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March 2014 Archives

Arbitrators May Soon Be Able to Request Enforcement Mid-Case

The Financial Industry Regulatory Authority (FINRA) has proposed a new rule in which arbitrators can refer a case for disciplinary action before it's over. Currently, arbitrators have to wait until a case is completely closed to report concerns to FINRA's Department of Enforcement. FINRA believes that arbitrators should take action as quickly as possible so the Department of Enforcement can uncover any threats to investors. FINRA is also concerned about evidence collection- they want to be able to collect all the evidence to prove or disprove the allegations of wrongdoing before it could possibly disappear.

Towson Broker and Signator Investors Ordered to pay $1.6 million to Three Investors

Signator Investors, a John Hancock company, and their former employee James Glover were ordered to pay investors $1.6 million by a FINRA arbitration panel. The three victimized investors met Mr. Glover at their church in Maryland. The investors claimed that Glover fraudulently induced them to purchase interests in a real estate venture known as Colonial Tidewater. The investors also claimed that Signator investors failed to properly supervise Glover's activities.


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