Tampa, Fla.-based plaintiffs' attorney Jonathan Alpert has filed a total of five "collective actions" in federal district courts against Prudential, Smith Barney, PaineWebber, Raymond James and Sutro, asserting that the firms make a regular...
The NASDR has asked the SEC to approve interim U-4 forms that contain new reporting requirements. As of November, the rule proposal was expected to go into effect this month. Here is a summary of some of the proposed changes.* The new Question 22G...
Salomon Bros. $10 billion merger with Smith Barney is poised to give the new entity a big presence in trading and research, but for retail sales, the merger may mean little more than perhaps better bond prices."I'm told that our fixed-income...
While most firms put at least as much thought into the unveiling of new customer-service technologies as they do their creation, A.G. Edwards has taken a step in the other direction. They have launched their new customer-only Web site with the...
About a year ago, the broker began to take a close look at small-cap stock charts. With a client base mainly of individual stock traders, he'd grown frustrated at price moves that didn't jibe with trading volume. The broker, who works for a...
At the industry pooh-bahs' annual bash in Boca Raton, Fla., Nov. 5-8, the Securities Industry Association (SIA) released results of its yearly investor survey. One item of note: Two-thirds of investors who use a broker said their primary...
An NASD arbitration panel awarded $70,000 to a bank broker who claimed she was terminated and defamed on her U-5 for complaining about sexual harassment and regulatory problems at her firm.Donna Brennan worked for Northeast Brokerage Services, a...
Shutting down bad-apple market makers can be a slippery business. Nearly three years ago the NASD began investigating La Jolla Capital, a 140-broker firm in La Jolla, Calif., for numerous penny stock trading violations. Meanwhile, La Jolla took...
In an NASD arbitration case decided last July, Daniel Davila, formerly a broker with Monroe Financial Corp. in Bloomington, Ind., was banned from contacting clients he obtained while working at Monroe, for a period of two years from the date he...