Share

Publications

Friday, December 30, 2016

SEC Questions Wells Fargo’s Loan Accounting Practices


How can my business defend against a SEC investigation?

Scrutiny into megabank Wells Fargo continues as the U.S. Securities and Exchange Commission joined several other agencies in investigating Wells Fargo’s accounting for its $20 billion troubled loan portfolio.  In a letter dating back to September, but just recently made public, the Securities and Exchange Commission (SEC) asked the bank to explain how Wells Fargo reached its valuation of the portfolio, which was mainly acquired through the bank’s purchase of Wachovia. 

Wells Fargo purchased Wachovia for $13.
Read more . . .


Wednesday, December 28, 2016

RIAs have been slow to prepare for the DOL fiduciary rule


What must investment advisors watch out for in preparation for the implementation of the DOL fiduciary rule?


Retirement savings laws have been in effect and largely unchanged for about four decades, despite significant shifts in how our society manages its’ retirement investments. During that time, far too many Americans have been harmed by unscrupulous investment advisors putting their bottom line before the best interests of the investor. 

In response to the changing retirement landscape, the Department of Labor has enacted a new rule expanding the definition of investment advice and the fiduciary standard that will go into effect on April 10, 2017. Investment News reports that registered investment advisors (RIA’s) have been slow to prepare for the rule either because they believe the rule does not apply to them, or perhaps they hope that president-elect Trump will make good on his promise to repeal the rule.

A thorough reading of the rule reveals that it is applicable to anyone who:

  • provides “investment advice” for a fee or other compensation pursuant to a written or verbal agreement, or a general understanding that the advice is based on the particular investment needs of the individual, and
  • represents that they are acting as a fiduciary within the meaning of ERISA or the Internal Revenue Code of 1986, or
  • provides recommendations directed to a particular person or set of people regarding the advisability of a specific investment or management decision

The rule is, without a doubt, applicable to RIA’s and Read more . . .


Wednesday, December 14, 2016

RIAs have been slow to prepare for the DOL fiduciary rule


What must investment advisors watch out for in preparation for the implementation of the DOL fiduciary rule?

Retirement savings laws have been in effect and largely unchanged for about four decades, despite significant shifts in how our society manages its’ retirement investments. During that time, far too many Americans have been harmed by unscrupulous investment advisors putting their bottom line before the best interests of the investor.  

In response to the changing retirement landscape, the Department of Labor has enacted a new rule expanding the definition of investment advice and the fiduciary standard that will go into effect on April 10, 2017. Investment News reports that registered investment advisors (RIA’s) have been slow to prepare for the rule either because they believe the rule does not apply to them, or perhaps they hope that president-elect Trump will make good on his promise to repeal the rule.

A thorough reading of the rule reveals that it is applicable to anyone who:

  • provides “investment advice” for a fee or other compensation pursuant to a written or verbal agreement, or a general understanding that the advice is based on the particular investment needs of the individual, and
  • represents that they are acting as a fiduciary within the meaning of ERISA or the Internal Revenue Code of 1986, or
  • provides recommendations directed to a particular person or set of people regarding the advisability of a specific investment or management decision

The rule is, without a doubt, applicable to RIA’s and


Read more . . .


Monday, November 28, 2016

Supreme Court Weighs False Claim Act Seal Provisions


What are the seal provisions in a qui tam complaint?

The U.S. Supreme Court is weighing the conditions under which a federal court should dismiss lawsuits brought by whistleblowers who violate the law's non-disclosure requirements. In short, a qui tam complaint must be filed and remain under seal for sixty days. During this period, the government investigates the allegations and decides whether to intervene while the plaintiff is barred from publicly disclosing the suit.


Read more . . .


Monday, November 28, 2016

FINRA Fines Oppenheimer $3.4 Million


What violations did investment bank Oppenheimer commit?

Recently, investment bank Oppenheimer & Co. Inc. agreed to pay $3.4 million in penalties imposed by the Financial Industry Regulatory Authority (FINRA) for several reporting violations.  FINRA fined the massive corporation $1.
Read more . . .


Tuesday, November 22, 2016

Tripwire Study: Retailers Overconfident in Endpoint Cyber Security Despite Point-of-Sale Threats


Are your IT professionals overconfident about your company’s cybersecurity?

We’ve all heard the phrase “you don’t know what you don’t know” used either as a cautionary tale or in a “let the chips fall where they may” sigh of resignation. While this type of thinking may encourage your team to dig in and actually seek out what they don’t know, it is far too often the hallmark of a team resigned to the status quo. This type of thinking form your IT department can be deadly to your company.

On the other hand, overconfidence on the part of your IT department, while perhaps soothing in a boardroom, can also sound the death knoll for your company.  When you query your IT department on potential threats and planned mitigation, how do you know that you are getting realistic data, as opposed to overly optimistic bravado? How much will it cost your company if they are wrong?

Overconfident IT Professionals

Acutely aware of this issue, Dimensional Research recently undertook a


Read more . . .


Monday, November 14, 2016

AT&T Strikes Huge Deal to Acquire Time Warner Might Be Subject to Intense Regulatory Scrutiny


Let’s face it people- we cannot live without our content and the technology that brings it to us all day every day. So, you might be happy to learn that there are big changes taking place in the entertainment industry. The latest in a string of big deals is one where


Read more . . .


Tuesday, October 18, 2016

Re-Evaluating Dodd-Frank Wall Street Reform and Consumer Protection Act


Has Dodd-Frank Accomplished What It Was Supposed To?

The Dodd-Frank Act, passed in response to the 2008 financial crisis, is a federal law that places regulation of the financial industry under government control. Now, however, 6 years after its passage, many questions remain concerning whether the Dodd-Frank Act made the country's economy stronger and more protected.

As federal and state regulations are evaluated and altered, managing securities, commodities and other financial services becomes more complex. This is where it is crucial to have the services of an


Read more . . .


Tuesday, October 18, 2016

Elliott Management Corp. Pressuring Samsung Electronics to Simplify Its Structure


Why is Samsung Electronics Co. being pushed to restructure?

Samsung Electronics Co. is being pushed by Elliott Management Corp. to restructure and simplify its complicated ownership structure. The management company puts forth the argument that streamlining Samsung's structure would level the playing field with its international electronics rivals.


Read more . . .


Wednesday, September 28, 2016

Wells Fargo and the Scam of the Century


Q: Should sales-based incentives for retail bankers be eliminated?

Wells Fargo robbed the public of its trust when news broke recently that the California-based mega bank’s workers engaged in a years-long practice of fraudulently opening approximately 2 million of accounts. Specifically, it’s estimated that 1.5 million deposit accounts and 565,000 credit card accounts were reportedly opened without the named users’ authorization dating back to 2011. The Wells Fargo case is shocking in both the depth and breadth of the fraud.

The culture of the retail banking industry has always been driven by sales goals and incentives.


Read more . . .


Wednesday, September 21, 2016

S.E.C. Issues $53 Million Fine Against Apollo Global Management


Why was Apollo Global charged with securities law violations?

The Securities and Exchange Commission (S.E.C.) recently lobbed a roughly $53 million fine against private equity firm Apollo Global Management for several securities law violations.  Apollo has agreed to settle the case, resolving accusations that the firm misled investors.


Read more . . .


← Newer12 3 Older →




© 2017 Lehman & Eilen LLP | Attorney Advertising
50 Charles Lindbergh Blvd, Suite 505, Uniondale, NY 11553
| Phone: (516) 222-0888

Overview of Services | Broker-Dealers | Investment Management | Transactional and Business Law | Counseling and Compliance | Private and Public Financings | Securities Exchange Act Reporting | Regulatory Investigations and Enforcement Actions | Dispute Resolution | Special Regulatory Counsel | Our Professionals | About Our Firm

Law Firm Website Design by
Amicus Creative