Anthony Fiorenza’s Post

pAllegations of poor financial advice can have serious implications for both financial advisors and their clients. A case in point is the recent customer dispute involving Al Lovelace, a broker currently associated with EQUITABLE ADVISORS, LLC. The allegation, filed on 8/23/2023, involves a claim that Lovelace offered poor advice which led to the purchase of /p pThe post a rel="nofollow" href="https://lnkd.in/g5NRHNsU"Al Lovelace of Equitable Advisors Faces Allegations of Poor Financial Advice/a appeared first on a rel="nofollow" href="https://lnkd.in/e7UhQyyJ"Investment Fraud Lawyers/a./p

🚀 **Cash Yields & Fiduciary Duties: Who Is Liable?** 📊💡 👉🏾In Q1 2024, LPL generated an impressive 11.8% return on assets for its clients’ cash holdings, contributing to 37.3% of its total return on assets. -This is a significant increase from Q1 2022, where the return was 3.1%, constituting 13.8% of the total return. However, the dual role of LPL as both an RIA (held to fiduciary standards) and a broker-dealer (not a fiduciary) has raised concerns. 👉🏾A recent complaint alleges that LPL, in its capacity as an investment advisor, makes decisions on uninvested cash that prioritize its own interests over those of its clients. - The claim states that LPL earned 3.2% in interest returns for itself in Q1 2024, while clients received between 0.35% to 2.2%, depending on their balances. **The Question: Whose Responsibility Is It?** - **LPL’s?** - **The Advisor Managing the Assets?** - **Both?** Let's discuss how we can balance fiduciary duties and profitability while maximizing client returns. Your thoughts? 🤔👇 #FinancialPlanning #FiduciaryDuty #InvestmentStrategy #ClientFirst #WealthManagement #LPL #Finance #MoneyMarkets #AdvisorResponsibilities Disclosure: https://lnkd.in/gkSdabMT

In a final rule implementing the Corporate Transparency Act, the Financial Crimes Enforcement Network requires entities that own and operate U.S. real estate to report their “Beneficial Owners”—the natural persons that ultimately own or control such entities—to FinCEN. Learn more. https://lnkd.in/d8tYjhgW

In a final rule implementing the Corporate Transparency Act, the Financial Crimes Enforcement Network requires entities that own and operate U.S. real estate to report their “Beneficial Owners”—the natural persons that ultimately own or control such entities—to FinCEN. Learn more. https://lnkd.in/ghviB3Ts

The Corporate Transparency Act (“CTA”) imposes a new obligation on many business entities to disclose their “beneficial owners” and “company applicants” to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”). The deadline for some entities is on or before January 1, 2025. Our Private Client team reviews the CTA and explains its key elements in this new alert. cc: Sean R. Weissbart, Larry Chane, Andrew Haas, James O'Neill, Michael Sanders (Sanders Michael), Peter Valente, Andrew M. Nerney, Kyle Durante, Andrew Logan #beneficialowners #CorporateTransparencyAct #FinCEN #privateclient

Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge. #SCOTUS is expected to rule by the end of June on whether the funding structure for the Consumer Financial Protection Bureau is constitutional. If the court sides with payday lenders that sued the CFPB claiming its funding is unconstitutional, there would be massive fallout for other agencies, including the #FederalReserve, the #OOC Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. #FDIC https://lnkd.in/gpnFCkwp

**Title: Major Financial Dispute Unfolds: Accusations of Mismanagement Worth Over $20 Million** In a riveting development in the financial sector, a high-profile case highlights the critical importance of #transparency and #trust in financial management. Stanley Tulin, a former high-profile client, has brought forward serious allegations against Rubicon Wealth Management and its owner, Scott Mason. Tulin claims that over $20 million was misappropriated through deceptive practices extending from December 2016 to January 2024. This case, filed in Pennsylvania and set for trial in August 2024, underscores the potential pitfalls individuals face when managing large sums through financial institutions. The legal documents detail disturbing transactions, with more than $1.8 million allegedly redirected from Tulin's accounts without proper authorization. This case is pivotal not just for the parties involved but for the financial management industry at large, serving as a sobering reminder of the need for robust oversight and due diligence. Professionals across the #finance and #legal sectors: How do we enhance client protection measures and prevent such significant disputes? How do we ensure that trust and integrity remain at the core of client management practices? For an in-depth look at the allegations and the case's impact on the industry, check out the detailed article [here](https://lnkd.in/e4KEumhb). #financeindustry #legalnews #investmentfraud #clientprotection #ethicalinvesting #corporateaccountability https://lnkd.in/e4KEumhb

Here's a good summary on Trump's financial problems resulting from his legal problems which complicate his political goals. As a summary for folks not following US news closely: Trump was accused by his 'fixit man' Michael Cohen of manipulating his real estate asset values, showing them at low value for tax reasons and then inflating them when convenient. Investigations by the NY State attorneys identified a series of excessively inflated property values, and sued Trump under civil law for defrauding the State by falsifying his financial statements in order to get 'better-than-market' rates. The trial was held (Trump's attorneys did not file for a jury trial, so all was determined by a judge), and Trump was convicted. Then the second phase was to determine damages. The sentence called for a "disgorgement" of Trump's "ill-begotten gains" due to this financial fraud. The penalty was calculated using State legal parameters and added accrued interest. The result is this half-a-billion bond requirement pending appeal. The catch is that the bond issuers in the US are prohibited from accepting real estate as collateral for issuing the bond. And good risk management dictates a "cash and marketable securities only" policy on acceptable collateral to post the bond. Trump COULD sell one of his properties, or use any positive equity in his real estate properties to obtain a new mortgage, if he were in good faith or financial standing to come up with a half a billion of cover. But this "billionnaire" doesn't have sufficient liquid funds to cover $ 500 Mn. The national news is already talking about Trump considering personal bankruptcy (not kidding) (his friend Rudy Giuliani has already declared bankruptcy so the precedent exists). https://lnkd.in/gJUyJSN6 https://lnkd.in/gJUyJSN6

The financial industry is facing a critical reminder about the importance of ethical conduct and client trust. FINRA suspended Scott Taubman for allegedly borrowing money without authorization from senior clients among other things. According to FINRA, Taubman borrowed upwards of $100,000 from two senior clients of his without sharing this information with Ameriprise. The situation worsened when Taubman filed for Chapter 7 bankruptcy, listing client debt as a personal loan, which absolved him of repayment responsibility. This left the impacted senior clients vulnerable, with few options to recover their investments and raises serious ethical concerns about the responsibilities of financial advisors. Have you ever experienced a situation where you felt your financial advisor was not acting in your best interest? Share your thoughts and experiences in the comments before checking out our blog for the full rundown.

LinkedIn Post: 🚨 Important Update for the Investment Community 🚨 In a significant development that is currently reverberating through the financial sector, Brian Napier and Ausdal Financial Partners, Inc. are facing severe allegations. A customer dispute lodged on March 25, 2024, accuses them of negligence, breaches in fiduciary duty, negligent supervision, along with violations of the Indiana Securities Act. These allegations raise crucial questions about the practices and oversight at Ausdal Financial Partners, Inc., pushing us to reconsider the standards of trust and accountability essential in financial advisement. As members of the investment community, it is our responsibility to stay informed and vigilant. Ensuring the integrity and reliability of financial advice is not just necessary for protecting investments but is also crucial for maintaining consumer confidence and market stability. For more details on this developing story, click on the link [here](https://lnkd.in/eWuT2g_F). #Finance #InvestmentSafety #EthicsInFinance #MarketIntegrity #Compliance (Note: Always ensure to check the credibility of sources and updates as situations like these evolve.) https://lnkd.in/eWuT2g_F