By Brian N. Smiley As the bulls run wild on Wall Street, there is increasing evidence that the nation’s securities markets have also provided a home for vipers. Names of prominent executives and major brokerage houses have appeared under headlines announcing investigations, indictments and plea bargains for insider trading, market manipulation. Conspiracy, and other conduct […]
Limited Partners Face Hidden Risks, Fees
If you own a limited partnership interest, or are considering such an investment, you should be aware of a less-recognized form of investor abuse: limited partnership fraud. Because limited partners do not participate in day-to-day partnership operations and there is no board of directors to review management decisions, the general partner has almost complete control […]
Ponzi Schemes
Even in the wake of the “Bernie” Madoff scandal, investors continue to lose billions of dollars in Ponzi schemes. Stripped to its bare bones, a Ponzi scheme is a ploy where a promoter pays one set of investors with money raised from other investors. Ponzi promoters promise investors high returns but offer few details, except […]
A Warning About Variable Annuities
Brokers love variable annuities, but most investors should view them as toxic investments. Variable annuities are basically mutual funds contained within a highly expensive insurance “wrapper.” They are attractive to brokers because they offer almost unbelievably high commission payouts which the client never sees, but pay through high annual expenses and large “surrender charges” which […]
Equity Indexed Annuities
Here’s a proposition: Fearful investors provide a ready market for products that sound safe, but aren’t. Exhibit A in support of that proposition? The Equity Indexed Annuity, or EIA. An EIA is an annuity, meaning it’s a contract to pay a guaranteed minimum interest rate, which is then goosed up by aligning the rate it […]
Investors Win More Broker Cases
Brian Smiley addresses the recent flood of claims against brokers. Investors pummeled by last year’s market meltdown are increasingly taking their brokers to task.
More Firms Join Arbitration Experiment
PIABA President Brian Smiley provides comments on the proposed rule change for securities industry arbitrators. With the downturn taking its toll on investors’ portfolios, the Financial Industry Regulatory Authority (FINRA) is seeing a substantial increase in the number of complaints filed against brokers and advisers. But even as these firms are getting hit hard with arbitration, three […]
Five Questions with Brian Smiley
PIABA President Brian Smiley speaks about arbitration and investor protection. Brian Smiley, a partner in the Atlanta law firm Smiley Bishop & Porter LLP, also serves as the president of the PIABA, which promotes the interests of investors involved in arbitration disputes against brokerage firms. He spoke to Judith Schoolman about his group’s goals and […]
Brian Smiley Completes Successful Term as PIABA President
Brian Smiley completed his term as president of the Public Investors Arbitration Bar Association (PIABA). With over 450 members nationally, PIABA is the only bar association dedicated to advocacy on behalf of investors who bring claims in arbitration. During Mr. Smiley’s term, PIABA initiated a number of significant reform measures to the arbitration process.
Will You Finally Be Able to Sue Your Broker?
Brian Smiley comments in Smart Money on investor choices. In this great litigious nation, you can sue just about anyone – your doctor, your mechanic, even your dog walker. Just not your stockbroker. Angry brokerage customers – and these days, there are plenty of them – have long been forced to take their complaints before […]
