Bad Broker Blog

Goldman Sachs has been in the news a lot for its role in the collapse of Lehman brothers and AIG. Now The New York Times reports that a FINRA arbitration panel has ordered Goldman to pay $20 million to the creditors of a hedge fund.

FINRA, formerly the National Association of Securities Dealers, announced relatively minor changes that will expand the quantity of broker specific information that will available on the online BrokerCheck system.

A Nebraska couple filed suit against LPL Financial last month, claiming one of its brokers misled them about the costs and risks associated with annuities.

Many well-meaning, reasoning people fell victim to Kenneth Starr's $59 million Ponzi scheme, which is continuing to unravel in disturbing detail.

The US News and World Report ran an interesting article earlier this month about the "7 Money Mistakes We Make Every Day." In this economy, so many Americans are paying for these common mistakes, which range from "overpaying on a mortgage" to "neglected credit scores."

The stock market fell sharply earlier this month, following disappointing performances all spring. Lower-than-expected job growth and concerns about Hungary's economy led to the Dow Jones industrial average falling 3.2% last week, its lowest point since February.

Despite the market's ups-and-downs as of late, many investors are hoping-if not anticipating-for an economic recovery on the horizon. But many seniors who have purchased variable annuities suffer from this market volatility because of "sequencing risk."

Kenneth I. Starr, a financial adviser who managed investments for celebrities and wealthy residents of New York City, was arrested last week for operating an alleged $30 million Ponzi scheme.

For whatever reason, there is a correlation between stockmarket conditions and stockbroker disciplinary complaints. Generally if the United States economy is faring well, investors are less likely to suspect brokers of fraud.

Ameriprise Financial Services and one of its brokers were ordered Friday to pay back $470,000 to an investor, after a FINRA arbitration panel concluded the both parties had covered up evidence of fraudulent investment advice.

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