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Posts tagged "Exchange Traded Funds"

Garden State Securities, Inc. - Traditional and Non-Traditional ETFs Suitability Issues

Garden State Securities, Inc. - Traditional and Non-Traditional ETF Suitability Issues - South Florida FINRA Arbitration Attorney:

Garden State Securities, Inc. (CRD #10083, Red Bank, New Jersey) submitted an AWC in which the firm was censured and fined $25,000. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to establish, maintain, and enforce a reasonably designed supervisory system and WSPs regarding the sales of leveraged, inverse and inverse-leveraged exchange-traded funds (non-traditional ETFs). The findings stated that the firm did not have WSPs that specifically addressed the suitability or supervision of non-traditional ETFs. In addition, the firm did not have a system that enabled its supervisory personnel to adequately review nontraditional ETF transactions to ensure their suitability. The firm relied on supervisory staff to conduct a manual blotter review to detect potentially unsuitable non-traditional ETF transactions. However, this manual blotter review was an inadequate means of reviewing non-traditional ETF trades. In fact, the firm's blotter did not even differentiate between traditional and non-traditional ETFs. The firm also did not have any exception reports specific to non-traditional ETFs, and failed to implement any system to monitor nontraditional ETF holding periods and losses. The findings also stated that the firm executedshort sale orders in an equity security and failed to properly mark the orders as short.

Jason Figueroa and The GMS Group, LLC. - ETFs - Proshares Ultra S&P, Proshares Ultrashort S&P 500 and Barclay's Ipath S&P 500 VIX Short Term Futures ETN Unsuitable FINRA Arbitration Attorney

Jason Figueroa and The GMS Group, LLC. - Unsuitable ETFs - Proshares Ultra S&P, Proshares Ultrashort S&P 500, Direxion ETF Daily Gold Miners Bull 3X shares, Credit Suisse Velocity Shares Inverse VIX ETN and Barclay's Ipath S&P 500 VIX Short Term Futures ETN FINRA Arbitration Attorney:

Recently the Financial Industry Regulatory Authority (FINRA) announced that Jason L. Figueroa entered into an Acceptance, Waiver and Consent (AWC) whereby Mr. Figueroa was barred from associating with any FINRA member in any capacity.

The GMS Group, LLC., Jason Figueroa and Carmine Capone - Boca Raton, Florida Unsuitable Investment FINRA Arbitration Attorney

The GMS Group, LLC., Jason Figueroa and Carmine Capone - South Florida, including Boca Raton, Fort Lauderdale and West Palm Beach FINRA Arbitration Attorney:

Recently, the Financial Industry Regulatory Authority announced that The GMS Group, LLC and Carmine Capone had entered into an Acceptance, Waiver and Consent (AWC) relative to their failure to properly supervise a registered representative by the name of Jason Figueroa.  According to the AWC, between October 1, 2011 and October 30, 2013 (the "Relevant Time Period"), Mr. Figueroa revised the investment strategy that he was recommending for four customer accounts, each of which was owned by unsophisticated and retired investors with limited investment experience and a moderate risk tolerance.  Previously, these customers had been primarily invested in corporate bonds and mutual funds.  A major component of the revised strategy, however, was leveraged and inverse-leveraged ETFs, including Proshares Ultra S&P 500, Proshares Ultrashort S&P 500 and Direxion EFT Daily Gold Miners Bull 3X shares, as well as related exchange-tradedd notes, including Barclay's Ipath S&P 500 VIX Short Term Futures ETN and Credit Suisse Velocity Shares Daily Inverse VIX ETN.  The risk associated with these investments was exacerbated by the recommended use of margin.

Innovative Business Solutions, LLC. and Arthur Jacob - Boca Raton, Florida Investment Adviser Fraud, Mismanagement and Breach of Fiduciary Duty FINRA Arbitration and Litigation Attorney

Innovative Business Solutions, LLC. and Arthur Jacob - Boca Raton, Florida Investment Adviser Fraud, Mismanagement and Breach of Fiduciary Duty FINRA Arbitration and Litigation Attorney Relating to Among Other Investments, Exchange Traded Funds.

Exchange-Traded Notes (ETN), Leveraged and Inverseleveraged ETFs - Unsuitable Investment Recommendations, FINRA Arbitration Attorney

Exchange-Traded Notes (ETN), Leveraged and Inverseleveraged ETFs - Unsuitable Investment Recommendations, FINRA Arbitration Attorney:

The Financial Industry Regulatory Authority, Inc. (FINRA) is a self-regulatory authority assigned the responsibility, by the Securities and Exchange Commission, to license, regulate and discipline securities broker/dealers and their employees, including account executives. In the event that FINRA elects to institute an enforcement action, firms and licensed individuals have the responsibility to reflect such action on their U-4 and/or U-5 filings, which can be viewed on the FINRA website under the broker-check section of the site or by viewing the monthly disciplinary information also provided on the FINRA site.

Exchange Traded Funds (ETFs) - Florida Elder, Senior and Retirement Financial Abuse and Exploitation Unsuitability, Excessive Trading (Churning), Fraud, Misrepresentation and Breach of Fiduciary Duty FINRA Arbitration, Litigation and Probate Attorney

Exchange-Traded Funds (ETFs) - Florida Elder, Senior and Retirement Financial Abuse and Exploitation Unsuitability, Excessive Trading (Churning), Fraud, Misrepresentation and Breach of Fiduciary Duty FINRA Arbitration, Litigation and Probate Estate Attorney:

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