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April 2015 Archives

Broker's Former Daughter-in-Law gets Favorable Award

Former Stifel broker, Lanis Dale Noble, received an unfavorable FINRA award after his former daughter-in-law accused him of churning and breaching his fiduciary duty. The panel awarded the claimant, Tracy Noble Gilbert, $1.29 million in compensatory damages and an additional $250,000 in attorneys' fees. Gilbert alleged that Noble unreasonably used margin to purchase a real estate trust along with multiple variable annuities. Noble is no longer registered with FINRA.

Former NFL Player Out $2 Million

Former NFL player for the Green Bay Packers, Bruce Wilkerson, recently received a $2 million arbitration award against Resource Horizons Group. Unfortunately for Mr. Wilkerson, Resource Horizons Group is out of business and has a total of $6 million in unpaid FINRA arbitration award against the now defunct firm. Wilkerson initially lost $650,000 in a Ponzi scheme that was allegedly carried out by Robert Gist. According to an SEC complaint, Gist fabricated account statements for about 32 clients over a ten year period. To settle the allegations made by the SEC, Gist agreed to pay $5.4 million.

Newbridge Securities Fined by FINRA again

Newbridge Securities Corporation, a Fort Lauderdale-based broker dealer, was fined $50,000 by FINRA in January 2013 for issues dealing with improper and undisclosed postage and handling charges to customers. These accusations led to a class action suit which resulted in Newbridge making an $850,000 payment to settle the case. This wasn't the first time Newbridge was fined by FINRA. FINRA also fined Newbridge $138,000 for violating industry rules related to the offer and sale of corporate bonds.

Class Action Suit ends in $84 million Settlement

A class action suit against Northwestern Mutual has ended after it agreed to pay $84 million to over 30,000 customers. The past and present annuity owners claimed that Northwestern had breached the terms of their fixed and deferred annuity contracts by altering dividend calculations.

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