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...
Almost a year after the SEC began asking about the industry's progress on mutual fund portability, little in the way of concrete activity appears to be happening.Although one large firm, Prudential Securities, has recently entered into mutual fund...
Results from a Securities Industry Association (SIA) investor survey, released during the firms' annual convention in Boca Raton, Fla., Nov. 5-8, show that 56% of investors with a broker prefer paying commissions versus just one-third who said...
Smith Barney brokers may be getting calls from some clients over a class-action mailing sent out in late September.Though the letter is six pages of legalese, the issue is relatively simple: When Smith Barney acquired Shearson, it upped the annual...
Last March, SEC enforcement chief Bill McLucas told a compliance conference in New York that his agency doesn't regularly review arbitration cases for possible follow-up enforcement action, while admitting at the same time that arbitrations might...