By George H. Friedman, SAA Editor-in-Chief
As the June 30 enforcement date of the SEC’s Regulation Best Interest (“Reg BI”) approaches, various preparatory steps are rolling out by the regulators.
A recommendation of an unsuitable security cannot be the basis for a federal securities fraud claim,
EXPLAINED AWARD: ANDERSON v. ALLEGIS INVESTMENT ADVISORS, LLC, AAA ID #01-16-0005-0320 (Salt Lake City, UT, 1/8/18).
This 21-page AAA Explained Award,
EXPLAINED AWARD: TULLIS v. AMERIPRISE FINANCIAL SERVICES, INC., FINRA ID #16-01261 (Portland, OR, 6/27/17).
This Award includes a so-called “Dissenting Decision” that is largely a concurrence fleshing out in detail the majority’s one paragraph “Findings” in favor of the customer claimants;
Registered representatives who effect transactions on a customer’s behalf without informing the customer have implicitly recommended those transactions,
Explained Award: Schneider v. Khalsa, FINRA ID #16-00680 (Albuquerque, NM, 11/23/16).
Expungement recommendations by three-member panels are almost always unanimous,