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April 2019 Archives

FINRA sanctions broker for undisclosed customer loan

The Financial Industry Regulatory Authority (FINRA) suspended a prominent broker who provided financial services in California and across the country. The suspension came after the man allegedly borrowed $200,000 from one of his customers in 2013 without informing his employer at the time, LPL Financial. The four-month suspension is only the latest step in an ongoing battle over his 2014 dismissal from his job. LPL Financial claimed at the time that the man failed to follow regulations as well as firm policies, stating that he told the company that he had not borrowed money from his customers on mandatory compliance questionnaires.

Overview of the SEC's enforcement activities

Many financial professionals in the Los Angeles area, basically all of those who trade in regulated stocks, bonds and other securities, may find themselves under investigation by the United States Securities and Exchange Commission, or SEC.

Man receives FINRA ban in Bitcoin case

The Financial Industry Regulatory Authority (FINRA) has recently banned a trader involved in a $1.5 million Bitcoin scheme. The trader told investors that they could buy the Bitcoin at a discount and receive higher than normal returns. According to FINRA, the money was sent to the man's brother in Europe, and the Colorado Division of Securities says that the brother was a wanted fugitive. A consent order was signed on Jan. 8, 2019, but the trader did not admit that he was guilty.

Unfair trade practices in the insurance business

A previous post on this blog discussed the elements of a claim of bad faith. That post mentioned that a bad faith claim can help homeowners in the Los Angeles area, as well as those who own houses as investment property, fight back against an insurance company that, for whatever reason, is not being fair or reasonable in handling the owner's loss or damage to their property.

Second class-action lawsuit filed against Jones Day

Employment discrimination and unequal pay based on gender continue to be pervasive problems in workplaces in California and throughout the country. Despite the fact that women are protected from employment discrimination based on their sex under Title VII of the Civil Rights Act of 1964 and from pay discrimination by the Equal Pay Act, many of them continue to experience these problems.

Survey reveals gender bias in the technology sector

Most women in the technology sector are paid less than men who perform the same jobs, according to a study released on March 28 by the California-based recruitment firm Hired. After polling 2,600 technology sector workers, the company found that the average gender pay gap in the industry is 3 percent. However, the figure rises to between 6 percent and 9 percent in major technology hubs like San Francisco, New York, Los Angeles, Seattle and Boston.

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