Articles Posted in breach of fiduciary duty

On September 7, 2021, the Financial Industry Regulatory Authority (“FINRA”) and Santander Investment Securities Inc. (“Santander”) entered into an agreement whereby Santander consented to a censure and $175,000 fine after FINRA alleged that Santander published and distributed research reports to institutional investors that omitted required disclosures or included inaccurate disclosures. Iorio Altamirano LLP is investigating…

On June 30, 2021, the Financial Industry Regulatory Authority (“FINRA”) announced that it ordered Robinhood Financial LLC to pay approximately $70 million for systemic supervisory failures and significant harm suffered by millions of customers. The sanctions included an order to pay a $57 million fine and $12.6 million in restitution, plus interest, to thousands of…

The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Marc Lippman from the securities industry. Mr. Lippman consented to the bar after FINRA alleged that he provided false information to FINRA during on-the-record testimony regarding whether he was aware that his customer was deceased at the time of entering a securities transaction in the customer’s…

On Thursday, January 28, 2021, Robinhood designated specific stocks “position closing only,” meaning that customers could not purchase additional shares in those stocks. The targeted stocks included GameStop (NYSE: GME), AMC (NYSE: AMC), Blackberry (NYSE: BB), Nokia (NYSE: NOK), Koss Corporation (NYSE: KOSS), and Express, Inc. (NYSE: EXPR). Robinhood was joined by other online brokers,…

Here is how you can file a claim to recover losses suffered from trading restrictions placed on GameStop, AMC, Blackberry, Nokia, and other stocks. On February 12, 2021, in a letter addressed to Senator Elizabeth Warren, Robinhood Financial, LLC confirmed twenty-four (24) pending securities arbitrations. Robinhood’s letter was written in response to an inquiry sent…