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News from Banks Law Office | Blog

FINRA Fines American Trust Investment Services Broker John James Hoidas
Banks Law Office

On July 7, 2023, FINRA issued an AWC (Acceptance, Waiver, and Consent) sanctioning American Trust Investment Services’ broker John James Hoidas. Hoidas was assessed a deferred fine of $40,000 and suspended from association with any FINRA member in all capacities for 18 months. He did not admit or deny the findings but consented to the…

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Laidlaw Broker Chris Harrington Fined For Unsuitable Trading
Banks Law Office

On July 7, 2023, an AWC (Acceptance, Waiver, and Consent) was issued against Laidlaw broker Christopher Harrington, resulting in a deferred fine of $11,500 and a suspension from being a broker for nine months. Harrington consented to these sanctions without admitting or denying the findings, which revealed that he engaged in misconduct that harmed a…

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Litigation Funding And Contingency Fees Are Not Inherently Unethical
Banks Law Office

Litigation Funding Is Criticized Because Of Predatory Practices CBS News aired a 60-minutes segment titled “Litigation Funding: a multibillion-dollar industry for investments in lawsuits with little oversight.” As the segment explained, “litigation funding” is the practice of funding someone’s lawsuit in return for the right to collect a portion of the money that person recovers…

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Fitbit Allegedly Failed To Pay For Fitbit Ionics Submitted In The Recall Between 2022 And 2023
Banks Law Office

Banks Law Office represents more than 40 individuals who allege that Fitbit has failed to pay them for Fitbit Ionic smartwatches they submitted to the Fitbit Ionics recall. If Fitbit has refused to pay you for Ionics that you submitted to the recall, please contact Banks Law Office today. On March 2, 2022, Fitbit and…

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SW Financial Expelled by FINRA
Banks Law Office, P.C. Team

The Financial Industry Regulatory Authority (FINRA) is an organization dedicated to investor protection and market integrity. On May 12th, 2023 FINRA announced that SW Financial had been expelled from its membership for multiple violations. The violations include making misrepresentations to customers about its sales of private placement offerings of pre-initial public offering (pre-IPO) securities, churning customer accounts,…

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SEC Refuses to Adopt Fiduciary Rule
Banks Law Office, P.C. Team

The SEC refuses to recommend  a fiduciary rule for broker-dealers; new rule reiterates FINRA suitability standard and allows  conflicts of interest between brokers and investors. The Securities and Exchange Commission in a 4-1 vote has rejected the fiduciary rule as the standard of conduct for broker-dealers and their representatives.  Instead, the SEC has proposed “Regulation…

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