Financial Advisors Will Soon Be Subject to the Fiduciary Rule

Block & Landsman by Block & Landsman

writing rules in red, securities fraudThe Department of Labor (“DOL”) announced that it is extending the “investment advice fiduciary” definition in the “Employee Retirement Income Security Act” (“ERISA”) which will bind all financial professionals who provide retirement planning and advice to a fiduciary. A fiduciary is a level of obligation that requires “fiduciaries” to place the interests of their clients above their own. It also exposes people who are “fiduciaries” to additional causes of action if they fail to place their client’s interests above the...Read More

Financial Advisor Fraud in Illinois

Block & Landsman by Block & Landsman

a business man with a computer, securities fraudAnybody in Illinois can fall victim to financial advisor fraud regardless of who they are. Because financial advisors are often trusted by their clients, they may take advantage of that trust in order to embezzle funds from them. It is important for Illinois residents to be aware of the types of fraud that financial advisors sometimes commit so that they are able to identify it when it is occurring and get help. This type of fraud is committed by advisors against all kinds of people, including celebrities as the recent case involving Mike Tyson...Read More

What to do When Accounts Begin to Churn

Block & Landsman by Block & Landsman

man stressed out about account, securities fraudThe excessive selling and trading of securities to generate commissions is one of the most common forms of securities fraud. It exposes consumer investments to unnecessary risk while placing the broker's interests above those of their client's. The behavior is a clear violation of the broker's fiduciary duty to the client. Individuals who are victims of churning are entitled to pursue damages for their losses. Attempting to Mask Churning Churning often occurs on investment accounts that are identified as being open to speculative, high-risk i...Read More

Guide to Identify Investor and Security Fraud

Block & Landsman by Block & Landsman

a guide sign, securities fraudThe Securities and Exchange Commission (SEC) releases a regular guide to assist investors in identifying securities fraud. Securities fraud is any scheme that is intended to steal from investors through deceit, scams, and other illegal methods. According to the SEC, securities fraud ranging from Ponzi Schemes to Corporate Fraud cost investors an estimated $40 billion annually. Only a fraction of that money is ever recovered and remitted to victims. It is therefore imperative that all investors understand securities fraud and how to identify “...Read More