Each month, the Consumer Financial Protection Bureau (CFPB) publishes a complaint report outlining and highlighting volume and percentage of consumers’ reported financial complaints. The CFPB is an agency tasked with providing consumers with financial protection and empowerment by improving existing consumer protection rules, enforcing rules and providing tools and resources…
On November 16, 2016, the Federal Trade Commission (“FTC”) issued an enforcement policy about a form of alternative medicine: homeopathy. The FTC stated that homeopathy is not substantiated by competent and reliable scientific evidence. It went on to state that homeopathic “medicines” might not be deceptive if the advertisement or…
Insecure Financial Securities Last week, the Financial Industry Regulatory Authority (FINRA) handed out a $650,000 fine to a broker-dealer in the Lincoln Financial Network. The industry watchdog group found that the independent broker-dealer in Lincoln Financial’s network allowed thousands of customers’ data to be exposed to foreign hackers. Similarly FINRA also found…
We’ve talked a lot about investment scams in the past. Fraudsters are always finding new ways to take advantage of unwitting investors. However, there are several top investment scams that fraudsters favor and which serve as the basis for many new types of investment fraud. Investors should recognize most of…
The Securities and Exchange Commission (SEC) has announced that investors should be on the lookout for fraudulent claims using Forms 4. A Form 4 is filed when investment insiders (officers, directors and anyone holding 10% or more in company securities) execute transactions. A Form 4, which must be filed within…
Anytime you decide to invest, you always do background research on the asset or security, right? It is important to know the why and how of an asset or security’s performance before deciding to invest. Shouldn’t this be the same for your investment broker? Whatever security in which you invest,…
Risk-taking is a natural part of making financial investments These should be calculated risks, though; risks based on performance projections of whatever is being invested in. Though financial investments should not include those unforeseen or unaccounted for risks like fraud, investors are constantly facing it. In the event that your…
Brokerage oversight is getting a fresh pair of eyes This week, the Securities and Exchange Commission (SEC) indicated that it would be calling on a need for more oversight from its financial regulation partner, the Financial Industry Regulatory Authority (FINRA). The decision to shift responsibility comes with an SEC initiative…
Investment scams are the last thing people want to worry about following a natural disaster. Last week, Hurricane Matthew swept along Florida’s east coast on its way to the Carolinas. Major property damage was experienced in northeast Florida, coastal Georgia and North and South Carolina due to flooding. Natural disasters…
What is an LLC? You have a marketable skill or talent and want to start your own business. You have heard the term “LLC” before and you know it has something to do with small-business. You might even know that LLC stands for limited-liability company, but what exactly does that…