Alan Rosca is a securities attorney, adjunct professor of Securities Regulation, and speaker and author on Ponzi schemes, investment fraud, and securities regulation. He is often interviewed in the media on topics ranging from fraudulent investments to bank regulation and professional liability.
Tyler Tysdal Investigation Investor Update. Vida Longevity Fund Investor Alert. Global Law Experts - Goldman Scarlato & Penny, P.C.(Alan Rosca) Alan Rosca (@alanroscaesq) on Speaker Deck. Alan Rosca, Attorney at Goldman scarlato & penny. Alan Rosca (alanroscaesq) Alan Rosca. Alan Rosca. Connecting Research and Researchers. Author Page for Alan Rosca. Alan Rosca. Alan Rosca. Investment advisers working from home heightens ‘selling away' concern. As COVID-19 has caused employees all over the world to work remotely, investors need to be more aware than ever of the possibility that their advisers might be working without adequate supervision and could be engaging in securities-related misconduct.
Specifically, investors should be aware that their brokers might be selling investment products not authorized by their brokerage firm, commonly referred to as "selling away. " Selling away is when a broker solicits a client to purchase securities not held or offered by the brokerage firm, and not approved by the firm. Brokerage firms typically have lists of approved products that can be offered by their brokers to clients of the firm. New SEC rules or not, investors still need to be vigilant. If you are like most investors — even many sophisticated ones — you probably assume that all financial advisers and brokers are required to place their clients' interest ahead of their own.
That is true for registered investment advisers, who must typically adhere to the fiduciary duty. Brokers have been typically held to a lower "suitability" standard. Under that standard, they could make suitable recommendations that were not necessarily in their clients' best interest, for example, steering them to underperforming or higher-fee mutual funds. Under the new Regulation Best Interest (Reg BI), which was implemented on June 30, the Securities and Exchange Commission (SEC) continues to regulate investment advisers and brokers separately.
Registered advisers typically remain bound to the fiduciary rule, while brokers are now governed by Reg BI, which the SEC says offers more investor protection than the previous suitability standard. FinCEN leaks show need for transparency — including in civil litigation. We believe legislative reform to make SARs discoverable in litigation is badly needed.
We have heard the regulatory and policy arguments against making SARs discoverable in civil litigation. They don't stand up to scrutiny. Argument No. 1: Disclosing SAR files could jeopardize ongoing investigations. Response: Civil securities suits alleging fraudulent activity aren't filed until victims discover they've been defrauded, and this is often after the scam has become public and the law enforcement agencies have taken action. And if any investigations involving such SARs were still pending, the appropriate law enforcement agency would be able to object.
That advice about not looking at your portfolio when the market crashes? By Alan Rosca When the COVID-19 crisis sent global markets crashing in March, most investors heard the advice: “Don’t look at your 401-K.
Don’t look at your portfolio.” And that is excellent advice. For most investors, the best strategy is to have a well-diversified portfolio and stick with it through the ups and downs of the market. That is, assuming you have a well-diversified, fairly plain-vanilla portfolio. Law360. By Alan Rosca Law360 is providing free access to its coronavirus coverage to make sure all members of the legal community have accurate information in this time of uncertainty and change.
Use the form below to sign up for any of our weekly newsletters. Signing up for any of our section newsletters will opt you in to the weekly Coronavirus briefing. Law360 (November 19, 2020, 4:36 PM EST) -- The last thing thousands of Americans concerned about the coronavirus were looking for this summer as they dealt with the risk of infection, sick relatives, job loss or the possibility of losing their home, was to fall victim to COVID-19-related scams. It is a shocking statistic that as of mid-September, Americans have lost an estimated $145 million to coronavirus scams, according to data from the Federal Trade Commission. The scams continue, with no end in sight. Leading Signs You May Be at Risk for an Oil and Gas Ponzi Scheme. The MarketWatch News Department was not involved in the creation of this content.
Nov 20, 2020 (Heraldkeepers) -- It's been more than a century since Spindle top ushered in the great wave of petroleum exploration in the United States, but oil and gas extraction remains a tricky investment for even the most savvy of deal makers. It's not surprising that the promise of "black gold" has also attracted hucksters and charlatans, with numerous regulatory actions and indictments in the past few years relating to oil and gas Ponzi schemes. While the techniques of extraction have changed and the wells dug ever deeper to chase these needed resources, unscrupulous businessmen still use many of the same techniques to part investors from their money, as they did in the early 1900s. Basics of Oil and Gas Investment. Yahoo fait désormais partie de Verizon Media. Yahoo fait partie de Verizon Media.
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Pour autoriser Verizon Media et nos partenaires à traiter vos données personnelles, sélectionnez 'J'accepte' ou 'Gérer les paramètres' pour obtenir plus d’informations et pour gérer vos choix. The Flip Side Of The Registered Investment Adviser Explosion: What Investors Need To Know. Sometimes there can be too much of a good thing, even in the investment world.
The current explosion of Registered Investment Advisor (RIA) firms has given average investors an alternative to the regular brokerage houses for investment advice. This alternative comes with a higher standard of care by the advisors, in that registered investment advisors are always held to the fiduciary standard, while stockbrokers may or may not be subject to that standard, depending on a variety of factors. While brokerage firms make money when an investor sells or purchases an investment, the RIA merely can recommend an investment. They cannot actually purchase anything, and – unlike a stockbroker – don’t receive sales commissions when an investor buys an investment. Global Law Experts - Affinity Fraud and Ponzi Schemes: Victimizing One's Own. Last year marked the 100th anniversary of Charles Ponzi’s federal indictment for the infamous scheme that bears his name, in October 1920.
Investors who are contemplating investing in a new investment opportunity may be well advised to learn more about affinity fraud and how to evaluate such a new investment opportunity for red flags. What Is Affinity Fraud? “Affinity fraud” is sometimes defined as a type of fraudulent investment scheme in which a fraudster targets member of a specific, identifiable group based on characteristics such as their race, language, age, cultural background, minority status, religion, profession or occupation, place of employment, etc. The fraudster either is or pretends to be, a member of the group. Often the fraudster promotes a Ponzi or pyramid scheme. Affinity fraud is on the rise. Find Thousands of Articles Organized by Areas of Law.
Securities Attorney. Investor Resources: How to recover investment losses. Usually, the account opening documents when investors open a brokerage account include provisions telling investors that in case they have disputes with their financial advisor or their brokerage firms, they are required to resolve such disputes through FINRA arbitration.
FINRA is a self-regulatory body mandated to enforce securities laws and rules. FINRA also runs an arbitration or mediation system to resolve disputes, register broker-dealers, and representatives, and supervise securities industry members. When an investor files a dispute with FINRA, it can take one to three arbitrators to hear it, typically depending on the amount of money involved.
The arbitration panel’s award is usually final. Parties to the dispute may only be able to appeal it in limited circumstances. For FINRA to consider a matter, the claim must be eligible for arbitration. How FINRA Arbitration Works. Vida Longevity Fund Investor Center. Vida Longevity Fund Investor Center Investors in Vida Longevity Fund securities who believe they suffered investment losses might be able to pursue recovery of such losses by filing claims against third parties potentially liable for violation of securities rules and regulations or for improper investment recommendations. Experienced investor lawyers at Goldman Scarlato & Penny law firm have been in touch with Vida Longevity investors and are evaluating a number of legal options and reviewing relevant evidence. Free Case Evaluation Invested in Alternative Investments. Patrick Horsman Investor Center. Former Blue Sand Securities broker Patrick Horsman has been permitted to resign following to a customer complaint which is apparently similar to a customer dispute filed with FINRA in October 2020 according to his FINRA Brokercheck page.
A customer filed a complaint alleging negligent misrepresentations, breach of implied covenant of good faith, unjust enrichment, and fraud. Shortly after, on October 9, 2020, Blue Sand Securities permitted Horsman to resign from the firm. Investor Lawyers GSP. Alan Rosca is a seasoned securities lawyer, an adjunct professor of securities regulation, and frequently speaks at legal conferences on topics ranging from Ponzi schemes and investment fraud to Bitcoin and cryptocurrencies. Alan focuses his legal practice on complex financial and commercial matters, particularly in the areas of securities litigation, investment fraud, antitrust, and international disputes.
He often represents institutional and individual investors in disputes with financial industry members, arising out of investment fraud or misconduct. He has experience prosecuting claims on behalf of investors through class actions and FINRA arbitrations. He also represents plaintiffs in consumer fraud and wage-and-hour disputes.