Ft. Lauderdale, Fl. April 14, 2016 – Attorney Mark A. Tepper, who represents victims of stockbroker fraud, welcomes new Federal regulations aimed at protecting Americans saving for retirement.
“We hope this will have a chilling effect on stockbroker fraud and misconduct. Brokers routinely blame customers for their losses, ignoring their FINRA imposed duty to make suitable recommendations.” Mr. Tepper, the former Chief Trial Counsel at the New York Attorney General’s Bureau of Investor Protection and Securities, said.
The Labor Department’s new rules say advisers and brokers working with retirement accounts must act in their clients’ best interests.
The Market for Financial Advisor Misconduct
A recent academic study of FINRA’s BrokerCheck system, entitled “The Market for Financial Advisor Misconduct,” by Mark Egan from the University of Minnesota and Gregor Matvos and Amit Seru from the Chicago Booth School of Business, was reported in the New York Times. The Times reports that the study ranks firms with the highest percentage of brokers cited at each firm, who disclosed at least one incident of misconduct, as the researchers define it:
1 OPPENHEIMER & CO. INC.
2 FIRST ALLIED SECURITIES, INC.
3 WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC
4 UBS FINANCIAL SERVICES INC.
5 CETERA ADVISORS LLC
6 SECURITIES AMERICA, INC.
7 NATIONAL PLANNING CORPORATION
8 RAYMOND JAMES & ASSOCIATES, INC.
9 STIFEL, NICOLAUS & COMPANY, INCORPORATED
10 JANNEY MONTGOMERY SCOTT LLC
“The FINRA misconduct disclosure process is essential to informing customers about potential problem brokers and supervision breakdowns at brokerage firms,” Mr. Tepper said.
To discuss filing a claim for recovery of your retirement or investment losses, you can email attorney Mark A. Tepper at askmark@marktepper.com or telephone the law firm at 954-961-0096.
About Mark A. Tepper, P.A. (www.MarkTepper.com)
Attorney Mark A. Tepper is the former Chief Trial Counsel at the New York Attorney General’s Bureau of Investor Protection and Securities. He has earned the reputation of “Investor Advocate” while practicing law for over 35 years representing individual investors. FINRA arbitrators have upheld claims filed by Mr. Tepper against a number of financial services companies. A member of the Florida, New York and California Bars, Mr. Tepper is peer-reviewed for 15 consecutive years, AV PREEMINENT® for ethical standards and legal ability, the highest rating of lawyers in the Martindale-Hubbell Law Directory.
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