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FINRA Proposes Significant Amendments to Expungement Rules
On July 29, 2022, FINRA filed a proposed rule change with the SEC seeking to modify the expungement process to address certain concerns articulated by the Public Investor Advocacy Bar Association (“PIABA”) regarding the integrity of the process. The SEC is currently soliciting comments on the proposed rule change, and if the SEC approves the […] More
Georgia Court of Appeals Overturns Vacatur of FINRA Arbitration Award in Wells Fargo case
On August 2, 2022, the Georgia Court of Appeals reversed a Georgia lower court’s decision to vacate a Financial Industry Regulatory Authority (FINRA) arbitration award in a controversial investment dispute between Wells Fargo Clearing Services, LLC (“Wells Fargo”) and its clients (the “investors”). The Court of Appeals found that the Superior Court “provided no proper […] More
WSS Secures Dismissal of Securities Fraud Claims Against National Brokerage Firm
On July 7, 2022, Winget Spadafora & Schwartzberg, LLP successfully secured the dismissal of a securities fraud lawsuit filed against the firm’s client, a national brokerage firm, in the United States District Court, Southern District of New York. The plaintiff in the lawsuit alleged that the firm breached Rule 10b-5 of the Securities and Exchange […] More
Winget Spadafora Schwartzberg, LLP Partner, Jessica Levine, Secures Expungement Award Finding GPB Related Claims False and Clearly Erroneous
The firm’s client, a registered representative of a national broker-dealer, received a customer complaint relating to the customer’s investments in two limited partnerships offered by GPB Capital Holdings, Inc. (“GPB”). The customer complaint alleged that the registered representative: (1) did not discuss the commissions he received from selling the GPB investments; (2) did not warn […] More
FINRA Publishes Independent Counsel’s Report Finding No Evidence of Improper Agreement to Remove Arbitrators from Cases
On June 29, 2022, FINRA published a report prepared by independent counsel which found no evidence of an improper agreement to remove certain arbitrators from arbitration cases. The report was prompted by a much-publicized Georgia Superior Court decision vacating an arbitration award in favor of respondent Wells Fargo Clearing Services, LLC, which found, among other things, […] More
Federal Court Denies Motion for TRO Sought Against Firm’s Client In Case Handled By WSSLLP Philadelphia Office
The firm’s client is an investment advisor representative who resigned from his prior investment advisory firm in May of 2022. Almost one month after his resignation his prior firm filed pleadings in federal court in Maryland seeking a temporary restraining order, a preliminary injunction, and monetary damages. It claimed that he misappropriated its trade secrets […] More
