Thursday, June 15, 2017

Top 100 branch managers for 2017 | On Wall Street

Being a branch manager has always been a tough job, and in recent years it hasn't become any easier. On Wall Street honors 100 of them in their annual awards.

Top 100 branch managers for 2017 | On Wall Street

Wednesday, June 14, 2017

SEC heightens exam focus on robo advisers | On Wall Street

SEC heightens exam focus on robo advisers 

Under newly confirmed Chairman Jay Clayton, the SEC is setting its sights on expanded protections for retail investors, planning a series of RIA sweep exams exploring areas like robo advisers and money market funds.

Though Clayton is just a month into his new job, a position he entered with no prior government experience, some of his field lieutenants are already relaying the message that individual clients will be a major focus for the Commission under his stewardship."


Sallah Astarita & Cox, LLC is a nationally recognized securities litigation law firm, representing investors and advisors across the country in securities investigations and arbitrations. For information regarding their services, call their office at 212-509-6544, or email them at

Tuesday, June 13, 2017

Mark Sellers and Selden Companies Investigation

Securities attorneys are investigating the action brought by the Department of Justice (DOJ) involving property acquired by Mark Sellers who was accused of a $10 million investment fraud and who shot and killed himself on Aug. 2, 2016.

The DOJ alleges that Sellers fraud scheme involved stealing approximately $10 million from approximately 100 investors through his firm, Selden Companies, LLC, from December 2007 through at least 2015.

The Department of Justice provides a process by which victims who suffer losses from a fraud scheme may seek relief once any assets have been forfeited. Those sorts of proceedings typically yield less than acceptable results for investors, and often time, investors do better hiring their own attorney to pursue their claims.

Sallah Astarita & Cox, is a national securities law firm representing investors and financial professionals in all 50 states in regulatory, compliance and arbitration matters. You can contact the firm at 212-509-6544 or by email to

Monday, June 12, 2017

TIC Investment Claims Under Investigation

Moody Investments 

Some attorneys are claiming to be investigating Moody National CY DT Columbus S TIC and other Tenant in Common investments.

A tenant-in-common investment ("TIC") is an investment by the taxpayer in real estate which is co-owned with other investors. Since the taxpayer holds deed to real estate as a tenant in common, the investment qualifies under the like-kind rules of §1031.

TIC investments are typically made in projects such as apartment houses, shopping centers, office buildings, etc. TIC sponsors arrange TIC syndications to comply with the limitations articulated by the IRS with Rev Proc 2002-22 which, among other things, limits the number of investors to 35.

If you have losses in a Tenant-In-Common investment, from Moody or any other sponsor, we would like to speak to you. Give us a call at 212-509-6544.

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Sunday, June 11, 2017

Insight into the FINRA Arbitrator Selection Process

Arbitrator selection has always been one of the most important parts of the arbitration process, and FINRA has strived over the years to make the process fair. Unfortunately, it is not as transparent as it might otherwise be.

FINRA’s arbitrator appointment process uses the Neutral List Selection System which FINRA claims randomly generate lists of arbitrators from FINRA’s arbitrator roster.  The number of lists generated, and the number of arbitrator names per list, depend on the specific case type.

FINRA has updated its arbitrator selection page to provide a better explanation of the process and insight into the workings of pool creation, panel selection and more.

Arbitrator Selection

Hat tip to the Securities Arbitration Commentator - Spotlight on Arbitrator Selection: FINRA-ODR “Tells All” About the NLSS Mechanics of Randomness

Tuesday, June 6, 2017

Why Aren’t American Teenagers Working Anymore? - Bloomberg

Why Aren’t American Teenagers Working Anymore? - Bloomberg:

The last reason is the most interesting - they aren't working because they are studying.

"Why aren't teens working? Lots of theories have been offered: They're being crowded out of the workforce by older Americans, now working past 65 at the highest rates in more than 50 years. Immigrants are competing with teens for jobs; a 2012 study found that less educated immigrants affected employment for U.S. native-born teenagers far more than for native-born adults. Parents are pushing kids to volunteer and sign up for extracurricular activities instead of working, to impress college admission counselors. College-bound teens aren't looking for work because the money doesn't go as far as it used to. "Teen earnings are low and pay little toward the costs of college," the BLS noted this year. The federal minimum wage is $7.25 an hour. Elite private universities charge tuition of more than $50,000.

Or maybe, as cranky old people have asserted for generations, teenagers are just getting lazy.

A recent BLS analysis offers another theory, backed up by solid data. It appears that millions of teenagers aren't working because they're studying instead."

Monday, June 5, 2017

Supreme Court Puts 5 Year Limit on Disgorgement

The United States Supreme Court.
The United States Supreme Court has shut down the SEC's absurd argument that disgorgement is not a penalty, and is not subject to a 5 year statute of limitations.

The Court unanimously held Monday that disgorgement is subject to the five-year statute of limitations on civil penalties.

The justices voted unanimously to overturn a Tenth Circuit decision, with Justice Sonia Sotomayor writing for the court that the five-year statute of limitations on civil fines, penalties or forfeitures applies to disgorgement collected by the SEC.

SEC disgorgement ... bears all the hallmarks of a penalty: It is imposed as a consequence of violating a public law and it is intended to deter, not to compensate,"
"The 5-year statute of limitations ... therefore applies when the SEC seeks disgorgement."
The decision is Kokesh vs. Securities and Exchange Commission and is available here.

Why United’s culture needs to loosen up to avoid more PR fiascos

United Airlines
"Is there something wrong with the culture at United Airlines? "

An interesting article on the difference between "tightness" and "looseness" in corporate culture, and how having a strict set of rules for employees is causing United's current problems.

Why United’s culture needs to loosen up to avoid more PR fiascos