right to liquidate all of the securities in your account at any time without notice. On the other hand, if you are an investor with little experience or one with a modest financial condition who was talked into opening a securities-backed line of credit account without being advised of the true nature, mechanics, and/or risks of opening such an account, then you should call us now! Alternatively, if you are an investor who needed to withdraw money for a house or to pay for your taxes or child’s education but was talked into holding a risky or concentrated portfolio of stocks and/or junk bonds in a pledged collateral account for a credit-line or a margin account, then we can probably help you recover your investment losses as well. The key to a successful recovery of your investment loss is not to focus on the brokerage firm’s liquidation of the securities in your account without notice. Instead, the focus on your case should be on what you were told and whether the recommendation was suitable for you before you opened the account and suffered the liquidation.

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Jul 1, 2020

FINRA Arbitration: What To Expect And Why You Should Choose Our Law Firm

If you are reading this article, you are probably an investor who has lost a substantial amount of money, Googled “FINRA Arbitration Lawyer,” clicked on a number of attorney websites, and maybe even spoken with a so-called “Securities Arbitration Lawyer” who told you after a five minute telephone call that “you have a great case;” “you need to sign a retainer agreement on a ‘contingency fee’ basis;” and “you need to act now because the statute of limitations is going to run.”

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Mar 2, 2019

A Stockbroker’s Introduction to FINRA Examinations and Investigations

Brokers and financial advisors oftentimes do not understand what their responsibilities and obligations are and what may result from a Financial Industry Regulatory Authority (FINRA) examination or investigation. Many brokers do not even know the role that FINRA plays within the industry. This may be due to the fact that FINRA, a self-regulatory organization, is not a government entity and cannot sentence financial professionals to jail time for violation of industry rules and regulations. Nevertheless, all broker-dealers doing business with members of the public must register with FINRA. As registered members, broker-dealers, and the brokers working for them, have agreed to abide by industry rules and regulations, which include FINRA rules.

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Mar 22, 2023

What Can a Securities Lawyer Do for Investors and Brokers?

The term “securities lawyer” refers to an attorney who concentrates his/her practice on assisting clients in navigating the laws and regulations that govern the purchase and sale of securities. If you’re having difficulties with your financial advisor or broker and suffered investment losses, you might want to hire a securities lawyer who knows the securities laws and securities industry rules inside and out.  Brokers and advisors provide investment advice and sell securities products such as stocks, bonds, and mutual funds. When you work with an advisor or broker, you probably signed an agreement that required them to comply with Federal and state securities laws and securities industry rules, including the rules requiring an advisor or broker to only make suitable investment recommendations and to act in your best interest. IMPORTANT: If your financial professional isn’t doing what was agreed to, or if you think they’ve committed securities fraud, you can file a complaint with the Financial Industry Regulatory Authority (FINRA). But before you do, you might want to talk to a securities lawyer. You have the right to seek compensation from the parties responsible if you were an investor who lost money as a result of broker misconduct. What Does a Securities Lawyer Do? A securities lawyer specializes in securities laws and regulations that apply to investors, brokers, and financial advisors. Securities lawyers represent investors claiming losses as a result of misconduct or fraud, as well as brokers and financial advisors accused of misconduct by their clients or their employers. Investment Losses? Let’s Talk. or, give us a ring at 800-732-2889. What Are Securities Laws? Securities laws are the laws that regulate the securities industry. The SEC (Securities and Exchange Commission) is the government agency that oversees the securities industry and enforces the Federal securities laws. These rules are designed to protect investors from fraud and other abuses, and to ensure that the securities industry operates fairly and transparently. Federal law requires companies that sell securities to register with the SEC. This registration process provides important information about a company’s business, its financial condition, and its management. It also gives the SEC important information about the people who sell the company’s securities. The federal securities laws also require those who sell securities to be licensed and to meet other standards of conduct. Investors and brokers use this information to make informed investment decisions. When brokers don’t disclose important information, or make false or misleading statements, they may have committed securities fraud. Further, the SEC provides a forum where investors can bring SEC complaints. The SEC may use these complaints to assist them in SEC investigations and the detection of securities fraud. In comparison to other areas of the law in the United States, there are few securities lawyers. Most lawyers who practice in this area work for the government, regulating or prosecuting firms and individuals who have violated securities law. It’s Important To Find A Good Securities Lawyer Who Represents Investors! There are a few lawyers who represent investors in private lawsuits and arbitrations against firms or individuals who have committed fraud and violated other securities laws. In order to sue someone for securities fraud, you must be able to prove that they made false or misleading statements, and that you relied on those statements to your detriment. Proving fraud can be difficult, and you should talk to a securities lawyer before you decide whether to sue. If you are an investor who suffered losses due to broker misconduct, you have the right to seek reimbursement from the parties responsible. Broker misconduct exists in multiple forms, including: While some forms of broker misconduct are easy to recognize, others are not. A financial advisor who stole funds out of your account and transferred them to a personal account clearly misappropriated your funds and committed misconduct. It’s more difficult to prove that a financial advisor recommended unsuitable investments, however, because the suitability of an investment depends on a number of different factors.  If you suffered investment losses and believe it was a result of broker misconduct, contact a good securities fraud lawyer today to evaluate your case.  Securities Laws are Complex and Numerous The laws that govern the securities industry are complex and numerous. This is partially due to the fact that the securities industry is complex and ever-changing. As new technologies and products are developed, they must be regulated. And as the markets change and evolve, the rules must change with them. This complexity can make it difficult for investors to understand their rights and what they should do if they think their broker has committed securities fraud. Below are just a few of the securities laws that may be relevant to your case: The Securities Act of 1933 Often called the “truth in securities” law, the Securities Act of 1933 has two main objectives: You can read more about the Securities Act of 1933 here. The Securities Exchange Act of 1934 The Securities Exchange Act of 1934 is often called the “most important securities law in the United States.” It created the SEC and gave it broad authority to regulate the securities industry. Among other things, the Securities Exchange Act of 1934 requires companies that sell securities to the public to disclose important information about their business, financial condition, and management. It also requires brokers and dealers who trade securities to be licensed and to meet other standards of conduct. You can read more about the Securities Exchange Act of 1934 here. Trust Indenture Act of 1939 The Trust Indenture Act of 1939 is a federal law that regulates the sale of municipal securities. Municipal securities are debt obligations issued by states, cities, and other government entities. The Trust Indenture Act of 1939 requires state and local governments to disclose important information about their finances before they sell municipal securities. It also prohibits them from selling municipal securities unless they comply with certain conditions. You can read more about the Trust Indenture Act of 1939 here. Investment Company Act of 1940 The Investment Company Act of...

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Mar 20, 2023

Elder Financial Abuse: Definition, Signs & What You Can Do

Growing up, one of the lessons we’re all taught is to respect our elders. Unfortunately, many people fail to take this to heart. Unscrupulous family members and other bad actors often take advantage of senior citizens, especially when it comes to their finances. According to one study, elder financial abuse accounted for roughly 18% of elder abuse reports. However, the actual percentage is likely much higher; only about 1 in 44 financial abuse cases is ever reported. Because many elderly people live off of their investments, the consequences of this type of abuse can be particularly extreme. The best way to protect our elderly family members is to know the signs of elder financial abuse. By recognizing the abuse as soon as possible, we can hopefully prevent irreversible damage to their finances. In this article, we will cover everything you need to know about elder financial abuse. What Is Elder Financial Abuse? Elder financial abuse is theft or mismanagement of an elderly person’s assets and/or investments. These may include real estate, bank accounts, or other property that belongs to the elderly person. Need Legal Help? Let’s Talk. or, give us a ring at 800-732-2889. Because the abuser is often a close family member, or trusted financial advisor, elder financial abuse frequently goes unnoticed. If you or someone you know is a victim of elder financial abuse, it’s important to act quickly. The elder financial abuse attorneys at the Law Offices of Robert Wayne Pearce, P.A. can help walk you through the process to protect your rights and interests. Contact us today to schedule a consultation. Signs of Elder Financial Abuse and Exploitation At the Law Offices of Robert Wayne Pearce, P.A. we have seen firsthand the effects of elder financial abuse. Spotting the signs of elder financial abuse can be tricky, but it’s important to learn how to recognize them so that you can protect your loved ones. The following are some common signs of elder financial abuse and exploitation: Sign 1. Unusual Bank Account Activity As they get older, many people grant financial powers of attorney to their spouse or adult children or trusted financial advisors. While this is perfectly normal, it opens up the possibility that the designated person may abuse that power. If you suspect elder financial abuse, pay close attention to the elderly person’s bank accounts and investments in their brokerage accounts. Withdrawals, transfers, or other suspicious activity like new or inactive accounts suddenly becoming active are red flags. The elderly person may be making these transfers themself, but it’s always good to be sure, since it could be for the wrong reasons (like the internet scams discussed below). Keep an eye on their investments as well. An elderly person’s portfolio is typically structured to provide a livable income off interest alone through low-risk investments. Keep an eye out for restructuring of investments to riskier funds or unexplained “cash outs.” Sign 2. Suspicious Internet Activity Over the past few years, there has been a drastic increase in the number of online scams targeting elderly people. Because elderly people are more trusting and less able to distinguish a scam from a legitimate venture, scammers frequently target them with fake tech support calls and the like. One of the most common online scams involves the scammer posing as a lover, friend, or family member online. After contacting the elderly victim, the scammer then requests money for plane tickets or some kind of emergency. This sign may be impossible to notice without speaking to the potential victim. Be wary if they mention someone new they met online or if you notice suspicious financial activity initiated by the victim. Sign 3. Missing Food or Unpaid Bills Ordinarily, caregivers or family members will make sure that an eldery person’s home is stocked with food and that bills are paid on time. Especially in a world with automatic bill payments, aging parents shouldn’t have to worry about paying their bills on time. A lack of food in the house and unpaid bills are indicators that that money is going elsewhere. Sign 4. Frequent Requests for Money by Someone Close to the Victim If someone makes frequent demands for money, that could be an indicator of financial exploitation. Anyone from neighbors to adult children may try to make frequent requests for money because they know the victim may have a poor memory or may have difficulty saying no.  Keep in mind that elder financial abuse like this is often subtle. Demands may not always be for large amounts of cash; this sign also includes polite requests for small amounts here and there. Over time, however, those “small amounts” can become exploitative. Sign 5. Payment for Unnecessary Services Door-to-door salesmen and “cold callers” may try to a upsell your elderly family member on services they don’t want or need. One common example of door-to-door sales abuse is roof repair or landscaping work. Cold callers barrage elderly at home with the next best investment in gold, silver, diamonds, and the next supposed Apple, Amazon, or Nextflix investment opportunity  to get into before its too late! These scams can take many different forms and may be difficult to spot. Sign 6. Threats or Coercion It may be difficult to imagine, but people may threaten their elderly family members to obtain money. These threats usually do not involve force, but rather things like, “I will put you in a home” or “I will stop visiting you.” If you don’t buy this stock, I’ll never call you again with any investment opportunities.  The abuser may also instruct the victim not to tell anyone what is happening. As a result, you’ll often have to pay close attention to spot this sign of elder financial abuse. Watch for a change in the elderly person’s demeanor or mood, especially around a suspected abuser.  What to Do If You Suspect Elder Financial Abuse If you suspect your loved one is the victim of elder financial abuse, there are a couple things you can...

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Mar 19, 2023

What is a Broker CRD Number?

CRD, or Central Registration Depository, is a comprehensive database maintained by FINRA of all registered securities professionals and firms, providing an invaluable resource for investors. Investors can use a CRD number to access information about any broker or investment advisor, including their employment history, qualifications, examinations taken and passed, licenses held, disciplinary actions and more. Brokers and brokerage firms must register with the Financial Industry Regulatory Authority (FINRA) before they can legally sell securities in the United States. By maintaining a registration system, FINRA can better monitor and record the activities of registered brokers. These registrations are also open to the public, so investors can review the backgrounds of potential brokers before entrusting them with their money. You can look up your broker and brokerage firm by using their unique CRD (Central Registration Depository) number. What Is a Broker CRD Number? CRD stands for the Central Registration Depository. CRD numbers are unique identification numbers assigned by FINRA to registered brokers and brokerage firms. You can use the CRD number to look up a broker or brokerage firm’s disciplinary history, qualifications and other detailed information. Investment Losses? Let’s Talk. or, give us a ring at 800-732-2889. Central Registration Depository (CRD) & FINRA FINRA manages the Central Registration Depository (CRD) program. This program covers the licensing and registration of individuals and firms in the securities industry in the United States. When a broker or firm registers with FINRA, the regulator assigns them a CRD number. Investors can use a broker’s CRD number to check that broker’s work history and disciplinary record using BrokerCheck.  A broker’s profile on BrokerCheck will contain useful information for investors. On any given profile, investors can find information related to Complaints and regulatory actions are called “disclosures,” and investors can see details about each one using BrokerCheck. If the claim was settled, BrokerCheck displays the settlement along with the claimed allegations and the broker’s response, if any. Why It’s Important to Investigate a Potential Broker An investment broker is responsible for handling a significant portion of your assets. For that reason, you should learn as much about them as possible before giving them control. Doing your research before handing over your money can save you time and stress in the long run by helping you avoid unscrupulous brokers. If a broker’s disclosure history shows several complaints, each of which the broker denies, you can make the decision to move on or bring up your concerns. In any case, having more information about your broker’s past allows you to make a smarter decision about who is managing your money. How to Find a Broker’s CRD Number Before engaging a broker, you have the legal right to request their CRD number. If a broker refuses to provide this information to you, stop and find another broker to work with. Any broker unwilling to give you their CRD number likely has something to hide and is probably not someone with whom you want to invest. While asking your broker directly is the fastest way to get their CRD number, the information materials and agreement you receive before engaging your broker will likely contain this information as well. Regardless of how you obtain it, searching your broker’s CRD number is an important step when hiring a broker. How to Do a FINRA BrokerCheck CRD Number Search Finding information about a broker or firm in the past used to be a hassle. Fortunately, BrokerCheck makes it easy to research a broker with whom you want to invest. After visiting the BrokerCheck website, there are a few things you can do to check out a broker or firm. Search by CRD Number, Broker, or Firm Name Using the “Individual” or “Firm” search options, you can search for your broker by CRD number or name. Because many brokers may have the same or similar names, using a CRD number ensures that you find the right BrokerCheck report. You can also search for a specific brokerage firm using its CRD number or name. Doing so will return a report with much the same information as a broker search. Additionally, you can see a list of the direct owners and executive officers of the firm and information about when the firm was established. Examine Your Broker’s Employment History and Experience In the “Previous Registrations” section of the BrokerCheck report, you can see a chronological list of the firms with which the broker was previously registered. If you are concerned about gaps in employment or short tenures, you can discuss them with your broker. Check Your Broker’s Licenses and Exam History BrokerCheck also provides a comprehensive list of the examinations and licenses your broker has obtained. In addition to FINRA registration, your broker may have broker or financial adviser registrations in other states. The “Examinations” section shows you the date and type of exam your broker passed. If you are interested in a specific type of security or curious about the broker’s overall certification status, you can check that there. Read Through Any Disclosures BrokerCheck disclosures cover not only customer disputes and disciplinary actions but employment terminations, bankruptcy filings, and criminal and civil proceedings as well. If a broker was the subject of a court-ordered lien or other debt, it will show up with the other disclosures. This is the most important section to review while researching your broker. If there are no disclosures, then you’re good to go. If there are, however, then you should read through them carefully to decide whether to find another broker. Just because a customer dispute is filed does not mean that the broker engaged in wrongdoing. In many cases, the claim may not even reference the individual broker directly even if it shows up in the BrokerCheck report. Essentially, the existence of one or more disclosures does not automatically mean that the broker is bad. You should review and follow up on any disclosures you are concerned about. Do You Need a FINRA Attorney? If you’ve lost money and believe you are a...

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Mar 18, 2023

5 of the Best Investment Fraud Lawyers

When you searched for “best investment fraud lawyer” on Google, you came across a few different directory websites that claim to “rank” or “review” investment fraud law firms. As a consumer, you rely on these types of websites to give you an unbiased opinion on who the top service providers are. Unfortunately, the investment fraud lawyers that you see at the top of these lists have likely paid to be there. Directories are a pay-to-play platform where the best firms are not necessarily the ones that are listed first. This means that the order in which the lawyers are listed, or ranked, is not based on merit or quality, but rather on who is willing to pay the most money to publish them closer to the top. These directory websites have neither the knowledge nor expertise to determine who the best investment fraud lawyers actually are. They are looking to make a quick buck by selling ad space to the highest bidder. That is why I decided to write this article. With over 40 years of experience in the securities industry, I have first-hand knowledge of the top investment fraud law firms in the United States. Did You Lose Money Because of Investment Fraud? If you have lost money due to negligence or fraud by a stockbroker or advisor, the easiest way to know if you have a case is to call our office at 800-732-2889. Our investment fraud attorneys will evaluate your claim for free and let you know if we can help you recover your losses. Need Legal Help? Let’s talk. or, give us a ring at 561-338-0037. I am publicly endorsing some of my firm’s biggest competitors. These are attorneys that I’ve worked with or cases that I’ve followed closely, and which I consider to be the best at what they do. I am publicly endorsing some of my firm’s biggest competitors. These are attorneys that I’ve worked with or cases that I’ve followed closely, and which I consider to be the best at what they do. Why would I do this? Simple. I want you, the investor, to have the best chance possible of recovering your losses. I am more qualified than Justia.com or FindLaw.com or Avvo.com to give my opinion to investors looking for a great investment fraud lawyer. Unlike these websites, I know first-hand the hard work, dedication, and success that each of these attorneys has achieved. My law firm has worked with many of them. We’ve studied their cases. We’ve referred cases to them. They’ve referred cases to us. While we would love for you to come to us first, we understand that you have other options and need to find the one that is best suited for your specific situation. Our goal is for you be successful no matter who you choose. We consider the following to be the best investment fraud lawyers in the United States: I. Robert Wayne Pearce – The Law Offices of Robert Wayne Pearce, P.A. Best Investment Fraud Lawyer – Based in Florida Reviews on Google | AV® Preeminent Rating – Martindale-Hubbell Attorney Robert Wayne Pearce is the Lead Attorney of The Law Offices of Robert Wayne Pearce, P.A. and is one of the top investment fraud lawyers in the country. He is a well-respected advocate for investors throughout the legal community; he is known for his fierce litigation skills and tireless advocacy on behalf of his clients. With over 40 years of first-hand experience with investment disputes in Florida, nationwide, and internationally, Mr. Pearce is one of the most experienced Investment Fraud Lawyers nationwide. Attorney Pearce has tried over 100 cases to trial verdict or arbitration award and only lost 4 cases for investors in his career. The Law Offices of Robert Wayne Pearce, P.A. has represented thousands of investors in securities arbitration cases and has been successful in recovering more than $160 Million on behalf of our clients. Our most significant case was College Health & Investment Ltd. v Esther Spero, where we obtained $21 million for our client as a result of investment fraud, breach of fiduciary duty, and civil theft. Mr. Pearce has also been AV Preeminent Peer Review Rated by Martindale-Hubbell, the highest available rating through that program. If you have suffered investment losses due to fraud, misrepresentation, or any other type of securities misconduct, we welcome you to contact our office for a free consultation. More: Read About Robert Pearce II. Lloyd Schwed – Schwed Kahle & Kress, P.A. AV® Preeminent Rating – Martindale-Hubbell Attorney Lloyd Schwed is a founding partner of Schwed Kahle & Kress, P.A., where he has practiced law for more than 45 years. Since 2005, Mr. Schwed has obtained the prestigious AV® Peer Review Rating from Martindale-Hubbell, which signifies “very high” ethical standards, trustworthiness and diligence, as well as “very high to preeminent” legal aptitude. Mr. Scweb received the AV® Preeminent Rating in 2011, which is the Highest Possible Rating that must be met for both Legal Ability and Ethical Standards. One of Mr. Scwed’s most notable cases is Gomez v. UBS Financial Services Inc. in which he recovered $18.2 million for his clients. This case was one of the biggest FINRA awards in the past 10 years. We have worked directly with Lloyd Schwed and his legal team and can attest to his experience, knowledge, and dedication to fighting for the rights of investors who have been victimized by securities fraud. III. Carl Schoeppl – Schoeppl Law, P.A. Peer Reviewed – Martindale-Hubbell Attorney Carl Schoeppl is the Managing Shareholder of the Law Firm of Schoeppl Law, P.A. Mr. Schoeppl used to work as a senior federal prosecutor for the United States Securities and Exchange Commission (“SEC”), under the Enforcement Division. Over the past several years, Mr. Schoeppl has been appointed to act as a receiver in complex investment fraud cases initiated by both the SEC and the Federal Trade Commission (FTC). Mr. Schoeppl and his legal team have been instrumental in obtaining millions of dollars for investors and customers in receivership litigation cases. A receiver is a court-appointed official who is tasked with taking control of...

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Mar 16, 2023

What is the Statute of Limitations for Securities Fraud?

When securities fraud is discovered, legal action can be taken against the perpetrators as long as the statute of limitations for securities fraud has not passed. The investment and securities industry is heavily regulated to protect investors from fraud and other unscrupulous practices. Unfortunately, there are still many instances of securities fraud that occur each year. What is the Statute of Limitations for Securities Fraud? Under the Securities Exchange Act of 1934 Section 10(b) there are two distinct timeframes for filing claims related to securities fraud: a two (2) year statute of limitations and a five (5) year statute of repose. Investment Losses? Let’s Talk. or, give us a ring at 800-732-2889. IMPORTANT: Securities fraud is a complex area of law, and the statute of limitations can be complicated to determine. Due to this, if you believe you are a victim of securities fraud, you should consult with an experienced securities fraud attorney to discuss your legal options and whether the statute of limitations may apply to your case. This is where things can get complicated when dealing with lawsuits relating to securities fraud. Both of these timelines begin running on different dates, and it is important to understand the difference between them. For the two-year statute of limitations, the clock starts ticking when the plaintiff becomes aware of the “facts constituting the violation.” The five-year repose period begins from the defendant’s last culpable act, regardless of whether the plaintiff is aware of it or not. The pairing of these two timelines ensures that there is always a chance to take legal action against securities fraud, even if the victim was not aware of the fraud at the time it occurred. Regardless, if securities fraud has occurred, the sooner action is taken, the better. How does the law define when a securities fraud has been “discovered” or should have been discovered? Due to the complexity of the securities and investment market, it can be difficult to determine when a securities fraud has been “discovered” or should have been discovered. In part, this is why there is a range of two to five years after the date of the fraud within which legal action can be taken. As a good rule of thumb, the time starts ticking on the statute of limitations when the investor becomes aware of (or discovers) the facts or should have been aware of the facts that would cause a reasonable person to believe that securities fraud has occurred. This means two things: one, if the investor believes that he or she has been defrauded, the investor should act quickly and consult with an investment fraud attorney to discuss his or her legal options; and two, if the investor is unsure whether securities fraud has occurred, the investor should err on the side of caution and seek legal counsel to avoid losing the right to take action. IMPORTANT: Unfortunately, ignorance to a securities fraud often will not excuse the running of the statute of limitations. If you have suffered investment losses due to another’s actions, you may have a securities fraud claim, even if you were unaware of the fraud at the time it occurred. How is Securities Fraud handled in Court? The securities fraud cases for investors are typically handled in civil court and arbitrations, rather than criminal court.  A vast majority of securities fraud are brought under Rule 10b-5 of the Securities Exchange Act of 1934, which prohibits “any manipulative, deceptive, or fraudulent practices” in the securities industry. In addition, securities fraud cases can be tried through the FINRA arbitration process. More and more disputes are being handled through FINRA arbitration, as it is generally faster and less expensive than going to court. You can represent yourself in a FINRA arbitration, but even FINRA recommends that you consult a FINRA arbitration attorney to ensure that your case is properly presented and all possible legal options are explored. How to Report Securities Fraud If you believe that you have been the victim of securities fraud, there are a few things you can do: In securities fraud claims, timely filing of a claim is critical. As a result, if you believe you have been the victim of securities fraud, it is essential to act quickly. Filing a complaint with FINRA or the SEC generally will not help you get compensated for your losses. However, it is an important step in the dispute resolution process as any investigation by the regulators might put pressure on the defendants to resolve your claim and get compensation for your losses. An experienced securities fraud attorney can help you navigate the process of filing a claim and recovering your losses. Consider Speaking with a Securities Fraud Attorney If you believe that you have been the victim of securities fraud, you do have legal options available to you. Finding yourself a victim to securities fraud can be a confusing and frustrating experience. We can help. At The Law Offices of Robert Wayne Pearce, P.A., we have successfully represented many investors who have been victims of securities fraud. To schedule your free confidential consultation, please call us at 561-338-0037 or fill out one of our short contact forms.

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Mar 14, 2023

Margin Calls: What Are They & How You Can Manage One

Increased volatility in the market can sometimes bring about uncomfortable and surprising situations for investors, especially when it comes to margin calls. You may find yourself asking when do margin calls happen and how do they work. When you buy stock on a margin, you’re essentially borrowing money from your broker to finance the purchase. While this is a strategy that can amplify your gains if the stock price goes up, it can also lead to painful losses if the stock price falls and you’re forced to sell other assets or put more money into your account to meet the margin call. In this article you will learn everything there is to know about margin calls, including: IMPORTANT: If you have suffered significant investment losses as a result of being forced to liquidate a margin account, you should speak to an experienced securities fraud attorney about your legal options. What is a Margin Call? A margin call is a demand from your broker that you must deposit more money or securities into your margin account to cover potential losses. This typically occurs when a margin account runs low on funds, usually due to heavy losses in investments. Need Legal Help? Let’s talk. or, give us a ring at 561-338-0037. In most, but not all cases, your broker will notify you of a margin call and give you a set amount of time to deposit more funds or securities into your account. You typically will have two to five days to respond to a margin call. Timeframes for responding to a call may vary depending on your broker and the circumstances. Regardless of the time frame, it is important that you take action as soon as possible. IMPORTANT: If you aren’t able to meet the margin call fast enough or don’t have any extra funds to deposit, your broker may also force you to sell some of your securities at a loss in order to free up cash. This is known as forced liquidation. In fact, many margin account agreements allow brokerage firms to liquidate your portfolio at their discretion without notice. What Triggers a Margin Call? There are several things that can trigger a margin call, but the most common is when the value of securities in your account falls below a certain level set by your broker (house maintenance margin requirement) or securities exchange where securities are traded (exchange margin requirement). When this occurs, your broker will issue a margin call in order to protect themselves from losses and to ensure that your account has enough funds to cover potential losses. You’re then required to deposit additional funds or securities into your account to meet the call to bring your account back to the maintenance margin level. If you don’t make a deposit, your broker may sell some of your securities at a loss to cover the shortfall. Margin calls can occur at any time, but tend to occur during periods when there is high volatility in the markets. What happens when you get a margin call? A margin call is most often issued these days electronically, through your broker’s online platform. You can also receive an email or other notification from your broker informing you of the margin call and how much money you need to deposit by a certain time. What happens next depends on your broker and the situation. If your broker is not worried about the situation, they may give you some time to raise the extra funds to deposit into your account. If they are worried, they may demand that you meet the call immediately or they may even sell some of your securities to cover the shortfall if you don’t have the extra cash on hand without notice. Yes, a broker can sell your securities without your permission if you don’t have enough money in your account to meet a margin call. All of this depends upon the contract you signed when you opened your account which outlines the broker’s rights in these situations. It’s important to remember that your broker will most likely be interested in protecting their own financial interests rather than yours, so you should make sure that you understand your rights and obligations before entering into a margin agreement. Because they are not always required to give you time to meet a margin call, unless they are under contractual agreement to do so, they may not notify you before liquidating assets in your account to pay off any margin debt. If this happens, your investment portfolio may suffer significant losses. Unfortunately, even if you are in a position to meet the call, you may not be able to get your securities back if they have already been sold by your broker. When you opened up your margin account, you likely signed an agreement that gave your broker the right to sell your securities without notifying you first. This is why it’s important to understand the terms of your margin agreement before signing it. You should also be aware of the risks involved in trading on margin. MPORTANT: If your broker decides to sell your highly appreciated securities, you can be left with large deferred-tax liabilities as well as major capital gain tax expenses that must be paid in the relevant tax year. In addition, brokers can sell your securities within the margin account at an undervalued price, leaving you with even more investment losses. How long do you have to pay a margin call? The time frame for responding to a margin call can vary depending on your broker and the circumstances. Typically, brokers will allow from two to five days to meet the call. You will need to review your account agreement with your broker to be sure. Beware, most margin account agreements do not require the broker to give you any amount of time or notice before they liquidate. What happens if you cannot pay the margin call? Not meeting a margin call can have long-term consequences...

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Mar 14, 2023

What is the Difference Between Solicited & Unsolicited Trades?

Ideally, hiring a skilled broker takes some of the risk out of investing. Unfortunately, however, some brokers fail to act with the appropriate level of integrity. As an investor, it’s very important to understand the difference between solicited and unsolicited trades. The distinction has significant consequences on your ability to recover losses from a bad trade. What’s the Difference Between a Solicited and an Unsolicited Trade? The main difference between a solicited and unsolicited trade is: a solicited trade is a transaction that the broker recommends to the client. In contrast, an unsolicited transaction is one that the investor initially proposed to the broker. Need Legal Help? Let’s talk. or, give us a ring at 561-338-0037. In regards to solicited trades, the broker is ultimately responsible for the consideration and execution of the trade because he or she brought it to the investor’s attention. The responsibility for unsolicited trades therefore lies primarily with the investor, while the broker merely facilitates the investor’s proposed transaction. Why does the Difference Between an Unsolicited and Socilited Trade Matters? The status of a trade as solicited or unsolicited is hugely important when an investor claims unsuitability. An investor who wants to recover losses may be able to do so if the broker is the one who initially suggests the transaction. Take the following example. You purchase $150,000 of stock in a new company. Shortly after the trade is complete, the stock loses nearly all its original value. As an investor, you will want to recover as much of that loss as possible. One way is to file a claim against your broker on the basis that the stock was an unsuitable investment. When you say that an investment was unsuitable, you are essentially saying that based on the information your broker had about you as an investor, the broker should not have made the trade in the first place. If the stock purchase was at your request—that is, it was unsolicited—then it’s unlikely you’d be able to hold your broker liable for your losses. After all, the trade was originally your idea.  IMPORTANT: If the stock was suggested to you as a good investment by your broker, however, then you may have an argument that you were pushed into a solicited trade that was not in your best interests. If this is the case, you would have a much stronger argument for holding your broker liable. What Is Suitability? The Financial Industry Regulatory Authority (FINRA) imposes rules on registered brokers to protect investors against broker misconduct. Under FINRA Rule 2111, brokers are generally required to engage in trades only if the broker has “a reasonable basis to believe that the recommended transaction or investment strategy involving a security or securities is suitable for the customer.” Whether an investment is suitable depends on diligent consideration of several aspects of a client’s investment profile, including: When a broker makes a trade without a reasonable basis for believing that the trade is suitable, the broker violates FINRA Rule 2111. Investors may then be able to recover losses from the broker, and FINRA may impose sanctions, suspension, or other penalties on the broker. Broker Obligations to Their Clients When a broker conducts a trade on behalf of an investor, the broker uses an order ticket with the details of the trade. Brokers mark these tickets as “solicited” or “unsolicited” to reflect the status of the trade. For the reasons explained above, this marking is very important. On one hand, it protects a broker from unsuitability claims following a trade suggested by the broker’s client. On the other, it provides an avenue to recover losses in the case of a solicited trade that turns out poorly. FINRA Rule 2010 covers properly marking trade tickets. This rule requires brokers to observe “high standards of commercial honor and just and equitable principles of trade” in their practice. If a broker fails to properly mark a trade ticket, that broker violates Rule 2010. As an investor, you should always receive a confirmation of any trades your broker conducts on your account.  FINRA has found that abuse of authority by mismarking tickets is an issue within the securities industry. The 2018 report found that brokers sometimes mismarked tickets as “unsolicited” to hide trading activity on discretionary accounts. If your broker feels the need to hide a trade from you, that trade is likely unsuitable. How to Protect Yourself Against Trade Ticket Mismarking Whether your account is discretionary or non-discretionary, and whether you’re new to investing or a skilled tycoon, you should always pay close attention to your investment accounts. Carefully review your trade confirmations to make sure that all trades are properly marked. If you find a mistake, immediately report it to your broker or the compliance department of their brokerage firm. It’s their job to correct these mistakes and make sure they don’t happen in the future. Negative or suspicious responses to a legitimate correction request are red flags that should not be ignored. If you discover your broker intentionally mismarking your trade tickets, contact an investment fraud attorney immediately. Concerned About a Solicited Trade? The Law Offices of Robert Wayne Pearce, P.A., have been helping investors recover losses for over 40 years. We have extensive experience representing investors and have helped our clients recover over $160 million in total. If you’ve become the victim of unsuitable or fraudulent investing, we can help you. Contact us today or give us a call at 561-338-0037 for a free consultation.

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Mar 12, 2023

Do You Need a Florida Stockbroker & Investment Fraud Lawyer?

The Florida Stockbroker & Investment Fraud Lawyers at Law Offices of Robert Wayne Pearce, P.A. have been helping investors recoup their losses incurred due to unethical and illegal stockbroker activity for over 40 years. As an investor in Florida, you have the right to expect that your stockbroker or investment advisor will always act in your best interests. Unfortunately, this is not always the case. The Law Offices of Robert Wayne Pearce, P.A. is dedicated to representing investors nationwide who have been the victims of stockbroker fraud, investment fraud, and misconduct by broker-dealers. Our Florida stockbroker & investment fraud lawyers have recovered millions of dollars for our clients through securities arbitration and litigation. If you have suffered investment losses, we can help. Contact us today at (800) 732-2889 or fill out one of our short contact forms. What is Investment Fraud? When an entity, such as a brokerage firm, takes your money with the promise of investing it and then uses it for other purposes, you have been the victim of investment fraud. Investment fraud scams are frequently characterized by promises of guaranteed profits and low- to no-risk investments. Chances are if it looks too good to be true, it might be. Is Stockbroker Fraud Different from Investment Fraud? Stockbroker fraud is a type of investment fraud that occurs when your stockbroker or other financial professional makes false or misleading statements to you in order to sell you securities, such as stocks, bonds, or mutual funds. Stockbroker fraud is a form of investment fraud, but not all investment fraud is stockbroker fraud. IMPORTANT: If you are a victim of stockbroker or investment fraud, you may have a limited time to take action. The Florida stockbroker & investment fraud lawyers at The Law Offices of Robert Wayne Pearce, P.A. can help you recover your losses and hold the responsible parties accountable. Contact us today at (800) 732-2889. Recognizing the Signs That You May Be the Victim of Investment Fraud There are several signs that may indicate that you have been the victim of investment fraud. If you have experienced any of the following, you should speak with an attorney as soon as possible: The hardest part of investment fraud is often recognizing that it has occurred. Many times, people do not realize they have been the victim of fraud until they suffer a significant loss. Do Not Delay – Time May Be Running Out The statute of limitations, or the time you have to take legal action, may be shorter than you think. If you believe that you have been the victim of stockbroker fraud or investment fraud, contact an investment fraud attorney as soon as possible to discuss your legal options and to protect your rights. What is the Statute of Limitations for Investment Fraud in Florida? In the state of Florida, there are two separate timelines for investment fraud in violation of the Florida securities statutes: a two-year (2) statute of limitations and a five-year (5) statute of repose. The two-year statute of limitations for investment fraud in Florida begins to run on the day that you discover or reasonably should have discovered, the fraud. The five-year statute of repose for investment fraud in Florida begins to run on the day that the fraudulent activity occurred, regardless of when you actually discovered it. This means that if more than five years have passed since the fraudulent act occurred, you will not be able to bring a claim, even if you only recently discovered the fraud. There are other claims for common law fraud, breach of fiduciary duty, breach of contract with different statutes of limitation that may be longer under the facts of your case. For this reason, it is important to contact an experienced Florida investment fraud attorney as soon as possible if you believe that you may have been the victim of investment fraud. Do You Need to Hire an Investment Fraud Lawyer “Near Me”? Since securities are primarily a federally regulated industry, it is not necessary to hire a local Florida investment fraud lawyer. It is still important to find an attorney with experience handling investment fraud cases in Florida, as they will be familiar with the state’s securities laws. These state laws, also known as Blue Sky Laws, may differ from federal securities laws and can potentially provide additional protections for investors. Note: When hiring an investment fraud attorney, it is important to choose one who regularly practices in the field of securities law and arbitration. Securities law is a complex and ever-changing area of law, so you want to be sure that your attorney is up-to-date on the latest legal developments. Are You Dealing with Investment Fraud in Florida? Contact our Florida investment fraud lawyers at the Law Offices of Robert Wayne Pearce, P.A. today at (800) 732-2889. We represent investors nationwide who have been the victims of stockbroker fraud, investment fraud, and broker-dealer misconduct. We Have a History of Helping Investors Recover Their Losses The Law Offices of Robert Wayne Pearce, P.A. has helped investors recover their losses in securities arbitration and litigation for over 40 years. We are one of the most experienced FINRA arbitration law firms in the country and have recovered more than $160 million on behalf of our clients. In fact, we have recovered funds for over 99% of his investor clients through various avenues of recovery, including settlements, arbitrations, and court litigation.  Attorney Pearce is a well-respected advocate for investors throughout the legal community, known as a fierce litigator throughout Florida and across the country. Some of our past results include: $21,041,285 FEDERAL COURT FINAL JUDGMENT In 2010, Robert Pearce won a case in federal court for $21,041,285. The final judgment was entered against the defendant for fraud, breach of fiduciary duty, and civil theft pursuant to Florida Statutes Sections 812.014 and 772.11. $7,840,000 FINRA ARBITRATION SETTLEMENT In this FINRA arbitration, Robert Pearce effectuated the resolution of the case through mediation on the eve of trial. This case involved a complex options trading strategy in the oil and gas sector against one of the largest Midwest broker-dealers in the...

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Mar 11, 2023

Selling Away: Definition, Examples, and How to Recover Losses

The securities industry is one of the most regulated, largely because of the high potential for fraud and abuse. Various laws and regulations protect investors by imposing requirements on securities transactions and the people who facilitate them. Individual brokers and brokerage firms must be registered and licensed with the Financial Industry Regulatory Authority (FINRA) before they are permitted to conduct securities transactions. FINRA also administers a number of exams that provide certification for selling specific kinds of securities. All of these regulations exist to protect investors from fraudulent conduct by brokers. Nevertheless, brokers occasionally attempt to skirt the rules and offer private deals to their clients. Not only do these transactions violate FINRA rules, they also pose additional risks for investors. What Is Selling Away? Selling away describes the practice of selling securities in unauthorized private transactions outside the regular scope of the broker’s business. Need Legal Help? Let’s talk. or, give us a ring at 561-338-0037. Brokerage firms maintain a list of approved securities their brokers are allowed to offer. By approving products ahead of time, brokerage firms ensure that their brokers sell only securities that are vetted and verified as legitimate products. Brokers sell away when they offer their clients securities not on the firm’s approved product list. Brokers may sell away if they want to make extra commissions without sharing with their firm. Selling away is not always malicious; sometimes, a broker means well but isn’t able to offer the securities a client wants through normal channels. Regardless of the broker’s intent, however, FINRA prohibits selling away and sanctions brokers for doing so. Common Examples of Selling Away While there is no specific form a selling-away transaction takes, they frequently involve certain types of investments. These investments include: Deals that involve selling away often exhibit the same red flags as other types of investment fraud, like Ponzi schemes. Excessively high or consistent returns are indicators that the deal is probably too good to be true. What Are the Risks of Investing in Securities That Are Sold Away? Investments of all kinds carry a certain level of risk. However, investing in a selling-away deal carries more risk because they come without the safeguards that accompany approved investments. Lack of screening First, selling-away deals involve securities that are not screened by the brokerage firm. Brokerage firms screen the products they offer for a reason: to make sure that their customers have access to solid investments. Without these safeguards, investors are taking on significantly higher risk. Lack of disclosures Second, selling away deals rarely include the formal risk disclosures found with approved brokerage products. There is no review of the investment by the brokerage’s compliance department, and the exact nature of the risk involved may be unclear. Less accountability Finally, it may be harder to recover losses. When a broker engages in an approved transaction, the brokerage takes on liability for the broker’s activity. Because brokerages are often completely unaware of selling-away transactions, it is much harder to prove liability on the part of the brokerage. In the case of significant investor losses, this can mean less money recovered overall. Selling-Away FINRA Regulations There are two main FINRA regulations that cover selling away: Rule 3270 and Rule 3280.  FINRA Rule 3270 prohibits brokers from engaging in activities that are outside of the broker’s relationship with their brokerage firm unless written notice is provided to the firm.  FINRA Rule 3280 is similar, and prohibits brokers from engaging in private securities transactions (including selling away) without first providing written notice to their firm. After receiving that notice, the member firm may approve or disapprove the transaction. If the firm approves, then the firm supervises and records the transaction. Disapproval, on the other hand, prohibits the broker from participation in the transaction either directly or indirectly. What Are the Penalties for Selling Away? Both brokers and brokerage firms can be held liable when a broker sells away. FINRA regulations require brokers to offer securities products suitable for each of their client’s needs. Brokers must account for their clients’ objectives, level of investing sophistication, and risk tolerances. When a broker fails to fulfill this obligation, FINRA may sanction, suspend, or bar the broker from the financial industry. According to FINRA’s Sanctions Guidelines, Brokers who engage in selling away open themselves up to monetary sanctions between $2,500 and $77,000 for each rule violation. For serious violations, FINRA may suspend the broker for up to two years or permanently bar them from practicing as a broker. The severity of the penalty depends on several factors: Because selling away involves transactions outside of a broker’s relationship with their brokerage firm, holding the firm responsible for investor losses is more difficult. Nevertheless, a brokerage firm may still be liable for the conduct of its brokers under FINRA regulations. Brokerage firms have an obligation to supervise the brokers with which they are associated. Failure to do so may result in the firm’s liability to the investor. How Do I Recover Losses from Selling Away Deals? Investors can try to recover their losses through several formal and informal methods. Speaking with a selling away lawyer is the best way to determine which method is right for your situation. FINRA Arbitration Many brokerage firms require their customers to sign mandatory arbitration clauses. If this is the case, then the investor must use FINRA’s arbitration process rather than filing a lawsuit.  Arbitration starts when the investor files a claim. From there, the parties go through similar procedures to those in the regular court system. Each side will engage in discovery and present their case at a hearing before an arbitrator. The arbitrator is responsible for reviewing the evidence and ultimately issuing a decision and award. Contacting Your Brokerage Firm A brokerage firm’s compliance department may be interested in reaching a resolution without involving the courts. In some cases, investors recover losses from their broker’s selling away deals through mediation. FINRA provides access to informal mediation to facilitate a mutually acceptable agreement between...

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Mar 11, 2023

How to File a Formal Complaint Against Your Financial Advisor

When you hire a financial advisor, you expect the advisor to act in your best interest to prevent unnecessary losses. Unfortunately, however, financial advisors do not always live up to these expectations. In some cases, a financial advisor fails to follow an investor’s requests and guidelines or otherwise engages in misconduct, causing the investor to suffer losses. When this happens, the investor may be able to file an official complaint against the financial advisor through the Financial Industry Regulatory Authority (FINRA). In this article you will learn how to file a complaint against a financial advisor to recover your losses.

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