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Los Angeles Legal Issues Blog

Are laws curbing elder financial abuse working?

California residents may not be aware that the Financial Industry Regulatory Authority Inc. Rule 2156 went into effect in February 2018. As per this rule, broker-dealers can put a hold on an elderly client's disbursements if they believe that their client is being financially abused. According to representatives of Finra, they will begin conducting examinations to look into firms' compliance with the new rules.

Holds can be placed on accounts for 15 days, with the possibility of a 10-day extension. The rule is voluntary, but legal protection will be provided to those firms that follow the rule. According to firms though, there is room for improvement as 15 days is not enough to conduct a thorough investigation into the exploitation of a senior. More time is needed to make a definitive determination.

Can you recognize the signs of affinity fraud?

Investing is all about minimizing your risk. Part of the way to do that is going through people you trust and listening to sound advice.

Unfortunately, there’s a specific kind of scam that uses friends and family to sell you on faulty investments. It’s called affinity fraud, and recognizing the signs can save you and your loved ones a lot of money.

Women discriminated against when not able to breastfeed at work

California residents may be surprised to hear that breastfeeding discrimination cases have increased by 800 percent in the last decade. Even though protections being afforded to nursing mothers have gone up, there is still a long way to go before things become equal. Especially after a report shockingly reveals that millions of breastfeeding mothers who believed they were entitled to protection under the Break Time for Nursing Mothers provision added to the Fair Labor Standards Act are actually not entitled to it.

Nine million females of the 27 million who lack basic provisions to breastfeed are excluded from the federal provision because the law has been attached to the older FLSA of 1938-though the older law is broader it does not extend protection to all professions. As a result, teachers and nurses, fields dominated by women, are not covered. Other fields such as transportation workers, retail employees and managers and farmworkers, are also excluded from the law.

Barriers remain for women in the financial industry

While there have been improvements in gender equity in the financial field, the industry still has a long way to go. For one, while there have been increases in women in higher level positions in finance, the very top remains highly male-dominated.

Also, women continue to face a lot of challenges within the industry that their male colleagues generally do not. An article on Financial Advisor’s website noted some of the biases that women still commonly face in finance workplaces. These include:

Federal fraud indictment for ex-state assemblyman

Ex-State Assemblyman Terrence Patrick Goggin served as CEO of Metropolitan Coffee & Concessions (MC2), which ran a chain of Peet's Coffee & Tea shops located in BART stations in the bay area. Now he faces a grand jury indictment for fraud charges, including wire fraud and money-laundering.

The basics of elder financial abuse

Elder financial abuse is a serious problem. When organizations target the elderly they are taking advantage of people who are more susceptible to scams.

It's an issue that affects everyone. Whether you are a target yourself, have elderly family members or may be aging into the group that is often targeted, the financial consequences of a scam can be devastating.

Sexual harassment suit dropped after hedge fund countersues

A former CFO for Snow Park Capital Partners accused the CEO of sexual harassment, but withdrew her suit after the hedge fund countersued alleging she had embezzled money. Kate Merli, former CFO, had accused CEO Jeffrey Pierce of multiple instances of sexual harassment.

Important Tips For Recognizing Broker Misconduct

The value of investments may rise and fall in the market. Not all losses in the stock market or other forms of investment mean that something nefarious is going on. However, stock broker fraud and brokerage firm misconduct can lead to devastating losses for investors. In many ways, proving misconduct for an individual investor may seem daunting. For instance, an investment may be suitable for one investor who has a higher tolerance for investment risk. That same investment may be highly inappropriate for someone else.

While it may seem difficult for individual investors to determine whether losses tied to an investment show that misconduct may be involved in the transaction, there are some common red flags investors may look for to determine whether it is time to speak with an aggressive securities law attorney.

FINRA Creates New Elder Financial Abuse Rules

Financial exploitation of the elderly is a common - and well-known - problem. The Securities Industry and Financial Markets Association estimates that one out of five individuals over the age of 65 has suffered financial exploitation. Only a small percentage of the cases are ever reported. Some victims are not aware of the abuse. In some situations, spouses of seniors, adult children of elderly individuals or close friends may have suspicions of financial exploitation. However, professionals, such as accountants or other advisors may detect financial mistreatment.

In February, Financial Industry Regulatory Authority issued two new rules in an effort to protect seniors from financial abuse in securities transactions. Brokers, financial advisors and brokerage firms are expected to make reasonable efforts to acquire the name and contact information of an individual that the senior trusts. The regulation aimed at seeking a trusted contact applies to situations when professionals are opening a new account for a senior, or when financial professionals are updating an existing account with a senior client.

Girard Bengali, APC & Wigdor, LLP Sue Uber Technologies

Los Angeles, California, November 21, 2017 - On behalf of their client, Jane Doe, Robert J. Girard II and Omar Bengali, Partners at Girard Bengali, APC and Jeanne M. Christensen, Partner at Wigdor LLP, filed a lawsuit against Uber Technologies, Inc in California Superior Court. The lawsuit alleges that Ms. Doe was raped and sexually assaulted by her Uber driver, Iosefo Auvaa, during an Uber ride in Long Beach, California on November 11, 2016. (BC683524)

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