FINRA Disciplines Texas-based Cambridge Legacy Securities, LLC, Oran Ben Carroll, and Russell Kent Childs

This month FINRA announced that it took disciplinary action against Texas-based financial firm Cambridge Legacy Securities, LLC as well as the firm’s principals Oran Ben Carroll and Russell Kent Childs. Cambridge Legacy Securities, LLC was censured, fined $50,000 and ordered to pay $21,864.74 in restitution and interest to some of its retail customers. Carroll was…

NASAA Lists Top 10 Investment Scams and Traps

Last month, the National Association Securities Administrators Association (NASAA), an organization comprised of current and former state securities regulators, released its annual list of investment pitfalls. Topping the list was Exchange Traded Funds (ETFs). ETFs are complex investments that resemble mutual funds. However, many ETFs include hidden traps that may make these investments unsuitable for…

FINRA Warns of Oil Spill Stock Scams

FINRA has joined with the SEC issuing an alert warning investors of scams that are exploiting the oil spill in the gulf. Scammers are “promising financial gains from investments in companies that claim to be involved in cleanup operations.” Along with the warning, FINRA provides several tips to avoid these type of scams. First, FINRA…

The Doss Firm, LLC Sues Ameriprise Over Unsuitable Sales of Reverse Convertible Notes To Elderly Couple

On February 16, 2010, Financial Industry Regulatory Authority (FINRA) fined H&R Block Financial Advisors, Inc., (n/k/a Ameriprise Financial) $200,000 for failing to establish adequate supervisory systems and procedures for supervising sales of a unique and relatively new investment called reverse convertible notes to retail customers. FINRA also fined and suspended H&R Block broker Andrew MacGill,…

The Doss Firm, LLC Is Investigating Claims Against Ameriprise Financial f/k/a H&R Block Financial Advisors For Unlawful Sales of Reverse Convertible Notes

The Doss Firm, LLC is currently investigating whether Ameriprise Financial f/k/a H&R Block Financial Advisors violated industry rules on a wide-spread basis in connection with the unsuitable sale of reverse convertible notes to senior citizens. FINRA fined the firm as well as Andrew MacGill, a broker with the firm, this week for making unsuitable sales…

FINRA Fines H&R Block Financial Advisors n/k/a Ameriprise Financial and Andrew MacGill In Connection With Improper Sales of Reverse Convertible Notes

FINRA, Financial Industry Regulatory Authority announced that it was fining H&R Block Financial Advisors, Inc. (n/k/a Ameriprise Advisor Services, Inc.) $200,000 for failing to establish adequate supervisory procedures in connection with the sale of reverse convertible notes. FINRA also fined Andrew MacGill, an advisor of the firm for making unsuitable recommendations to a retired couple.…