More in Legal

Apr. 15, 2013

Commentary

Five Tips To Prevent A Suit Against a Stock Broker

Times are great. The market is soaring. Stocks are generally doing well. And the woes of 2007 and 2008 are a faded memory. And, of course, all customers are singing the praises of their registered representatives – until the next crises....More
Apr. 5, 2013

Article

Trusts & Estates

Tax Law Update April 2013

David A. Handler and Alison E. Lothes outline the most important tax law developments of the past month...More
Mar. 25, 2013

Article

Trusts & Estates

What’s It Worth?

What’s the fair market value of a deceased collector’s undivided fractional interest in 64 works of art—art that includes pieces by Pablo Picasso, Henry Moore, Jackson Pollock, Paul Cezanne, Jasper Johns, Ellsworth Kelly, Cy Twombly, Robert Motherwell, Sam Francis and David Hockney?...More
Mar. 13, 2013

blog

Wirehouses Playing Defense By Supporting Broker Disclosure

Wirehouse support of disclosure for recruitment incentives may be a political gambit, but in the long term it's not going to reduce the compensation packages firms pay to land top talent....More
Conference

SIFMA Compliance and Legal Society Annual Seminar 2013

March 17th - 20th, 2013 - Phoenix, AZ

SIFMA's Compliance & Legal Society Annual Seminar is the premier event that features more than 60 dynamic and informative panels! Don't miss your opportunity to engage with leading industry experts, discuss the latest regulatory developments and industry trends. Speakers include: Preet Bharara (SDNY U.S. Attorney), SIFMA CEO, Richard Ketchum (FINRA) and CFTC Commissioner O’Malla...More
Mar. 5, 2013

Article

Trusts & Estates

Tax Law Update March 2013

David A. Handler and Alison E. Lothes report on the tax law developments in the last month...More
Mar. 4, 2013

blog

Former Ameriprise Rep's Misdeeds Cause Firm Pain

Like a ghost, bad advisors can haunt a firm long after alleged misdeeds are uncovered and their corporeal selves no longer inhabit the office....More
Mar. 1, 2013

Commentary

SEC Fiduciary Standard Moves Ahead…At a Snail’s Pace

The SEC finally released their request for information on the impacts of proposed fiduciary standard regulation, almost a year after the regulator first proposed the idea....More
Feb. 26, 2013

Article

Trusts & Estates

A Reckless Act?

John T. Brooks and Samantha E. Weissbluth discuss the potential fiduciary law ramifications of Randy Curtis Bullock v. Bankchampaign, N.A....More
Feb. 25, 2013

Article

Trusts & Estates

Private Annuity Transaction Upheld as a Bona Fide Sale

Dawn S. Markowitz discusses the Tax Court's recent holding in Estate of Virginia V. Kite v. Commissioner...More
Feb. 25, 2013

blog

If Investors Have No Recourse in Class Actions, Will They Turn to Advisors?

Last week, a FINRA panel upheld Schwab’s customer agreements requiring customers to take disputes into arbitration. If other firms follow suit, does this make advisors their only recourse?...More
Feb. 19, 2013

Article

Trusts & Estates

Summary Judgment Denied to Resolve Gift Tax Issue

The Tax Court showed no Valentine’s Day mercy for the petitioner in Estate of Dorothy Brown, T.C. Memo. 2013-50 (Feb. 14, 2013), when it found a genuine dispute of material fact relating to a gift tax issue and denied the estate’s motion for summary judgment. Dawn S. Markowitz elaborates...More
Feb. 7, 2013

blog

An Idiot's Guide to Screwing Up the Economy

Outgoing Treasury Secretary Tim Geithner is peddling a book deal. This morning, Charlie Gasparino offered some book titles. The headline to this blog is just one of them. He also suggested: What I saw at the (Socialist) Revolution. Another choice one: Mysteries of Space: How a Guy with Little Between His Ears Made It So Far....More
Feb. 7, 2013

Article

Trusts & Estates

U.S. Treasury and IRS Issue Final FATCA Regulations

On Jan. 17, 2013, the U.S. Treasury and Internal Revenue Service published their final regulations regarding the Foreign Account Tax Compliance Act (FATCA). Eric van Aalst gives you the highlights...More
Feb. 6, 2013

blog

Advisor Gets Over 12 Years For $16M Fraud

The SEC and federal prosecutors racked up another win on Tuesday after an Illinois federal judge threw the book at a shady financial advisor who pilfered $16 million in mutual fund shares from clients....More
Jan. 30, 2013

Article

Trusts & Estates

What’s Lake Tahoe Property Worth (to the Tax Court)?

The Tax Court gives new meaning to the phrase “lengthy opinion,” when it issued its 114 page decision a few days ago regarding the valuation of parcels of land in Estate of Shirley C. Giovacchini v. Commissioner. Dawn S. Markowitz gives you the bottom line...More
Jan. 28, 2013

Article

Trusts & Estates

Seeds of Controversy

John T. Brooks and Samantha E. Weissbluth highlight an interesting case unfolding in Kansas, in which a sperm donor is fighting state efforts to force him to pay child support...More
Jan. 16, 2013

Article

REP.

DOL’s Fiduciary Proposal Presents Renewed Threat to Securities Industry

SIFMA expects a DOL fiduciary proposal in the second quarter of this year, renewing the industry’s concern over the possible legislation which the organization says is contrary to the SEC’s....More
Jan. 14, 2013

Article

REP.

Should FAs Disclose Recruiting “Bonuses” to Clients, as FINRA Proposes? A Recruiter’s Perspective

FINRA last week released Regulatory Notice 13-02 that proposes to require disclosure of financial incentives (recruiting “bonuses”) paid to financial advisors to change firms....More
Jan. 12, 2013

blog

Jack Lew: Good for Wall Street, Bad for Investors? Oh, Puh-leeez. Finance Is Already One of Most Regulated Industries

Deregulation did not --- as in did not --- cause the financial crisis: Misregulation did. I keep reading, and hearing references to, the deregulation of Wall Street...More
Jan. 10, 2013

blog

Jack Lew: Good for Wall Street, Bad for Investors

President Obama’s choice of Jack Lew as the new Treasury secretary could be good for Wall Street, but bad for investor protection....More
Jan. 9, 2013

Article

REP.

Insider Trading: Who's Next?

The number of retail financial advisors getting tangled up in insider trading cases is growing. While most are open and shut, what prosecutors look for to press a case, and the common defense arguments made in response, can sometimes be more nuanced....More
Jan. 7, 2013

Article

Trusts & Estates

A New Twist On an Old Election

Michael J. Jones describes some of the new rules that apply to tax-free qualified distributions from individual retirement plans....More
Jan. 4, 2013

blog

Another Case of How Bad Firms Come Back to Bite You

A former broker’s case against FINRA was dismissed by the United States Court of Appeals Wednesday, but the case just goes to show that bad firms can come back to bite financial advisors, even if they had nothing to do with it....More
Dec. 21, 2012

Article

Trusts & Estates

Father’s Will Dictates Sham Marriage

In a recent New York case, a father, in his will, dictated that his gay son’s child gets nothing unless his son married the child’s mother....More