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Ronald M. Amato, an associate attorney in the securities group at SNSFE, presented the webinar, "Protecting Yourself In Bull And Bear Markets: What Investors, Their Accountants and Advisors Should Know About Investment Product Suitability and Investment Abuse" in November 2006. If you didn't get the chance to attend the live event, or are interested in a 'refresher', you can play the recorded webinar presentation or listen to the podcast now:
On July 11, 2007, SNSFE securities associate attorney Ronald M. Amato presented a webinar for investors and financial advisers on the implications of the U.S. Court of Appeals D.C. Circuit Court's decision to vacate SEC Rule 202(a)(11). In his 30-minute presentation, Ron gives a historical perspective of the Investment Adviser Act, the practical impact of the Rule and its challenge by the Financial Planning Association, and what the Court's rejection of the Rule means for investors and financial advisers. Press play to watch the recorded presentation or press listen to hear the podcast.
This 30-minute recorded presentation from a recent webinar by SNSFE securities associate attorney Christopher J. Moyen covers the basics of what we identify to be the top 10 current compliance issues facing investment advisers today. Play the webinar or listen to the podcast to learn about these common deficiencies and their remedies.
Attorneys at SNSFE are investigating Donald Overbey who was at one point an Ameriprise financial adviser based in Illinois. Mr. Overbey already has had his Illinois license revoked and is prohibited from serving as an investment adviser in Illinois. He leaves behind at least 9 victims who unfortunately lost millions of dollars in fraudulent schemes, purportedly investments in the coffee business, business loans, investment notes, real estate and even vitamins. SNSFE is investigating and would welcome comments and information from interested parties.
Fee-based accounts have existed for more than a decade as an alternative to paying commissions for buying and selling securities. They have been popular and profitable, but soon will become subject to more stringent regulatory requirements as a result of a 2007 court decision that effectively makes such accounts investment advisory (fiduciary) accounts instead of (arguable more limited duty) brokerage accounts. As we wait to see whether brokerage firms will choose to continue to offer fee-based programs in this fiduciary context, we must be mindful of how poorly several brokerage firms have complied with the longstanding regulatory requirements for fee-based accounts. Let's review what brokerage firms have continued to do wrong, as reflected in several regulatory actions and pronouncements.
Advisers, and their clients, have been warned about "early retirement investment pitches that promise too much." A FINRA Investor Alert has cautioned employees to "look before you leave," and two well-publicized regulatory actions have highlighted problems with misleading sales practices and ineffective supervision. Let's review the warnings, and provide guidance to advisers on how best to stay clear of trouble.
FinancialCounsel.com, hosted by James J. Eccleston, is the companion website to this blog. It contains complimentary material of general interest to investors and financial services professionals. Investors will find material on securities arbitration to recover investment losses; industry and financial markets intelligence; and strategies for estate planning. Professionals have access to material on broker/adviser registration, regulation, compliance and disciplinary proceedings; industry and financial markets intelligence; strategies for estate planning; and broker/adviser employment litigation and injunctions, including defamation and non-competition/solicitation issues. 
James J. Eccleston heads the securities group at Shaheen, Novoselsky, Staat, Filipowski & Eccleston, P.C., a business law firm dedicated to closely-held business owners, senior executives and high net worth individuals. With three core practice groups - securities, general litigation, and corporate / transactional - and many subspecialties, SNSFE provides our clients a full spectrum of legal services, from start-up to succession planning. Visit us at snsfe-law.com or call 312.621.4400 for more information. 