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anctilbrayen · 4 years
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cheapest car insurance in tampa
BEST ANSWER: Try this site where you can compare quotes from different companies :insureforeverybody.info
cheapest car insurance in tampa
cheapest car insurance in tampa Bay? If you’re overpaying on car insurance, then we suggest you shop around and look for the cheapest car insurance in Tampa Bay. In our survey, we collected as much as half of the average insurance rates in Florida. The cheapest insurance companies in Tampa Bay were: The cheapest insurers we found in our sample are: These insurance companies we surveyed showed the following average rates in our price range, which is usually compared to the best companies in Florida: State Farm stands out as the cheapest insurance company in Tampa Bay. Our review of the cheapest companies we found in the state of Florida (of which the insurer represents at least 2 percent) shows State Farm at the top of the list, followed by the Florida Farm Bureau. State Farm’s overall average rates are also the lowest we found: Florida Farm Bureau is a highly rated company with an ‘A’ rating from A.M Best, the third-highest score. Florida Farm Bureau’s average rates are below. cheapest car insurance in tampa could be in the hundreds. Most people don’t bother to get the cheapest car insurance rate. If you’re in the market for t-boned vehicle, t-boned tires or an expensive vehicle, t-boned windshields, and you don’t have an auto contract with the state, you have to take this risk with our company. We have the means to cover you in this world, and the experts at Our firm is independent agents. This way, you’ll receive a comprehensive list of auto insurance companies whose policies you can choose with an accurate look at your policy and savings. If you’re looking for a low-cost auto insurance policy, we’ve got you covered. We’re located in Tampa, Florida and care to help. Get a call today or give us a call at 352.442.7747 to discuss your best auto insurance rates today. We accept Most companies are happy to help you. cheapest car insurance in tampa Bay Area Drivers who got their license suspended for driving too long need to look at many companies to get the best deal… How to get cheap insurance for new drivers. There’s a reason why a lot of people in the Bay State choose to avoid buying insurance. A study of the cheapest car insurance rates in the state shows that drivers who get their licenses back are actually better off than those who aren’t. California and Hawaii both have no-fault auto insurance laws, so a law with the right auto insurance in case a major accident happens. Compare the cheapest auto insurance quote in tampa Bay today. The cheapest insurance company you can get is still to purchase car insurance in tampa Bay, CA unless you need full coverage, you’re looking to get your car insurance suspended, or you just want to change policies for a better price. If you’re planning to cut a significant investment in the way your life goes, it is good to.
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walterfrodriguez · 4 years
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Douglas Elliman agent allegedly created scheme to pocket commission advances: lawsuit
One Thousand Museum and Porsche Designer Tower (Porsche)
A South Florida real estate agent has found himself at the center of yet another lawsuit. This time, a commission advance company is alleging Dedric Copeland conned the firm out of advances totaling $420,000 by bringing fake buyers to the company, including the rapper Shaggy and a wealthy Texas oil tycoon with ties to the Saudi royal family.
Residential Advance, which advances agents commissions by charging a fee, is suing Copeland, a Douglas Elliman agent, Elliman, and others allegedly involved in his scam, according to a lawsuit filed in Miami-Dade County Circuit Court in late May.
Copeland has been sued at least four times before. In May 2018, the sellers of an Acqualina condo alleged that Copeland, a co-listing agent on their property, pocketed money that was supposed to be used for a renovation, and brought a fake buyer who ultimately did not close on the unit. Elliman was also named in that suit, which is still open, according to Broward County court records. In three other lawsuits filed in Miami-Dade and Broward, judgments dating back to 2008 for more than $2.6 million were entered against Copeland.
The latest lawsuit alleges that CRMG Services LLC, a brokerage Copeland was allegedly tied to, and Elliman “either knew what was transpiring and did nothing, or were so grossly negligent in their supervision of Copeland that they should likewise be held liable for the damage suffered by [Residential Advance].”
Copeland could not immediately be reached for comment, and has no social media presence, which is uncommon for an agent. Douglas Elliman declined to comment, citing a company policy of not commenting on pending litigation.
Commission advance companies operate similarly to payday loan businesses. An agent with a deal under contract sells the right to collect the commission to a third party in exchange for the cash up front. If one deal falls through, a broker can roll the obligation over to another pending deal.
Firms like Residential Advance rely on escrow and title companies to confirm information provided by agents and brokers, according to the lawsuit.
Peter Zalewski, a condo market consultant and investor in Miami, said that in this case, “the company taking the risk is the one getting screwed” and a lawsuit like this calls into question the company’s policies.
The alleged scam with Residential Advance began in March 2018, and ended in February of this year. According to the suit, Copeland applied for a $50,000 commission advance two years ago on the sale of two luxury condos, units 2905 and 1901 at Porsche Design Tower in Sunny Isles Beach, which were under contract to Faith and Tom Wright. The condo tower is home to celebrities such as soccer superstar Lionel Messi.
The players
In addition to suing Copeland, the main perpetrator of the alleged con, and Elliman, the brokerage where Copeland hangs his license, Residential Advance’s suit cites the now-shuttered Dickason Law Group, CRMG Services LLC, John Copeland, Zoraida Rodriguez, Ouafaa Guessous Wright, Dorothy Delima-Copeland, Sherry Qui-Copeland, and Dominique Josette Copeland. Residential Advance is suing all of them for breach of contract, fraud, civil conspiracy, breach of fiduciary duty, violating the Florida Deceptive and Unfair Trade Practices Act, violating Florida’s Civil RICO Act, unjust enrichment, negligent supervision, and fraudulent transfers.
Rodriguez was the escrow officer working under the supervision of Dickason Law Firm. The other Copelands mentioned in the suit – Dedric’s ex-wife, wife and daughter – allegedly benefited from the scheme by the transfer of funds.
The contracts
According to the suit, Stuart Clapick, manager of Residential Advance, was concerned over delays regarding closing dates for the Porsche Design Tower units, and reached out to Copeland and Rodriguez, who said the sales were held up due to construction delays. By August 2018, Copeland requested another $50,000 advance, telling Clapick that the closings would be “imminent,” something that Rodriguez echoed, the suit states. To get that advance, Copeland had to pledge commissions from other pending deals, including alleged sales at One Thousand Museum and The Mansions at Acqualina, which he did, for a total of six sales, the suit states. (Clapick did not respond to requests for comment.)
Meanwhile, Copeland said he was working under the brokerage firm CRMG, according to the suit, even though he was still an Elliman agent. State records show he’s been an Elliman agent since 2015, except for a period of two weeks in April 2019 when his license was inactive.
In March 2019, Copeland introduced Clapick to Faith Wright, a buyer of the two Porsche Design Tower units, “as a way to drag Clapick and RA deeper into his fraudulent schemes,” the lawsuit alleges.
Copeland represented Wright as a wealthy person whose family was part of the extended Saudi Royal family with $100 million to spend on real estate in the U.S., according to the suit.
In April and June 2019, the seller of a unit at Acqualina canceled their contract with a buyer that was brought by Copeland. At the same time, Copeland said another of his buyers, who never materialized, was Orville Richard Burrell, a.k.a Shaggy, for a unit at Faena House, an ultra luxury oceanfront building in Mid-Miami Beach, according to the suit.
“In fact, there was no actual buyer, and upon information and belief, Copeland forged Burrell’s signature on the Faena House contract,” the lawsuit states. The unit wasn’t even for sale.
From commissions on luxury condos to a plan to invest $100M
As the alleged fraud continued, Copeland arranged meetings with Clapick and Wright. Copeland and Wright, who were reportedly “best friends,” proposed a plan to acquire and resell residential investment properties in the U.S., using a $100 million contribution from Wright, and her access to as much as $2 billion through the Saudi royal family, according to the lawsuit. They met to create Wright Capital Partners LLC, a Delaware company.
Though Clapick paid a $5,000 fee to Dallas lawyer Charles Haag of Winston and Strawn, the firm required a $125,000 retainer, which Wright was supposed to provide but never did, the lawsuit alleges. Wright even allegedly traveled to Italy to see her “very ill” mother, continuing to provide excuses as to why the money hadn’t materialized.
All the while, Copeland continued to score advances from Residential Advance, including $30,000 for money owed to his ex-wife for alimony, and money to his current wife for “family expenses,” according to the lawsuit.
The contracts never closed, despite Rodriguez, the title agent, confirming to Residential Advance that they had closed. Earlier this year, Clapick discovered that the deals were fake, and Wright’s story was a sham, the lawsuit alleges. Wright had filed for bankruptcy in 2017 under her real name, Ouafaa Guessous Wright. Wright allegedly came clean to Clapick, and said none of the deals at Porsche Design Tower or One Thousand Museum had been under contract, according to the suit.
Clapick also discovered that the law firm Copeland had used, where Rodriguez was reportedly employed, had been closed and was facing lawsuits for allegedly mishandling escrow funds, the lawsuit states.
The post Douglas Elliman agent allegedly created scheme to pocket commission advances: lawsuit appeared first on The Real Deal Miami.
from The Real Deal Miami & Miami Florida Real Estate & Housing News | & Curbed Miami - All https://therealdeal.com/miami/2020/06/17/douglas-elliman-agent-allegedly-created-scheme-to-pocket-commission-advances-lawsuit/ via IFTTT
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WINDOW Related Contents
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lenabrown11 · 7 years
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How Investors Can Protect Themselves
Financial advisers help manage more than $30 trillion of investible assets and provide services to fifty-six percent of U.S. households. That’s why at Ascent Law, we want to help you protect what is yours, not just while you are alive, but after you are gone, to help you leave a legacy.
Yet the Securities and Exchange Commission reports that most Americans don’t conduct a broker background check, while those who do rely on search engine results.
Failure to perform a comprehensive background check can be costly. The median settlement paid to consumers is $40,000—nearly 60% of the average household’s net worth. One-quarter of settlements exceed $120,000. Over a recent two-year period, financial industry misconduct settlements totaled $974 million.
The FINRA Broker Check database (the same database used by the study authors) is a free, easy way for customers to run an advisor background check. Checks can be performed using an adviser’s name, or their unique CRD number.
Should You Trust Your Financial Adviser?
Widespread financial adviser misconduct costs investors hundreds of millions of dollars per year, new research shows.
The first ever large-scale study of misconduct by financials advisers and financial advisory firms finds that bad behavior tends to cluster around repeat offenders at an individual and an organizational level, with many advisers who get fired for misconduct landing at large firms with high misconduct rates. This concentration, the authors suggest, is not the result of random mistakes, but of firms targeting vulnerable customers.
KEY FINDINGS FROM FINRA DATABASE ANALYSIS
Researchers from the University of Minnesota, the University of Chicago, and Stanford collaborated on an economy-wide analysis of financial adviser misconduct in the United States in order to document the extent of unscrupulous behavior in an industry that many Americans rely upon, but few trust.
youtube
Trusting one’s financial advisor is crucial, they argue, because stockbrokers are experts relative to investors, making it difficult for customers to gauge the level of services and creating the potential for abuse. Financial advisers consistently rank among the least trustworthy professionals, surveys reveal.
Mistrust of brokers seems to be justified, according to “The Market for Financial Adviser Misconduct,” which found that misconduct is an industry-wide problem.
“It’s everywhere, not just small firms. It is pervasive,” said study co-author Amit Seru.
But while misconduct is widespread, it is not spread equally across the industry. Several of the largest financial advisory firms displayed a pattern of misconduct against financially unknowledgeable customers. “Such firms are more tolerant of misconduct, hiring advisers with unscrupulous records,” the researchers write.
Conversely, firms with a low tolerance for misconduct use their clean records to attract knowledgeable customers.
Other key findings from the study include:
About 7% of financial advisers have records of misconduct.
At some large brokerages, more than 15% of advisers have misconduct records.
Misconduct is concentrated in financial firms with retail customers and in counties with low education, elderly populations, and high incomes (including areas like Palm Beach, Florida, where 18% of advisers had misconduct records).
Prior offenders are five times more likely than the average adviser to engage in misconduct.
Roughly 50% of advisers are fired as a result of misconduct; of these, 44% are reemployed in finance within a year.
Nearly 3 in 4 financial advisers disciplined for misconduct are still active after a year.
Firms that hire past offenders tend to have higher rates of misconduct.
Oppenheimer & Co., First Allied Securities, Wells Fargo, UBS Financial Services, and Cetera Advisors are among the financial firms consistently engaging in misconduct.
Brokerages with the lowest misconduct rates include Morgan Stanley, Goldman Sachs, BNP Paribas, SunTrust Robinson Humphrey, and BlackRock Investments.
To count as misconduct, disputes must have settled (not be dismissed or pending). Misconduct includes activities such as recommending unsuitable investment products, misrepresentation, omission of key facts, recommending risky investments, unauthorized activity, negligence, fraud, and breach of fiduciary duty.
True financial misconduct levels are likely higher than the study estimates, according to the researchers.
Free Initial Consultation with a Securities Lawyer
When you need legal help, please call Ascent Law for your free consultation (801) 676-5506. We want to help you.
Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
Recent Posts
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Business Divorce
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Is filing bankruptcy better than just not paying your creditors back?
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Source: http://www.ascentlawfirm.com/how-investors-can-protect-themselves/
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tessasusan31 · 7 years
Text
How Investors Can Protect Themselves
Financial advisers help manage more than $30 trillion of investible assets and provide services to fifty-six percent of U.S. households. That’s why at Ascent Law, we want to help you protect what is yours, not just while you are alive, but after you are gone, to help you leave a legacy.
Yet the Securities and Exchange Commission reports that most Americans don’t conduct a broker background check, while those who do rely on search engine results.
Failure to perform a comprehensive background check can be costly. The median settlement paid to consumers is $40,000—nearly 60% of the average household’s net worth. One-quarter of settlements exceed $120,000. Over a recent two-year period, financial industry misconduct settlements totaled $974 million.
The FINRA Broker Check database (the same database used by the study authors) is a free, easy way for customers to run an advisor background check. Checks can be performed using an adviser’s name, or their unique CRD number.
Should You Trust Your Financial Adviser?
Widespread financial adviser misconduct costs investors hundreds of millions of dollars per year, new research shows.
The first ever large-scale study of misconduct by financials advisers and financial advisory firms finds that bad behavior tends to cluster around repeat offenders at an individual and an organizational level, with many advisers who get fired for misconduct landing at large firms with high misconduct rates. This concentration, the authors suggest, is not the result of random mistakes, but of firms targeting vulnerable customers.
KEY FINDINGS FROM FINRA DATABASE ANALYSIS
Researchers from the University of Minnesota, the University of Chicago, and Stanford collaborated on an economy-wide analysis of financial adviser misconduct in the United States in order to document the extent of unscrupulous behavior in an industry that many Americans rely upon, but few trust.
youtube
Trusting one’s financial advisor is crucial, they argue, because stockbrokers are experts relative to investors, making it difficult for customers to gauge the level of services and creating the potential for abuse. Financial advisers consistently rank among the least trustworthy professionals, surveys reveal.
Mistrust of brokers seems to be justified, according to “The Market for Financial Adviser Misconduct,” which found that misconduct is an industry-wide problem.
“It’s everywhere, not just small firms. It is pervasive,” said study co-author Amit Seru.
But while misconduct is widespread, it is not spread equally across the industry. Several of the largest financial advisory firms displayed a pattern of misconduct against financially unknowledgeable customers. “Such firms are more tolerant of misconduct, hiring advisers with unscrupulous records,” the researchers write.
Conversely, firms with a low tolerance for misconduct use their clean records to attract knowledgeable customers.
Other key findings from the study include:
About 7% of financial advisers have records of misconduct.
At some large brokerages, more than 15% of advisers have misconduct records.
Misconduct is concentrated in financial firms with retail customers and in counties with low education, elderly populations, and high incomes (including areas like Palm Beach, Florida, where 18% of advisers had misconduct records).
Prior offenders are five times more likely than the average adviser to engage in misconduct.
Roughly 50% of advisers are fired as a result of misconduct; of these, 44% are reemployed in finance within a year.
Nearly 3 in 4 financial advisers disciplined for misconduct are still active after a year.
Firms that hire past offenders tend to have higher rates of misconduct.
Oppenheimer & Co., First Allied Securities, Wells Fargo, UBS Financial Services, and Cetera Advisors are among the financial firms consistently engaging in misconduct.
Brokerages with the lowest misconduct rates include Morgan Stanley, Goldman Sachs, BNP Paribas, SunTrust Robinson Humphrey, and BlackRock Investments.
To count as misconduct, disputes must have settled (not be dismissed or pending). Misconduct includes activities such as recommending unsuitable investment products, misrepresentation, omission of key facts, recommending risky investments, unauthorized activity, negligence, fraud, and breach of fiduciary duty.
True financial misconduct levels are likely higher than the study estimates, according to the researchers.
Free Initial Consultation with a Securities Lawyer
When you need legal help, please call Ascent Law for your free consultation (801) 676-5506. We want to help you.
Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
Recent Posts
Technology Lawyer
Business Divorce
How to get a Lawyer when a Detective is Trying to Contact You
Defamation Lawyer
Is filing bankruptcy better than just not paying your creditors back?
Reclaim your financial freedom
From http://www.ascentlawfirm.com/how-investors-can-protect-themselves/
source https://familylawattorneyut.wordpress.com/2018/03/04/how-investors-can-protect-themselves/
from Divorce Lawyer Tooele Utah http://divorcelawyertooeleutah.blogspot.com/2018/03/how-investors-can-protect-themselves.html
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donnakatrine · 7 years
Text
How Investors Can Protect Themselves
Financial advisers help manage more than $30 trillion of investible assets and provide services to fifty-six percent of U.S. households. That’s why at Ascent Law, we want to help you protect what is yours, not just while you are alive, but after you are gone, to help you leave a legacy.
Yet the Securities and Exchange Commission reports that most Americans don’t conduct a broker background check, while those who do rely on search engine results.
Failure to perform a comprehensive background check can be costly. The median settlement paid to consumers is $40,000—nearly 60% of the average household’s net worth. One-quarter of settlements exceed $120,000. Over a recent two-year period, financial industry misconduct settlements totaled $974 million.
The FINRA Broker Check database (the same database used by the study authors) is a free, easy way for customers to run an advisor background check. Checks can be performed using an adviser’s name, or their unique CRD number.
Should You Trust Your Financial Adviser?
Widespread financial adviser misconduct costs investors hundreds of millions of dollars per year, new research shows.
The first ever large-scale study of misconduct by financials advisers and financial advisory firms finds that bad behavior tends to cluster around repeat offenders at an individual and an organizational level, with many advisers who get fired for misconduct landing at large firms with high misconduct rates. This concentration, the authors suggest, is not the result of random mistakes, but of firms targeting vulnerable customers.
KEY FINDINGS FROM FINRA DATABASE ANALYSIS
Researchers from the University of Minnesota, the University of Chicago, and Stanford collaborated on an economy-wide analysis of financial adviser misconduct in the United States in order to document the extent of unscrupulous behavior in an industry that many Americans rely upon, but few trust.
youtube
Trusting one’s financial advisor is crucial, they argue, because stockbrokers are experts relative to investors, making it difficult for customers to gauge the level of services and creating the potential for abuse. Financial advisers consistently rank among the least trustworthy professionals, surveys reveal.
Mistrust of brokers seems to be justified, according to “The Market for Financial Adviser Misconduct,” which found that misconduct is an industry-wide problem.
“It’s everywhere, not just small firms. It is pervasive,” said study co-author Amit Seru.
But while misconduct is widespread, it is not spread equally across the industry. Several of the largest financial advisory firms displayed a pattern of misconduct against financially unknowledgeable customers. “Such firms are more tolerant of misconduct, hiring advisers with unscrupulous records,” the researchers write.
Conversely, firms with a low tolerance for misconduct use their clean records to attract knowledgeable customers.
Other key findings from the study include:
About 7% of financial advisers have records of misconduct.
At some large brokerages, more than 15% of advisers have misconduct records.
Misconduct is concentrated in financial firms with retail customers and in counties with low education, elderly populations, and high incomes (including areas like Palm Beach, Florida, where 18% of advisers had misconduct records).
Prior offenders are five times more likely than the average adviser to engage in misconduct.
Roughly 50% of advisers are fired as a result of misconduct; of these, 44% are reemployed in finance within a year.
Nearly 3 in 4 financial advisers disciplined for misconduct are still active after a year.
Firms that hire past offenders tend to have higher rates of misconduct.
Oppenheimer & Co., First Allied Securities, Wells Fargo, UBS Financial Services, and Cetera Advisors are among the financial firms consistently engaging in misconduct.
Brokerages with the lowest misconduct rates include Morgan Stanley, Goldman Sachs, BNP Paribas, SunTrust Robinson Humphrey, and BlackRock Investments.
To count as misconduct, disputes must have settled (not be dismissed or pending). Misconduct includes activities such as recommending unsuitable investment products, misrepresentation, omission of key facts, recommending risky investments, unauthorized activity, negligence, fraud, and breach of fiduciary duty.
True financial misconduct levels are likely higher than the study estimates, according to the researchers.
Free Initial Consultation with a Securities Lawyer
When you need legal help, please call Ascent Law for your free consultation (801) 676-5506. We want to help you.
Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
Recent Posts
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From http://www.ascentlawfirm.com/how-investors-can-protect-themselves/
0 notes
beckybraswell1 · 7 years
Text
How Investors Can Protect Themselves
Financial advisers help manage more than $30 trillion of investible assets and provide services to fifty-six percent of U.S. households. That’s why at Ascent Law, we want to help you protect what is yours, not just while you are alive, but after you are gone, to help you leave a legacy.
Yet the Securities and Exchange Commission reports that most Americans don’t conduct a broker background check, while those who do rely on search engine results.
Failure to perform a comprehensive background check can be costly. The median settlement paid to consumers is $40,000—nearly 60% of the average household’s net worth. One-quarter of settlements exceed $120,000. Over a recent two-year period, financial industry misconduct settlements totaled $974 million.
The FINRA Broker Check database (the same database used by the study authors) is a free, easy way for customers to run an advisor background check. Checks can be performed using an adviser’s name, or their unique CRD number.
Should You Trust Your Financial Adviser?
Widespread financial adviser misconduct costs investors hundreds of millions of dollars per year, new research shows.
The first ever large-scale study of misconduct by financials advisers and financial advisory firms finds that bad behavior tends to cluster around repeat offenders at an individual and an organizational level, with many advisers who get fired for misconduct landing at large firms with high misconduct rates. This concentration, the authors suggest, is not the result of random mistakes, but of firms targeting vulnerable customers.
KEY FINDINGS FROM FINRA DATABASE ANALYSIS
Researchers from the University of Minnesota, the University of Chicago, and Stanford collaborated on an economy-wide analysis of financial adviser misconduct in the United States in order to document the extent of unscrupulous behavior in an industry that many Americans rely upon, but few trust.
youtube
Trusting one’s financial advisor is crucial, they argue, because stockbrokers are experts relative to investors, making it difficult for customers to gauge the level of services and creating the potential for abuse. Financial advisers consistently rank among the least trustworthy professionals, surveys reveal.
Mistrust of brokers seems to be justified, according to “The Market for Financial Adviser Misconduct,” which found that misconduct is an industry-wide problem.
“It’s everywhere, not just small firms. It is pervasive,” said study co-author Amit Seru.
But while misconduct is widespread, it is not spread equally across the industry. Several of the largest financial advisory firms displayed a pattern of misconduct against financially unknowledgeable customers. “Such firms are more tolerant of misconduct, hiring advisers with unscrupulous records,” the researchers write.
Conversely, firms with a low tolerance for misconduct use their clean records to attract knowledgeable customers.
Other key findings from the study include:
About 7% of financial advisers have records of misconduct.
At some large brokerages, more than 15% of advisers have misconduct records.
Misconduct is concentrated in financial firms with retail customers and in counties with low education, elderly populations, and high incomes (including areas like Palm Beach, Florida, where 18% of advisers had misconduct records).
Prior offenders are five times more likely than the average adviser to engage in misconduct.
Roughly 50% of advisers are fired as a result of misconduct; of these, 44% are reemployed in finance within a year.
Nearly 3 in 4 financial advisers disciplined for misconduct are still active after a year.
Firms that hire past offenders tend to have higher rates of misconduct.
Oppenheimer & Co., First Allied Securities, Wells Fargo, UBS Financial Services, and Cetera Advisors are among the financial firms consistently engaging in misconduct.
Brokerages with the lowest misconduct rates include Morgan Stanley, Goldman Sachs, BNP Paribas, SunTrust Robinson Humphrey, and BlackRock Investments.
To count as misconduct, disputes must have settled (not be dismissed or pending). Misconduct includes activities such as recommending unsuitable investment products, misrepresentation, omission of key facts, recommending risky investments, unauthorized activity, negligence, fraud, and breach of fiduciary duty.
True financial misconduct levels are likely higher than the study estimates, according to the researchers.
Free Initial Consultation with a Securities Lawyer
When you need legal help, please call Ascent Law for your free consultation (801) 676-5506. We want to help you.
Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
Recent Posts
Technology Lawyer
Business Divorce
How to get a Lawyer when a Detective is Trying to Contact You
Defamation Lawyer
Is filing bankruptcy better than just not paying your creditors back?
Reclaim your financial freedom
Source: http://www.ascentlawfirm.com/how-investors-can-protect-themselves/
0 notes
rogerlemans · 7 years
Text
How Investors Can Protect Themselves
Financial advisers help manage more than $30 trillion of investible assets and provide services to fifty-six percent of U.S. households. That’s why at Ascent Law, we want to help you protect what is yours, not just while you are alive, but after you are gone, to help you leave a legacy.
Yet the Securities and Exchange Commission reports that most Americans don’t conduct a broker background check, while those who do rely on search engine results.
Failure to perform a comprehensive background check can be costly. The median settlement paid to consumers is $40,000—nearly 60% of the average household’s net worth. One-quarter of settlements exceed $120,000. Over a recent two-year period, financial industry misconduct settlements totaled $974 million.
The FINRA Broker Check database (the same database used by the study authors) is a free, easy way for customers to run an advisor background check. Checks can be performed using an adviser’s name, or their unique CRD number.
Should You Trust Your Financial Adviser?
Widespread financial adviser misconduct costs investors hundreds of millions of dollars per year, new research shows.
The first ever large-scale study of misconduct by financials advisers and financial advisory firms finds that bad behavior tends to cluster around repeat offenders at an individual and an organizational level, with many advisers who get fired for misconduct landing at large firms with high misconduct rates. This concentration, the authors suggest, is not the result of random mistakes, but of firms targeting vulnerable customers.
KEY FINDINGS FROM FINRA DATABASE ANALYSIS
Researchers from the University of Minnesota, the University of Chicago, and Stanford collaborated on an economy-wide analysis of financial adviser misconduct in the United States in order to document the extent of unscrupulous behavior in an industry that many Americans rely upon, but few trust.
youtube
Trusting one’s financial advisor is crucial, they argue, because stockbrokers are experts relative to investors, making it difficult for customers to gauge the level of services and creating the potential for abuse. Financial advisers consistently rank among the least trustworthy professionals, surveys reveal.
Mistrust of brokers seems to be justified, according to “The Market for Financial Adviser Misconduct,” which found that misconduct is an industry-wide problem.
“It’s everywhere, not just small firms. It is pervasive,” said study co-author Amit Seru.
But while misconduct is widespread, it is not spread equally across the industry. Several of the largest financial advisory firms displayed a pattern of misconduct against financially unknowledgeable customers. “Such firms are more tolerant of misconduct, hiring advisers with unscrupulous records,” the researchers write.
Conversely, firms with a low tolerance for misconduct use their clean records to attract knowledgeable customers.
Other key findings from the study include:
About 7% of financial advisers have records of misconduct.
At some large brokerages, more than 15% of advisers have misconduct records.
Misconduct is concentrated in financial firms with retail customers and in counties with low education, elderly populations, and high incomes (including areas like Palm Beach, Florida, where 18% of advisers had misconduct records).
Prior offenders are five times more likely than the average adviser to engage in misconduct.
Roughly 50% of advisers are fired as a result of misconduct; of these, 44% are reemployed in finance within a year.
Nearly 3 in 4 financial advisers disciplined for misconduct are still active after a year.
Firms that hire past offenders tend to have higher rates of misconduct.
Oppenheimer & Co., First Allied Securities, Wells Fargo, UBS Financial Services, and Cetera Advisors are among the financial firms consistently engaging in misconduct.
Brokerages with the lowest misconduct rates include Morgan Stanley, Goldman Sachs, BNP Paribas, SunTrust Robinson Humphrey, and BlackRock Investments.
To count as misconduct, disputes must have settled (not be dismissed or pending). Misconduct includes activities such as recommending unsuitable investment products, misrepresentation, omission of key facts, recommending risky investments, unauthorized activity, negligence, fraud, and breach of fiduciary duty.
True financial misconduct levels are likely higher than the study estimates, according to the researchers.
Free Initial Consultation with a Securities Lawyer
When you need legal help, please call Ascent Law for your free consultation (801) 676-5506. We want to help you.
Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
Recent Posts
Technology Lawyer
Business Divorce
How to get a Lawyer when a Detective is Trying to Contact You
Defamation Lawyer
Is filing bankruptcy better than just not paying your creditors back?
Reclaim your financial freedom
Source: http://www.ascentlawfirm.com/how-investors-can-protect-themselves/
0 notes
winniegist · 7 years
Text
How Investors Can Protect Themselves
Financial advisers help manage more than $30 trillion of investible assets and provide services to fifty-six percent of U.S. households. That’s why at Ascent Law, we want to help you protect what is yours, not just while you are alive, but after you are gone, to help you leave a legacy.
Yet the Securities and Exchange Commission reports that most Americans don’t conduct a broker background check, while those who do rely on search engine results.
Failure to perform a comprehensive background check can be costly. The median settlement paid to consumers is $40,000—nearly 60% of the average household’s net worth. One-quarter of settlements exceed $120,000. Over a recent two-year period, financial industry misconduct settlements totaled $974 million.
The FINRA Broker Check database (the same database used by the study authors) is a free, easy way for customers to run an advisor background check. Checks can be performed using an adviser’s name, or their unique CRD number.
Should You Trust Your Financial Adviser?
Widespread financial adviser misconduct costs investors hundreds of millions of dollars per year, new research shows.
The first ever large-scale study of misconduct by financials advisers and financial advisory firms finds that bad behavior tends to cluster around repeat offenders at an individual and an organizational level, with many advisers who get fired for misconduct landing at large firms with high misconduct rates. This concentration, the authors suggest, is not the result of random mistakes, but of firms targeting vulnerable customers.
KEY FINDINGS FROM FINRA DATABASE ANALYSIS
Researchers from the University of Minnesota, the University of Chicago, and Stanford collaborated on an economy-wide analysis of financial adviser misconduct in the United States in order to document the extent of unscrupulous behavior in an industry that many Americans rely upon, but few trust.
youtube
Trusting one’s financial advisor is crucial, they argue, because stockbrokers are experts relative to investors, making it difficult for customers to gauge the level of services and creating the potential for abuse. Financial advisers consistently rank among the least trustworthy professionals, surveys reveal.
Mistrust of brokers seems to be justified, according to “The Market for Financial Adviser Misconduct,” which found that misconduct is an industry-wide problem.
“It’s everywhere, not just small firms. It is pervasive,” said study co-author Amit Seru.
But while misconduct is widespread, it is not spread equally across the industry. Several of the largest financial advisory firms displayed a pattern of misconduct against financially unknowledgeable customers. “Such firms are more tolerant of misconduct, hiring advisers with unscrupulous records,” the researchers write.
Conversely, firms with a low tolerance for misconduct use their clean records to attract knowledgeable customers.
Other key findings from the study include:
About 7% of financial advisers have records of misconduct.
At some large brokerages, more than 15% of advisers have misconduct records.
Misconduct is concentrated in financial firms with retail customers and in counties with low education, elderly populations, and high incomes (including areas like Palm Beach, Florida, where 18% of advisers had misconduct records).
Prior offenders are five times more likely than the average adviser to engage in misconduct.
Roughly 50% of advisers are fired as a result of misconduct; of these, 44% are reemployed in finance within a year.
Nearly 3 in 4 financial advisers disciplined for misconduct are still active after a year.
Firms that hire past offenders tend to have higher rates of misconduct.
Oppenheimer & Co., First Allied Securities, Wells Fargo, UBS Financial Services, and Cetera Advisors are among the financial firms consistently engaging in misconduct.
Brokerages with the lowest misconduct rates include Morgan Stanley, Goldman Sachs, BNP Paribas, SunTrust Robinson Humphrey, and BlackRock Investments.
To count as misconduct, disputes must have settled (not be dismissed or pending). Misconduct includes activities such as recommending unsuitable investment products, misrepresentation, omission of key facts, recommending risky investments, unauthorized activity, negligence, fraud, and breach of fiduciary duty.
True financial misconduct levels are likely higher than the study estimates, according to the researchers.
Free Initial Consultation with a Securities Lawyer
When you need legal help, please call Ascent Law for your free consultation (801) 676-5506. We want to help you.
Ascent Law LLC8833 S. Redwood Road, Suite CWest Jordan, Utah 84088 United StatesTelephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
Recent Posts
Technology Lawyer
Business Divorce
How to get a Lawyer when a Detective is Trying to Contact You
Defamation Lawyer
Is filing bankruptcy better than just not paying your creditors back?
Reclaim your financial freedom
Source: http://www.ascentlawfirm.com/how-investors-can-protect-themselves/
0 notes
beulahgonzalez · 7 years
Text
How Investors Can Protect Themselves
Financial advisers help manage more than $30 trillion of investible assets and provide services to fifty-six percent of U.S. households. That’s why at Ascent Law, we want to help you protect what is yours, not just while you are alive, but after you are gone, to help you leave a legacy.
Yet the Securities and Exchange Commission reports that most Americans don’t conduct a broker background check, while those who do rely on search engine results.
Failure to perform a comprehensive background check can be costly. The median settlement paid to consumers is $40,000—nearly 60% of the average household’s net worth. One-quarter of settlements exceed $120,000. Over a recent two-year period, financial industry misconduct settlements totaled $974 million.
The FINRA Broker Check database (the same database used by the study authors) is a free, easy way for customers to run an advisor background check. Checks can be performed using an adviser’s name, or their unique CRD number.
Should You Trust Your Financial Adviser?
Widespread financial adviser misconduct costs investors hundreds of millions of dollars per year, new research shows.
The first ever large-scale study of misconduct by financials advisers and financial advisory firms finds that bad behavior tends to cluster around repeat offenders at an individual and an organizational level, with many advisers who get fired for misconduct landing at large firms with high misconduct rates. This concentration, the authors suggest, is not the result of random mistakes, but of firms targeting vulnerable customers.
KEY FINDINGS FROM FINRA DATABASE ANALYSIS
Researchers from the University of Minnesota, the University of Chicago, and Stanford collaborated on an economy-wide analysis of financial adviser misconduct in the United States in order to document the extent of unscrupulous behavior in an industry that many Americans rely upon, but few trust.
youtube
Trusting one’s financial advisor is crucial, they argue, because stockbrokers are experts relative to investors, making it difficult for customers to gauge the level of services and creating the potential for abuse. Financial advisers consistently rank among the least trustworthy professionals, surveys reveal.
Mistrust of brokers seems to be justified, according to “The Market for Financial Adviser Misconduct,” which found that misconduct is an industry-wide problem.
“It’s everywhere, not just small firms. It is pervasive,” said study co-author Amit Seru.
But while misconduct is widespread, it is not spread equally across the industry. Several of the largest financial advisory firms displayed a pattern of misconduct against financially unknowledgeable customers. “Such firms are more tolerant of misconduct, hiring advisers with unscrupulous records,” the researchers write.
Conversely, firms with a low tolerance for misconduct use their clean records to attract knowledgeable customers.
Other key findings from the study include:
About 7% of financial advisers have records of misconduct.
At some large brokerages, more than 15% of advisers have misconduct records.
Misconduct is concentrated in financial firms with retail customers and in counties with low education, elderly populations, and high incomes (including areas like Palm Beach, Florida, where 18% of advisers had misconduct records).
Prior offenders are five times more likely than the average adviser to engage in misconduct.
Roughly 50% of advisers are fired as a result of misconduct; of these, 44% are reemployed in finance within a year.
Nearly 3 in 4 financial advisers disciplined for misconduct are still active after a year.
Firms that hire past offenders tend to have higher rates of misconduct.
Oppenheimer & Co., First Allied Securities, Wells Fargo, UBS Financial Services, and Cetera Advisors are among the financial firms consistently engaging in misconduct.
Brokerages with the lowest misconduct rates include Morgan Stanley, Goldman Sachs, BNP Paribas, SunTrust Robinson Humphrey, and BlackRock Investments.
To count as misconduct, disputes must have settled (not be dismissed or pending). Misconduct includes activities such as recommending unsuitable investment products, misrepresentation, omission of key facts, recommending risky investments, unauthorized activity, negligence, fraud, and breach of fiduciary duty.
True financial misconduct levels are likely higher than the study estimates, according to the researchers.
Free Initial Consultation with a Securities Lawyer
When you need legal help, please call Ascent Law for your free consultation (801) 676-5506. We want to help you.
Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
Recent Posts
Technology Lawyer
Business Divorce
How to get a Lawyer when a Detective is Trying to Contact You
Defamation Lawyer
Is filing bankruptcy better than just not paying your creditors back?
Reclaim your financial freedom
http://www.ascentlawfirm.com/how-investors-can-protect-themselves/
0 notes
dunkcarlton · 7 years
Text
How Investors Can Protect Themselves
Financial advisers help manage more than $30 trillion of investible assets and provide services to fifty-six percent of U.S. households. That’s why at Ascent Law, we want to help you protect what is yours, not just while you are alive, but after you are gone, to help you leave a legacy.
Yet the Securities and Exchange Commission reports that most Americans don’t conduct a broker background check, while those who do rely on search engine results.
Failure to perform a comprehensive background check can be costly. The median settlement paid to consumers is $40,000—nearly 60% of the average household’s net worth. One-quarter of settlements exceed $120,000. Over a recent two-year period, financial industry misconduct settlements totaled $974 million.
The FINRA Broker Check database (the same database used by the study authors) is a free, easy way for customers to run an advisor background check. Checks can be performed using an adviser’s name, or their unique CRD number.
Should You Trust Your Financial Adviser?
Widespread financial adviser misconduct costs investors hundreds of millions of dollars per year, new research shows.
The first ever large-scale study of misconduct by financials advisers and financial advisory firms finds that bad behavior tends to cluster around repeat offenders at an individual and an organizational level, with many advisers who get fired for misconduct landing at large firms with high misconduct rates. This concentration, the authors suggest, is not the result of random mistakes, but of firms targeting vulnerable customers.
KEY FINDINGS FROM FINRA DATABASE ANALYSIS
Researchers from the University of Minnesota, the University of Chicago, and Stanford collaborated on an economy-wide analysis of financial adviser misconduct in the United States in order to document the extent of unscrupulous behavior in an industry that many Americans rely upon, but few trust.
youtube
Trusting one’s financial advisor is crucial, they argue, because stockbrokers are experts relative to investors, making it difficult for customers to gauge the level of services and creating the potential for abuse. Financial advisers consistently rank among the least trustworthy professionals, surveys reveal.
Mistrust of brokers seems to be justified, according to “The Market for Financial Adviser Misconduct,” which found that misconduct is an industry-wide problem.
“It’s everywhere, not just small firms. It is pervasive,” said study co-author Amit Seru.
But while misconduct is widespread, it is not spread equally across the industry. Several of the largest financial advisory firms displayed a pattern of misconduct against financially unknowledgeable customers. “Such firms are more tolerant of misconduct, hiring advisers with unscrupulous records,” the researchers write.
Conversely, firms with a low tolerance for misconduct use their clean records to attract knowledgeable customers.
Other key findings from the study include:
About 7% of financial advisers have records of misconduct.
At some large brokerages, more than 15% of advisers have misconduct records.
Misconduct is concentrated in financial firms with retail customers and in counties with low education, elderly populations, and high incomes (including areas like Palm Beach, Florida, where 18% of advisers had misconduct records).
Prior offenders are five times more likely than the average adviser to engage in misconduct.
Roughly 50% of advisers are fired as a result of misconduct; of these, 44% are reemployed in finance within a year.
Nearly 3 in 4 financial advisers disciplined for misconduct are still active after a year.
Firms that hire past offenders tend to have higher rates of misconduct.
Oppenheimer & Co., First Allied Securities, Wells Fargo, UBS Financial Services, and Cetera Advisors are among the financial firms consistently engaging in misconduct.
Brokerages with the lowest misconduct rates include Morgan Stanley, Goldman Sachs, BNP Paribas, SunTrust Robinson Humphrey, and BlackRock Investments.
To count as misconduct, disputes must have settled (not be dismissed or pending). Misconduct includes activities such as recommending unsuitable investment products, misrepresentation, omission of key facts, recommending risky investments, unauthorized activity, negligence, fraud, and breach of fiduciary duty.
True financial misconduct levels are likely higher than the study estimates, according to the researchers.
Free Initial Consultation with a Securities Lawyer
When you need legal help, please call Ascent Law for your free consultation (801) 676-5506. We want to help you.
Ascent Law LLC8833 S. Redwood Road, Suite CWest Jordan, Utah 84088 United StatesTelephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
Recent Posts
Technology Lawyer
Business Divorce
How to get a Lawyer when a Detective is Trying to Contact You
Defamation Lawyer
Is filing bankruptcy better than just not paying your creditors back?
Reclaim your financial freedom
Source: http://www.ascentlawfirm.com/how-investors-can-protect-themselves/
0 notes
walterfrodriguez · 4 years
Text
Douglas Elliman agent allegedly created scheme to pocket commission advances: lawsuit
One Thousand Museum and Porsche Designer Tower (Porsche)
A South Florida real estate agent has found himself at the center of yet another lawsuit. This time, a commission advance company is alleging Dedric Copeland conned the firm out of advances totaling $420,000 by bringing fake buyers to the company, including the rapper Shaggy and a wealthy Texas oil tycoon with ties to the Saudi royal family.
Residential Advance, which advances agents commissions by charging a fee, is suing Copeland, a Douglas Elliman agent, Elliman, and others allegedly involved in his scam, according to a lawsuit filed in Miami-Dade County Circuit Court in late May.
Copeland has been sued at least four times before. In May 2018, the sellers of an Acqualina condo alleged that Copeland, a co-listing agent on their property, pocketed money that was supposed to be used for a renovation, and brought a fake buyer who ultimately did not close on the unit. Elliman was also named in that suit, which is still open, according to Broward County court records. In three other lawsuits filed in Miami-Dade and Broward, judgments dating back to 2008 for more than $2.6 million were entered against Copeland.
The latest lawsuit alleges that CRMG Services LLC, a brokerage Copeland was allegedly tied to, and Elliman “either knew what was transpiring and did nothing, or were so grossly negligent in their supervision of Copeland that they should likewise be held liable for the damage suffered by [Residential Advance].”
Copeland could not immediately be reached for comment, and has no social media presence, which is uncommon for an agent. Douglas Elliman declined to comment, citing a company policy of not commenting on pending litigation.
Commission advance companies operate similarly to payday loan businesses. An agent with a deal under contract sells the right to collect the commission to a third party in exchange for the cash up front. If one deal falls through, a broker can roll the obligation over to another pending deal.
Firms like Residential Advance rely on escrow and title companies to confirm information provided by agents and brokers, according to the lawsuit.
Peter Zalewski, a condo market consultant and investor in Miami, said that in this case, “the company taking the risk is the one getting screwed” and a lawsuit like this calls into question the company’s policies.
The alleged scam with Residential Advance began in March 2018, and ended in February of this year. According to the suit, Copeland applied for a $50,000 commission advance two years ago on the sale of two luxury condos, units 2905 and 1901 at Porsche Design Tower in Sunny Isles Beach, which were under contract to Faith and Tom Wright. The condo tower is home to celebrities such as soccer superstar Lionel Messi.
The players
In addition to suing Copeland, the main perpetrator of the alleged con, and Elliman, the brokerage where Copeland hangs his license, Residential Advance’s suit cites the now-shuttered Dickason Law Group, CRMG Services LLC, John Copeland, Zoraida Rodriguez, Ouafaa Guessous Wright, Dorothy Delima-Copeland, Sherry Qui-Copeland, and Dominique Josette Copeland. Residential Advance is suing all of them for breach of contract, fraud, civil conspiracy, breach of fiduciary duty, violating the Florida Deceptive and Unfair Trade Practices Act, violating Florida’s Civil RICO Act, unjust enrichment, negligent supervision, and fraudulent transfers.
Rodriguez was the escrow officer working under the supervision of Dickason Law Firm. The other Copelands mentioned in the suit – Dedric’s ex-wife, wife and daughter – allegedly benefited from the scheme by the transfer of funds.
The contracts
According to the suit, Stuart Clapick, manager of Residential Advance, was concerned over delays regarding closing dates for the Porsche Design Tower units, and reached out to Copeland and Rodriguez, who said the sales were held up due to construction delays. By August 2018, Copeland requested another $50,000 advance, telling Clapick that the closings would be “imminent,” something that Rodriguez echoed, the suit states. To get that advance, Copeland had to pledge commissions from other pending deals, including alleged sales at One Thousand Museum and The Mansions at Acqualina, which he did, for a total of six sales, the suit states. (Clapick did not respond to requests for comment.)
Meanwhile, Copeland said he was working under the brokerage firm CRMG, according to the suit, even though he was still an Elliman agent. State records show he’s been an Elliman agent since 2015, except for a period of two weeks in April 2019 when his license was inactive.
In March 2019, Copeland introduced Clapick to Faith Wright, a buyer of the two Porsche Design Tower units, “as a way to drag Clapick and RA deeper into his fraudulent schemes,” the lawsuit alleges.
Copeland represented Wright as a wealthy person whose family was part of the extended Saudi Royal family with $100 million to spend on real estate in the U.S., according to the suit.
In April and June 2019, the seller of a unit at Acqualina canceled their contract with a buyer that was brought by Copeland. At the same time, Copeland said another of his buyers, who never materialized, was Orville Richard Burrell, a.k.a Shaggy, for a unit at Faena House, an ultra luxury oceanfront building in Mid-Miami Beach, according to the suit.
“In fact, there was no actual buyer, and upon information and belief, Copeland forged Burrell’s signature on the Faena House contract,” the lawsuit states. The unit wasn’t even for sale.
From commissions on luxury condos to a plan to invest $100M
As the alleged fraud continued, Copeland arranged meetings with Clapick and Wright. Copeland and Wright, who were reportedly “best friends,” proposed a plan to acquire and resell residential investment properties in the U.S., using a $100 million contribution from Wright, and her access to as much as $2 billion through the Saudi royal family, according to the lawsuit. They met to create Wright Capital Partners LLC, a Delaware company.
Though Clapick paid a $5,000 fee to Dallas lawyer Charles Haag of Winston and Strawn, the firm required a $125,000 retainer, which Wright was supposed to provide but never did, the lawsuit alleges. Wright even allegedly traveled to Italy to see her “very ill” mother, continuing to provide excuses as to why the money hadn’t materialized.
All the while, Copeland continued to score advances from Residential Advance, including $30,000 for money owed to his ex-wife for alimony, and money to his current wife for “family expenses,” according to the lawsuit.
The contracts never closed, despite Rodriguez, the title agent, confirming to Residential Advance that they had closed. Earlier this year, Clapick discovered that the deals were fake, and Wright’s story was a sham, the lawsuit alleges. Wright had filed for bankruptcy in 2017 under her real name, Ouafaa Guessous Wright. Wright allegedly came clean to Clapick, and said none of the deals at Porsche Design Tower or One Thousand Museum had been under contract, according to the suit.
Clapick also discovered that the law firm Copeland had used, where Rodriguez was reportedly employed, had been closed and was facing lawsuits for allegedly mishandling escrow funds, the lawsuit states.
The post Douglas Elliman agent allegedly created scheme to pocket commission advances: lawsuit appeared first on The Real Deal Miami.
from The Real Deal Miami & Miami Florida Real Estate & Housing News | & Curbed Miami - All https://therealdeal.com/miami/2020/06/17/douglas-elliman-agent-allegedly-created-scheme-to-pocket-commission-advances-lawsuit/ via IFTTT
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advertphoto · 7 years
Text
How Investors Can Protect Themselves
Financial advisers help manage more than $30 trillion of investible assets and provide services to fifty-six percent of U.S. households. That’s why at Ascent Law, we want to help you protect what is yours, not just while you are alive, but after you are gone, to help you leave a legacy.
Yet the Securities and Exchange Commission reports that most Americans don’t conduct a broker background check, while those who do rely on search engine results.
Failure to perform a comprehensive background check can be costly. The median settlement paid to consumers is $40,000—nearly 60% of the average household’s net worth. One-quarter of settlements exceed $120,000. Over a recent two-year period, financial industry misconduct settlements totaled $974 million.
The FINRA Broker Check database (the same database used by the study authors) is a free, easy way for customers to run an advisor background check. Checks can be performed using an adviser’s name, or their unique CRD number.
Should You Trust Your Financial Adviser?
Widespread financial adviser misconduct costs investors hundreds of millions of dollars per year, new research shows.
The first ever large-scale study of misconduct by financials advisers and financial advisory firms finds that bad behavior tends to cluster around repeat offenders at an individual and an organizational level, with many advisers who get fired for misconduct landing at large firms with high misconduct rates. This concentration, the authors suggest, is not the result of random mistakes, but of firms targeting vulnerable customers.
KEY FINDINGS FROM FINRA DATABASE ANALYSIS
Researchers from the University of Minnesota, the University of Chicago, and Stanford collaborated on an economy-wide analysis of financial adviser misconduct in the United States in order to document the extent of unscrupulous behavior in an industry that many Americans rely upon, but few trust.
youtube
Trusting one’s financial advisor is crucial, they argue, because stockbrokers are experts relative to investors, making it difficult for customers to gauge the level of services and creating the potential for abuse. Financial advisers consistently rank among the least trustworthy professionals, surveys reveal.
Mistrust of brokers seems to be justified, according to “The Market for Financial Adviser Misconduct,” which found that misconduct is an industry-wide problem.
“It’s everywhere, not just small firms. It is pervasive,” said study co-author Amit Seru.
But while misconduct is widespread, it is not spread equally across the industry. Several of the largest financial advisory firms displayed a pattern of misconduct against financially unknowledgeable customers. “Such firms are more tolerant of misconduct, hiring advisers with unscrupulous records,” the researchers write.
Conversely, firms with a low tolerance for misconduct use their clean records to attract knowledgeable customers.
Other key findings from the study include:
About 7% of financial advisers have records of misconduct.
At some large brokerages, more than 15% of advisers have misconduct records.
Misconduct is concentrated in financial firms with retail customers and in counties with low education, elderly populations, and high incomes (including areas like Palm Beach, Florida, where 18% of advisers had misconduct records).
Prior offenders are five times more likely than the average adviser to engage in misconduct.
Roughly 50% of advisers are fired as a result of misconduct; of these, 44% are reemployed in finance within a year.
Nearly 3 in 4 financial advisers disciplined for misconduct are still active after a year.
Firms that hire past offenders tend to have higher rates of misconduct.
Oppenheimer & Co., First Allied Securities, Wells Fargo, UBS Financial Services, and Cetera Advisors are among the financial firms consistently engaging in misconduct.
Brokerages with the lowest misconduct rates include Morgan Stanley, Goldman Sachs, BNP Paribas, SunTrust Robinson Humphrey, and BlackRock Investments.
To count as misconduct, disputes must have settled (not be dismissed or pending). Misconduct includes activities such as recommending unsuitable investment products, misrepresentation, omission of key facts, recommending risky investments, unauthorized activity, negligence, fraud, and breach of fiduciary duty.
True financial misconduct levels are likely higher than the study estimates, according to the researchers.
Free Initial Consultation with a Securities Lawyer
When you need legal help, please call Ascent Law for your free consultation (801) 676-5506. We want to help you.
Ascent Law LLC8833 S. Redwood Road, Suite CWest Jordan, Utah 84088 United StatesTelephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
Recent Posts
Technology Lawyer
Business Divorce
How to get a Lawyer when a Detective is Trying to Contact You
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Is filing bankruptcy better than just not paying your creditors back?
Reclaim your financial freedom
Source: http://www.ascentlawfirm.com/how-investors-can-protect-themselves/
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bestutahattorneys3 · 7 years
Text
How Investors Can Protect Themselves
Financial advisers help manage more than $30 trillion of investible assets and provide services to fifty-six percent of U.S. households. That’s why at Ascent Law, we want to help you protect what is yours, not just while you are alive, but after you are gone, to help you leave a legacy.
Yet the Securities and Exchange Commission reports that most Americans don’t conduct a broker background check, while those who do rely on search engine results.
Failure to perform a comprehensive background check can be costly. The median settlement paid to consumers is $40,000—nearly 60% of the average household’s net worth. One-quarter of settlements exceed $120,000. Over a recent two-year period, financial industry misconduct settlements totaled $974 million.
The FINRA Broker Check database (the same database used by the study authors) is a free, easy way for customers to run an advisor background check. Checks can be performed using an adviser’s name, or their unique CRD number.
Should You Trust Your Financial Adviser?
Widespread financial adviser misconduct costs investors hundreds of millions of dollars per year, new research shows.
The first ever large-scale study of misconduct by financials advisers and financial advisory firms finds that bad behavior tends to cluster around repeat offenders at an individual and an organizational level, with many advisers who get fired for misconduct landing at large firms with high misconduct rates. This concentration, the authors suggest, is not the result of random mistakes, but of firms targeting vulnerable customers.
KEY FINDINGS FROM FINRA DATABASE ANALYSIS
Researchers from the University of Minnesota, the University of Chicago, and Stanford collaborated on an economy-wide analysis of financial adviser misconduct in the United States in order to document the extent of unscrupulous behavior in an industry that many Americans rely upon, but few trust.
youtube
Trusting one’s financial advisor is crucial, they argue, because stockbrokers are experts relative to investors, making it difficult for customers to gauge the level of services and creating the potential for abuse. Financial advisers consistently rank among the least trustworthy professionals, surveys reveal.
Mistrust of brokers seems to be justified, according to “The Market for Financial Adviser Misconduct,” which found that misconduct is an industry-wide problem.
“It’s everywhere, not just small firms. It is pervasive,” said study co-author Amit Seru.
But while misconduct is widespread, it is not spread equally across the industry. Several of the largest financial advisory firms displayed a pattern of misconduct against financially unknowledgeable customers. “Such firms are more tolerant of misconduct, hiring advisers with unscrupulous records,” the researchers write.
Conversely, firms with a low tolerance for misconduct use their clean records to attract knowledgeable customers.
Other key findings from the study include:
About 7% of financial advisers have records of misconduct.
At some large brokerages, more than 15% of advisers have misconduct records.
Misconduct is concentrated in financial firms with retail customers and in counties with low education, elderly populations, and high incomes (including areas like Palm Beach, Florida, where 18% of advisers had misconduct records).
Prior offenders are five times more likely than the average adviser to engage in misconduct.
Roughly 50% of advisers are fired as a result of misconduct; of these, 44% are reemployed in finance within a year.
Nearly 3 in 4 financial advisers disciplined for misconduct are still active after a year.
Firms that hire past offenders tend to have higher rates of misconduct.
Oppenheimer & Co., First Allied Securities, Wells Fargo, UBS Financial Services, and Cetera Advisors are among the financial firms consistently engaging in misconduct.
Brokerages with the lowest misconduct rates include Morgan Stanley, Goldman Sachs, BNP Paribas, SunTrust Robinson Humphrey, and BlackRock Investments.
To count as misconduct, disputes must have settled (not be dismissed or pending). Misconduct includes activities such as recommending unsuitable investment products, misrepresentation, omission of key facts, recommending risky investments, unauthorized activity, negligence, fraud, and breach of fiduciary duty.
True financial misconduct levels are likely higher than the study estimates, according to the researchers.
Free Initial Consultation with a Securities Lawyer
When you need legal help, please call Ascent Law for your free consultation (801) 676-5506. We want to help you.
Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
Recent Posts
Technology Lawyer
Business Divorce
How to get a Lawyer when a Detective is Trying to Contact You
Defamation Lawyer
Is filing bankruptcy better than just not paying your creditors back?
Reclaim your financial freedom
from Michael Anderson http://www.ascentlawfirm.com/how-investors-can-protect-themselves/
from Best Utah Attorneys https://bestutahattorneys.tumblr.com/post/171503714549
0 notes
merlehornsby · 7 years
Text
How Investors Can Protect Themselves
Financial advisers help manage more than $30 trillion of investible assets and provide services to fifty-six percent of U.S. households. That’s why at Ascent Law, we want to help you protect what is yours, not just while you are alive, but after you are gone, to help you leave a legacy.
Yet the Securities and Exchange Commission reports that most Americans don’t conduct a broker background check, while those who do rely on search engine results.
Failure to perform a comprehensive background check can be costly. The median settlement paid to consumers is $40,000—nearly 60% of the average household’s net worth. One-quarter of settlements exceed $120,000. Over a recent two-year period, financial industry misconduct settlements totaled $974 million.
The FINRA Broker Check database (the same database used by the study authors) is a free, easy way for customers to run an advisor background check. Checks can be performed using an adviser’s name, or their unique CRD number.
Should You Trust Your Financial Adviser?
Widespread financial adviser misconduct costs investors hundreds of millions of dollars per year, new research shows.
The first ever large-scale study of misconduct by financials advisers and financial advisory firms finds that bad behavior tends to cluster around repeat offenders at an individual and an organizational level, with many advisers who get fired for misconduct landing at large firms with high misconduct rates. This concentration, the authors suggest, is not the result of random mistakes, but of firms targeting vulnerable customers.
KEY FINDINGS FROM FINRA DATABASE ANALYSIS
Researchers from the University of Minnesota, the University of Chicago, and Stanford collaborated on an economy-wide analysis of financial adviser misconduct in the United States in order to document the extent of unscrupulous behavior in an industry that many Americans rely upon, but few trust.
youtube
Trusting one’s financial advisor is crucial, they argue, because stockbrokers are experts relative to investors, making it difficult for customers to gauge the level of services and creating the potential for abuse. Financial advisers consistently rank among the least trustworthy professionals, surveys reveal.
Mistrust of brokers seems to be justified, according to “The Market for Financial Adviser Misconduct,” which found that misconduct is an industry-wide problem.
“It’s everywhere, not just small firms. It is pervasive,” said study co-author Amit Seru.
But while misconduct is widespread, it is not spread equally across the industry. Several of the largest financial advisory firms displayed a pattern of misconduct against financially unknowledgeable customers. “Such firms are more tolerant of misconduct, hiring advisers with unscrupulous records,” the researchers write.
Conversely, firms with a low tolerance for misconduct use their clean records to attract knowledgeable customers.
Other key findings from the study include:
About 7% of financial advisers have records of misconduct.
At some large brokerages, more than 15% of advisers have misconduct records.
Misconduct is concentrated in financial firms with retail customers and in counties with low education, elderly populations, and high incomes (including areas like Palm Beach, Florida, where 18% of advisers had misconduct records).
Prior offenders are five times more likely than the average adviser to engage in misconduct.
Roughly 50% of advisers are fired as a result of misconduct; of these, 44% are reemployed in finance within a year.
Nearly 3 in 4 financial advisers disciplined for misconduct are still active after a year.
Firms that hire past offenders tend to have higher rates of misconduct.
Oppenheimer & Co., First Allied Securities, Wells Fargo, UBS Financial Services, and Cetera Advisors are among the financial firms consistently engaging in misconduct.
Brokerages with the lowest misconduct rates include Morgan Stanley, Goldman Sachs, BNP Paribas, SunTrust Robinson Humphrey, and BlackRock Investments.
To count as misconduct, disputes must have settled (not be dismissed or pending). Misconduct includes activities such as recommending unsuitable investment products, misrepresentation, omission of key facts, recommending risky investments, unauthorized activity, negligence, fraud, and breach of fiduciary duty.
True financial misconduct levels are likely higher than the study estimates, according to the researchers.
Free Initial Consultation with a Securities Lawyer
When you need legal help, please call Ascent Law for your free consultation (801) 676-5506. We want to help you.
Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
Recent Posts
Technology Lawyer
Business Divorce
How to get a Lawyer when a Detective is Trying to Contact You
Defamation Lawyer
Is filing bankruptcy better than just not paying your creditors back?
Reclaim your financial freedom
Source: http://www.ascentlawfirm.com/how-investors-can-protect-themselves/
source https://businesslawyerwestjordanut.wordpress.com/2018/03/04/how-investors-can-protect-themselves/
https://businesslawyerwestjordanut.blogspot.com/2018/03/how-investors-can-protect-themselves.html
0 notes
jaclyncarolyn · 7 years
Text
How Investors Can Protect Themselves
Financial advisers help manage more than $30 trillion of investible assets and provide services to fifty-six percent of U.S. households. That’s why at Ascent Law, we want to help you protect what is yours, not just while you are alive, but after you are gone, to help you leave a legacy.
Yet the Securities and Exchange Commission reports that most Americans don’t conduct a broker background check, while those who do rely on search engine results.
Failure to perform a comprehensive background check can be costly. The median settlement paid to consumers is $40,000—nearly 60% of the average household’s net worth. One-quarter of settlements exceed $120,000. Over a recent two-year period, financial industry misconduct settlements totaled $974 million.
The FINRA Broker Check database (the same database used by the study authors) is a free, easy way for customers to run an advisor background check. Checks can be performed using an adviser’s name, or their unique CRD number.
Should You Trust Your Financial Adviser?
Widespread financial adviser misconduct costs investors hundreds of millions of dollars per year, new research shows.
The first ever large-scale study of misconduct by financials advisers and financial advisory firms finds that bad behavior tends to cluster around repeat offenders at an individual and an organizational level, with many advisers who get fired for misconduct landing at large firms with high misconduct rates. This concentration, the authors suggest, is not the result of random mistakes, but of firms targeting vulnerable customers.
KEY FINDINGS FROM FINRA DATABASE ANALYSIS
Researchers from the University of Minnesota, the University of Chicago, and Stanford collaborated on an economy-wide analysis of financial adviser misconduct in the United States in order to document the extent of unscrupulous behavior in an industry that many Americans rely upon, but few trust.
youtube
Trusting one’s financial advisor is crucial, they argue, because stockbrokers are experts relative to investors, making it difficult for customers to gauge the level of services and creating the potential for abuse. Financial advisers consistently rank among the least trustworthy professionals, surveys reveal.
Mistrust of brokers seems to be justified, according to “The Market for Financial Adviser Misconduct,” which found that misconduct is an industry-wide problem.
“It’s everywhere, not just small firms. It is pervasive,” said study co-author Amit Seru.
But while misconduct is widespread, it is not spread equally across the industry. Several of the largest financial advisory firms displayed a pattern of misconduct against financially unknowledgeable customers. “Such firms are more tolerant of misconduct, hiring advisers with unscrupulous records,” the researchers write.
Conversely, firms with a low tolerance for misconduct use their clean records to attract knowledgeable customers.
Other key findings from the study include:
About 7% of financial advisers have records of misconduct.
At some large brokerages, more than 15% of advisers have misconduct records.
Misconduct is concentrated in financial firms with retail customers and in counties with low education, elderly populations, and high incomes (including areas like Palm Beach, Florida, where 18% of advisers had misconduct records).
Prior offenders are five times more likely than the average adviser to engage in misconduct.
Roughly 50% of advisers are fired as a result of misconduct; of these, 44% are reemployed in finance within a year.
Nearly 3 in 4 financial advisers disciplined for misconduct are still active after a year.
Firms that hire past offenders tend to have higher rates of misconduct.
Oppenheimer & Co., First Allied Securities, Wells Fargo, UBS Financial Services, and Cetera Advisors are among the financial firms consistently engaging in misconduct.
Brokerages with the lowest misconduct rates include Morgan Stanley, Goldman Sachs, BNP Paribas, SunTrust Robinson Humphrey, and BlackRock Investments.
To count as misconduct, disputes must have settled (not be dismissed or pending). Misconduct includes activities such as recommending unsuitable investment products, misrepresentation, omission of key facts, recommending risky investments, unauthorized activity, negligence, fraud, and breach of fiduciary duty.
True financial misconduct levels are likely higher than the study estimates, according to the researchers.
Free Initial Consultation with a Securities Lawyer
When you need legal help, please call Ascent Law for your free consultation (801) 676-5506. We want to help you.
Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
Recent Posts
Technology Lawyer
Business Divorce
How to get a Lawyer when a Detective is Trying to Contact You
Defamation Lawyer
Is filing bankruptcy better than just not paying your creditors back?
Reclaim your financial freedom
from Michael Anderson http://www.ascentlawfirm.com/how-investors-can-protect-themselves/
from Lawyer South Jordan Utah https://lawyersouthjordan.tumblr.com/post/171503746682
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