BDC INVESTOR ALERT: Medley Capital Corp Files for Bankruptcy Protection in the Wake of Portfolio Loan Losses Attributed to the COVID Pandemic

BDC INVESTOR ALERT: Medley Capital Corp Files for Bankruptcy Protection in the Wake of Portfolio Loan Losses Attributed to the COVID Pandemic

On March 7, 2021, Medley Capital Corp. (NYSE: MCC), a direct subsidiary of Medley Management Inc. (NYSE: MDLY), filed for Bankruptcy Protection from creditors – mostly investors.  Medley Management Inc., is an “alternative asset management firm offering yield solutions to retail and institutional investors” through two Business Development Companies (“BDCs”), Medley Capital and Sierra Income Corp., a non-traded BDC. Medley Capital Corp and Sierra Income Corp, invested in non-public companies, under the direction and advice of Medley Management’s affiliate SIC Advisors, LLC.  The two BDCs made loans to non-public companies that did not have access to the traditional publicly traded…

LORDSTOWN MOTORS CORP CLASS ACTION ALERT: Securities Law Firm KlaymanToskes Comments on Recent Class Action Lawsuit in Electric Vehicle Truck Manufacturer

LORDSTOWN MOTORS CORP CLASS ACTION ALERT: Securities Law Firm KlaymanToskes Comments on Recent Class Action Lawsuit in Electric Vehicle Truck Manufacturer

Boca Raton, Florida — March 22, 2021 — The Securities Law Firm of KlaymanToskes (“KT”) provides a Lordstown Motors Corp. (NASDAQ:RIDE) Alert to shareholders concerning the Class Action Lawsuit (Case 21-CV-00616) filed March 18, 2021 in the United States District Court of the Northern District of Ohio, Youngstown Division, for the class period from August 3, 2020 and March 17, 2021.   Lordstown Motors Corp. is a nascent company with a limited history of operating as manufacturer of Electric Vehicle (EV) trucks.  According to the class action lawsuit, “Throughout the Class Period, Defendants made materially false and misleading statements regarding the…

KlaymanToskes Investigates JP Morgan in Light of OCC $250 Million Civil Money Penalty Against JP Morgan Chase Bank, N.A. for Inadequate Supervision of Investment Advisory Business

KlaymanToskes Investigates JP Morgan in Light of OCC $250 Million Civil Money Penalty Against JP Morgan Chase Bank, N.A. for Inadequate Supervision of Investment Advisory Business

On November 24, 2020, the Office of the Comptroller of the Currency (“OCC”) announced it would assess a $250 million civil money penalty against JPMorgan Chase Bank, N.A.  The OCC is responsible for the regulatory oversight of all Commercial Banks, including Bank Holding Companies such as JP Morgan Chase, which has under its umbrella of financial companies, broker dealer JP Morgan.  According to the news release, OCC “intends to initiate civil money penalty proceedings against the Bank pursuant to 12 U.S.C. § 1818(i), through the issuance of a Notice of Assessment of a Civil Money Penalty, for engaging in unsafe…

Texas E&P Partners Expelled By FINRA for Misconduct Related to Chestnut Exploration Partners

Texas E&P Partners Expelled By FINRA for Misconduct Related to Chestnut Exploration Partners

Released March 2017 Texas E&P Partners, Inc. fka Chestnut Exploration Partners, Inc. (CRD #127228 , Richardson, Texas) and Mark Allan Plummer (CRD #4608699 Richardson, Texas). The firm was expelled from FINRA® membership. Plummer was barred from association with any FINRA member in any capacity and ordered to pay $ 513,961, plus interest, in restitution to customers. The sanctions were based on findings that Plummer misused customer funds by misusing the portion of a completion assessment (certain assessments that were levied on investors for prospective oil and gas well investments) attributable to a prospective well. The findings stated that Plummer collected…

NOTICE TO MORGAN STANLEY CLIENTS: Klayman & Toskes, P.A. Announces Investigation of Morgan Stanley Following $8 Million in SEC Fines for Exchange Traded Fund Violations

NOTICE TO MORGAN STANLEY CLIENTS: Klayman & Toskes, P.A. Announces Investigation of Morgan Stanley Following $8 Million in SEC Fines for Exchange Traded Fund Violations

New York, NY — February 21, 2017 – The Securities Arbitration Law Firm of Klayman & Toskes, P.A.,(K&T) www.klaymantoskes.com, announces an investigation into sales practice violations by Morgan Stanley (NYSE:MS) following $8 million in fines levied by the Securities Exchange Commission (SEC) related to Exchange Traded Funds (ETFs). On February 14, 2017, the SEC imposed a Cease and Desist Order and Remedial Actions against Morgan Stanley for sales practice violations related to recommended investments in single-inverse ETFs for advisory clients in non-discretionary accounts.  According to Morgan Stanley compliance procedures, recommended investments in single-inverse ETFS had two requirements: Advisory clients were…

Klayman & Toskes, P.A. Comments on President Trump's Executive Orders Targeting DOL Retirement Advice Rule and Dodd-Frank Wall Street Reform

Klayman & Toskes, P.A. Comments on President Trump's Executive Orders Targeting DOL Retirement Advice Rule and Dodd-Frank Wall Street Reform

New York, NY – February 3, 2017 – The Securities Arbitration Law Firm of Klayman & Toskes, P.A. (“K&T”), www.klaymantoskes.com, comments on President Trump’s executive orders targeting the Department of Labor’s (“DOL”) retirement advice rule and Dodd-Frank Wall Street Reform.  President Donald Trump will be signing executive orders today instructing the DOL to halt implementation of its retirement advice rule and review Dodd-Frank Wall Street Reform. The DOL’s retirement advice rule, also known as the fiduciary rule, was issued in 2016 by former president Barack Obama’s administration and is scheduled to take effect in April 2017. The DOL’s rule was…

NOTICE TO CURRENT AND FORMER WELLS FARGO EMPLOYEES AND CUSTOMERS – Klayman & Tokses, P.A.  Continues to Investigate Wells Fargo Cross Selling Incentive Programs Following Regulatory Probes

NOTICE TO CURRENT AND FORMER WELLS FARGO EMPLOYEES AND CUSTOMERS – Klayman & Tokses, P.A. Continues to Investigate Wells Fargo Cross Selling Incentive Programs Following Regulatory Probes

New York, NY – November 4, 2016 — The Securities Arbitration Law Firm of Klayman & Toskes, P.A. (“K&T”), www.klaymantoskes.com, continues to inv estigate Wells Fargo (NYSE:WFC) and its broker dealer, Wells Fargo Advisors, for potential Financial Industry Regulatory Authority (FINRA) sales practice violations from its“cross selling” incentive  programs.  Yesterday, Wells Fargo reported in its SEC 10-Q filing, “the United States Department of Justice and the United States Securities and Exchange Commission, and state attorneys general and prosecutors’ offices, as well as Congressional committees, have undertaken formal or informal inquiries, investigations or examinations arising out of certain sales practices of the Company that were the subject of settlements” with regulators for $185 million on September 8, 2016. The federal probes conducted by…

Morgan Stanley Clients -- The Securities Arbitration Law Firm of Klayman & Toskes, P.A. Opens Investigation into Morgan Stanley for Securities Violations Related to Solicitations for Portfolio Loan Accounts

Morgan Stanley Clients -- The Securities Arbitration Law Firm of Klayman & Toskes, P.A. Opens Investigation into Morgan Stanley for Securities Violations Related to Solicitations for Portfolio Loan Accounts

New York, NY — October 14, 2016 — The Securities Arbitration Law Firm of Klayman & Toskes, P.A. (“K&T”), www.klaymantoskes.com, has opened an investigation into potential Financial Industry Regulatory Authority (FINRA) sales practice violations by Morgan Stanley and its financial advisors after Morgan Stanley (NYSE:MS) was recently charged with “dishonest and unethical conduct” by the State of Massachusetts Securities Division, as reported by Reuters.  According to the Massachusetts Securities Division Complaint, Morgan Stanley was “running unethical sales contests to cross sell banking business to brokerage customers.” K&T founder, Lawrence L. Klayman, Esq. comments, “Our investigation focuses on whether Morgan Stanley…

Wells Fargo Advisors Targeted by Plaintiff Attorneys

Wells Fargo Advisors Targeted by Plaintiff Attorneys

Published by Financial Advisor IQ October 12, 2016 Allegations of improper cross-selling methods at Wells Fargo continue to spread into its advisor business following the retail bank’s settlement with and subsequent grilling by regulators. One law firm has launched an investigation into whether cross-selling practices at Wells Fargo Advisors broke Finra rules. Securities law firm Klayman & Toskes, which represents retail and institutional investors, says it’s looking into possible Finra violations at Wells Fargo Advisors similar to the allegations reported last week in the Charlotte Observer. The Observer was approached by several former clients and a former manager at Wells…

Proposed Rule Change Protect Investors Retirement Funds From Abusive Brokerage Firm Sales Practices

The proposed rule change proposed by the Department of Labor (DOL) are directed towards a multi-trillion dollar industry IRA Rollover industry from employer sponsored retirement plans to accounts held with brokerage firms. The new rule will afford IRA account holders the same protections when the funds were held in a company 401(k). For financial advisors who receive commissions from investments they sell, the recommendations would be required to meet a higher fiduciary standard. The higher standard referred to by the DOL rule change is known as the fiduciary standard. A financial advisor who provides investment advice in compliance with the…