Smiley Bishop & Porter has been engaged to represent former clients of Blake Richards, a Buford, Georgia broker who has been barred from the securities industry for fraud and misappropriation. Richards was employed by several firms including H&R Block Financial Advisors, Ameriprise Advisor Services, Inc. and LPL Financial, Inc. Richards defrauded his clients, who included […]
Brian Smiley Receives PIABA’s 2014 Distinguished Service Award
On October 24, 2014, the Public Investors Arbitration Bar Association (PIABA), an international bar association comprised of attorneys dedicated to the representation of individual investors in disputes with the securities industry, announced the 2014 PIABA Distinguished Service Award recipient, Brian N. Smiley. Brian is a former president of PIABA and member of its board of […]
Wells Fargo Broker and Poet Sanctioned for Defrauding Widow
Adorean Boleancu was a Wells Fargo Private Banker and Senior Vice President who the San Francisco Sentinel described in 2008 as the “Hottest Financial Advisor to the Swells.” One of his clients (but maybe not one of the “Swells”) was a woman the Financial Industry Regulatory Authority (FINRA) characterized as an elderly, inexperienced and unsophisticated […]
Beware the Registered Investment Adviser
Brian Smiley was quoted in a recent Bloomberg Businessweek article discussing Registered Investment Adviser’s. In theory, RIAs are legally bound to put their clients’ interests first, but in practice, they offer few protections for investors.
FINRA Issues Warning About Structured Products, High Yield Bonds, and Floating-Rate Funds
The paltry returns from many traditional income investments like government bonds and CDs and the volatility of stocks have inspired brokers to push investments that promise high yields, but often carry hidden dangers. According to a recent release from the Financial Industry Regulatory Authority (FINRA), these kind of investments include high-yield bonds, floating-rate loan funds […]
Registered Advisers Increase by 39%
Commenting on the risk of losing money to thinly capitalized investment advisors, Atlanta-based securities lawyer Brian Smiley is quoted as saying, “If a large brokerage firm defrauds you, at least they have the money to pay you back.”
Fraudulent Stock Tips and The Japanese Disaster
It takes a cold, cold heart to exploit a natural disaster as a hook to defraud stock market investors. But according to a recent FINRA Alert, that is exactly what is happening in the wake of the Japanese earthquake, tsunami, and nuclear meltdown. FINRA reports that “con-artists” are engaging in “pump-and-dump” schemes to inflate the […]
David Lerner & Associates, Inc. Apple REITs Investigation
Investors in Apple REIT Ten sold by David Lerner & Associates, Inc. (“DLA) have reason to consider their legal options. FINRA recently filed a complaint against DLA, the underwriter of Apple REIT Ten which invests in extended stay hotels. FINRA alleges that DLA sold this investment to elderly and unsophisticated clients despite having failed to […]
Initial Impressions: What Do Financial Planning Designations Mean?
If there is one thing that is not in short supply in the financial planning profession it’s initials. Professional designations in the financial planning business include CFPs, CFAs, ChFCs, RIAs, RRs, and CSAs to list only a few. To make things even more confusing, many people carry multiple designations. While no professional designation guarantees wisdom […]
Investors Warned About Stock-Based Loan Programs
FINRA has issued an Investor Alert to warn investors about stock-based loan programs. Brokers, financial planners, insurance agents and other advisors are pitching these programs as a way for clients to tap into the value of their stock holdings without having to sell their shares. The idea is that the broker will arrange for the […]
