In the real world, if you want to start a new career, you get some education, find a company to hire you, and if it doesn't work out, you move on to another employer.Then there's the brokerage industry. Under NASD rules, those who want a brokerage...
In July, an NASDR arbitration panel ordered the NASD to expunge 16 oral complaints put on a broker's record by PaineWebber.Former PaineWebber rep Michael Glovas filed the claim in late 1995 alleging that PaineWebber wrongly accused him of signing...
Brokerage firms win the majority of cases in which they seek to collect money due on up-front bonus/promissory notes from brokers who have been fired or left the firm.According to a study by this magazine of NASDR arbitration cases from April '96...
In the film "Pretty Woman," a store manager asks Richard Gere about his budget for a shopping spree for Julia Roberts. "Just how obscene an amount of cash are we talking about here?" he asks. "Profane or really offensive?" Gere responds, "Really...
Several prominent mutual fund companies have revoked their NAV transfer privileges in recent months, knuckling under to brokerage pressure, despite the risk of alienating customers and some reps.Van Kampen American Capital, Morgan Stanley...
A 19th century economic philosophy known as utilitarianism preached the virtue of trying to deliver the greatest amount of happiness to the largest number of people. Even if the idea were still widely followed today, it wouldn't describe what...
A state court judge in late August dismissed a proposed class-action lawsuit accusing two managers and eight brokers at Merrill Lynch's main Baltimore office of cheating investors.Judge Joseph H.H. Kaplan did not say why he dismissed the complaint...
A federal judge in the Southern District Court of New York dismissed last June a $40 million lawsuit filed against the NASD that alleged the regulator had unfairly influenced a 1993 election for a seat on the NASD's board of governors.Alan...
While noting that the NASD has made substantial progress in complying with its remedial sanctions ordered last year in its settlement with the SEC, independent consultant Frederick Werblow has advised the NASD to further its efforts.In his first...
Financial services firms catering to the independent broker marketplace are being snapped up by larger broker/dealers looking for deeper sources of distribution.Denver-based Portfolio Management Consultants (PMC), the largest independent provider...
