Peregrine Financial Group (“PFG” or “PFGBest”) is the subject of an increasing number of lawsuits following its bankruptcy filing last week. The financial derivatives brokerage firm, based in Cedar Falls, Iowa with offices in Chicago, collapsed when founder Russell R. Wasendorf, Sr. was rescued during a suicide attempt. A note he left admits, “Through a […]
While a divorce is never easy, the apparent ease with which Tom Cruise and Katie Holmes reached agreement on the dissolution of their marriage demonstrates the benefits of a prenuptial agreement. Ms. Holmes initiated divorce proceedings on June 29th, and the couple, affectionately known as “TomKat” by fans, reached a divorce agreement just a week […]
An Investor Alert titled Exchange-Traded Notes—Avoid Unpleasant Surprises was issued today by The Financial Industry Regulatory Authority (FINRA). Exchange-traded notes (ETNs) are a type of debt security that trade on exchanges and promise a return linked to a market index or other benchmark. However, unlike exchange-traded funds (ETFs), ETNs do not buy or hold assets to replicate or approximate […]
Telemarketing companies that market their advertising services to timeshare owners interested in selling or renting their timeshare interests are attracting the attention of the Florida Attorney General. Many of these companies charge exorbitant fees and perform very few services, according to the Attorney General’s Office. Under Florida law, these companies are called “Resale Service Providers” […]
A $40 million investment fraud by Aubrey Lee Price targeting Florida and Georgia investors has resulted in a court order freezing the assets of the Georgia-based investment adviser, who has apparently gone into hiding. The SEC alleges that Aubrey Lee Price raised money from more than 100 investors living primarily in Georgia and Florida by […]
The National Flood Insurance Program (NFIP) was extended through September of 2013 as part of recent legislation passed by Congress and signed into law by President Obama on June 29, 2012. South Florida condo associations are among many flood insurance policyholders who are likely to see higher premiums. The federal flood program, which was set to […]
Large arbitration cases involving claims of $10 million or more are the focus of a new pilot program recently launched by the Financial Industry Regulatory Authority (FINRA). The program enables parties to customize the administrative process to better suit special needs of a larger case and allows them to bypass certain FINRA arbitration rules. Participation […]
The individual health care mandate was upheld as a tax, while the Medicaid expansion is said to violate the Constitution, according to the Supreme Court’s widely anticipated ruling this morning. Excerpts of the Court opinion appear below. In 2010, Congress enacted the Patient Protection and Affordable Care Act in order to increase the number of […]
Florida homeowners in danger of default or mortgage foreclosure will have a chance to speak directly with lenders at a “Home Preservation Forum” being sponsored by the Broward Housing and Community Development Task Force and the City of North Lauderdale. Date and Place: Saturday, June 30, 2012 10:00 a.m. to 2:00 p.m. City of North […]
Merrill Lynch, Pierce, Fenner & Smith, Inc. was fined $2.8 million by FINRA for supervisory failures that resulted in overcharging customers $32 million in unwarranted fees, and for failing to provide certain required trade notices. Merrill Lynch has provided $32 million in remediation, plus interest, to the affected customers. Brad Bennett, FINRA’s Executive Vice President […]
