NOTICE TO WORKHORSE GROUP SHAREHOLDERS: Securities Law Firm KlaymanToskes Comments on Recent Class Action Lawsuit in Electric Vehicle Company

NOTICE TO WORKHORSE GROUP SHAREHOLDERS: Securities Law Firm KlaymanToskes Comments on Recent Class Action Lawsuit in Electric Vehicle Company

Boca Raton, Florida — March 16, 2021 — The Securities Law Firm of KlaymanToskes (“KT”) provides notice to all Workhorse Group, Inc. (NYSE:WKHS) shareholders concerning the Class Action Lawsuit (Case 2:21-cv-02072) filed March 8, 2021 in the United States District Court of the Central District of California, for the class period from July 7, 2020 and February 23, 2021.   Workhorse Group is an Electric Vehicle (EV) stock which represents a highly speculative investment.  According to the class action lawsuit, “Defendants made materially false and/or misleading statements, and failed to disclose that: (1) the Company was merely hoping that USPS…

FINRA Fines Cetera $1 Million for Failure to Supervise Private Securities Transactions in Client Accounts

FINRA Fines Cetera $1 Million for Failure to Supervise Private Securities Transactions in Client Accounts

FINRA recently disclosed that Cetera Advisor Networks LLC, Cetera Advisors, LLC and Cetera Financial Specialists, LLC, (Cetera Firms) agreed to an Acceptance, Waiver and Consent (AWC) Case #2015046716901.  The Cetera Firms were fined $1 million and were ordered to review and revise, their systems, policies and procedures with respect to the supervision of “private securities” transactions in client accounts, for brokers who were dually-registered. According to FINRA, “From January 2011 through December 2018, Networks and Advisors, and from November 2012 through January 2018, Specialists (the relevant time periods) each failed to establish, maintain and enforce a supervisory system and written…

NOTICE TO 1 GLOBAL CAPITAL LLC INVESTORS: The Securities Arbitration Law Firm of Klayman & Toskes, P.A. Continues its Investigation of Brokerage Firms and Financial Advisors

Boca Raton, Florida – May 13, 2019 – The Securities Arbitration Law Firm of Klayman & Toskes, P.A., www.klaymantoskes.com, continues its investigation into the sales of notes by brokerage firms and financial advisors who recommended 1 Global Capital, LLC (“ 1 Global”) to their customers. On August 23, 2018, the Securities and Exchange Commission (“SEC”) filed its lawsuit against 1 Global in the Southern District of Florida. The SEC’s lawsuit alleges that 1 Global defrauded more than 3,400 investors, who were promised the proceeds of short-term cash advance loans, out of $287 million. 1 Global is associated with 1 West…

Department of Labor Fiduciary 60-Day Rule Delays Financial Industry Crunch Time

Department of Labor Fiduciary 60-Day Rule Delays Financial Industry Crunch Time

The new Department of Labor (DOL) Fiduciary Rule that was enacted and scheduled to begin this month on April 10th has been postponed 60 days to June 9th.  Brokerage Firms and Financial Advisors are responsible for compliance with the rules as they are now written.  Keeping in mind that the requirements may be modified or eliminated based on the what happens during the 60-day delay. Klayman & Toskes, P.A. is monitoring the developments and will keep investors posted and provide further updates as they become available. Best Interest Contract (BIC) Brokerage firms and financial advisors who recommend investment of retirement funds…

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…

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…

Wells Fargo Brokerage Customer Alert -- The Securities Arbitration Law Firm of Klayman & Toskes, P.A. Opens Investigation into Wells Fargo “Cross-Selling” Efforts for Violations of Securities Industry Regulations

Wells Fargo Brokerage Customer Alert -- The Securities Arbitration Law Firm of Klayman & Toskes, P.A. Opens Investigation into Wells Fargo “Cross-Selling” Efforts for Violations of Securities Industry Regulations

Boca Raton, Florida (Businesswire) – October 10, 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 Wells Fargo Advisors and its financial advisors for activities similar to those recently reported in The Charlotte Observer.  According to reports, Wells Fargo (NYSE:WFC) used aggressive “cross-selling” tactics with its bank clients in order to open investment accounts through its brokerage firm, Wells Fargo Advisors.  According to a former bank branch manager, new account goals had minimum sales requirements across all product lines which…

UPS EMPLOYEE/SHAREHOLDER ALERT: The Securities Arbitration Law Firm of Klayman & Toskes, P.A. Files $500,000 FINRA Arbitration Claim on Behalf of a UPS Employee for Losses Sustained as a result of Merrill Lynch’s Unsuitable Recommendation to Invest in Rampart Options Management Services Program

UPS EMPLOYEE/SHAREHOLDER ALERT: The Securities Arbitration Law Firm of Klayman & Toskes, P.A. Files $500,000 FINRA Arbitration Claim on Behalf of a UPS Employee for Losses Sustained as a result of Merrill Lynch’s Unsuitable Recommendation to Invest in Rampart Options Management Services Program

NEW YORK August 26, 2016 (GLOBE NEWSWIRE) — The securities arbitration law firm of Klayman & Toskes, P.A. (“K&T”), www.klaymantoskes.com, has filed a $500,000 FINRA arbitration claim [FINRA Case No. 16-01835] on behalf of a United Parcel Service (“UPS”) (NYSE: UPS) employee for losses sustained as a result of Merrill Lynch’s unsuitable recommendation to invest in Rampart Options Management Services Program (“ROMS”).  Merrill Lynch offers the ROMS program on a discretionary basis exclusively to high-net-worth clients holding stock positions exceeding $1 million through Rampart Investment Management Company (RIMCO). According to K&T, the investigation focuses on Merrill Lynch’s sales practices for…

The Securities Arbitration Law Firm of Klayman & Toskes, P.A. Launches Investigation into Sales Practice Violations of Brokerage Firms Related to Concentrated Positions in Energy Company Stocks Collateralized by Margin Loans

Boca Raton, Florida (Businesswire) – March 21, 2016 – The Securities Arbitration Law Firm of Klayman & Toskes, P.A. (“K&T”), www.klaymantoskes.com, announces an investigation into Financial Industry Regulatory (FINRA) sales practice violations of full-service brokerage firms related to the handling of client brokerage accounts with concentrated positions in energy company stocks collateralized by margin loans. According to K&T, the investigation encompasses investors who acquired energy company stocks through personal investment, inheritance or as a company employee. Recent economic and political changes in the global oil markets have resulted in historic declines in the price of oil and losses for energy investors.…

The Securities Arbitration Law Firm of Klayman & Toskes, P.A. Comments on Trading Halt in United Development Funding IV Shares Reported in SEC Filings

Boca Raton, Florida (Globe Newswire) February 25, 2016 – The Securities Arbitration Law Firm of Klayman & Toskes, P.A. (“K&T”), www.klaymantoskes.com, comments on the recent SEC Form 8-K filing reported by United Development Funding IV (NASDAQ:UDF) to shareholders. The United Development Funding IV SEC filing, dated February 22nd, reported “law enforcement authorities executed a search warrant at the corporate office of United Development Funding IV.” According to the SEC filing, following law enforcement actions United Development Funding IV received a notice from The NASDAQ Global Select Market (“NASDAQ”) of a trading halt in the company’s stock which is still in…

The Securities Arbitration Law Firm of Klayman & Toskes, P.A. Continues to Investigate Sales Practices Violations Related to Credit Suisse X-Links and Velocity Shares ETNs

Boca Raton, Florida (BUSINESSWIRE) – January 21, 2016 – The Securities Arbitration Law Firm of Klayman & Toskes, P.A., www.klaymantoskes.com, continues to investigate Financial Industry Regulatory (FINRA) sales practice violations related to Credit Suisse Securities USA (“Credit Suisse”) X-Links and Velocity Shares Exchanged Traded Notes (ETNs). Credit Suisse X-Links and Velocity Shares ETNs are issued by affiliated banks, Credit Suisse A.G and Credit Suisse Group A.G., ADR (NYSE:CS). In some instances, Credit Suisse X-Links and Velocity Shares performance is linked to oil prices, energy-related master limited partnerships and commodity indexes. Credit Suisse manages its proprietary X-Links and Velocity Shares ETNs,…

The Securities Arbitration Law Firms of Klayman & Toskes, P.A. and Carlo Law Offices Announce Investigation of Santander Securities, LLC on Behalf of Puerto Rico Investors for FINRA Sales Practice Violations

The Securities Arbitration Law Firms of Klayman & Toskes, P.A. and Carlo Law Offices Continue to  Investigate Santander Securities, LLC on Behalf of Puerto Rico Investors for FINRA Sales Practice Violations San Juan, Puerto Rico (BUSINESSWIRE) – October 13, 2015 – The Securities Arbitration Law Firms of Klayman & Toskes, P.A., www.perdidasenbonospr/.com/en/, and Carlo Law Offices continue to investigate Santander Securities, LLC, a subsidiary of Santander BanCorp, both wholly owned by Banco Santander, S.A. (NYSE:SAN) for securities sales practice violations. Financial Industry Regulatory Authority (FINRA), announced a $6.4 million settlement with Santander Securities, LLC for sales practice violations related to UBS…

The Securities Arbitration Law Firm of Klayman & Toskes, P.A. Announces Investigation into FINRA Sales Practices Violations Related to Credit Suisse X-Links and Velocity Shares ETNs

Boca Raton, Florida (BUSINESSWIRE) – October 13, 2015 – The Securities Arbitration Law Firm of Klayman & Toskes, P.A., www.klaymantoskes.com, announces an investigation into Financial Industry Regulatory Authority (FINRA) sales practice violations by major Wall Street brokerage firms, including Credit Suisse Securities USA (“Credit Suisse”), related to Credit Suisse X-Links and Velocity Shares Exchanged Traded Notes (ETNs). Credit Suisse X-Links and Velocity Shares ETNs are issued by affiliated banks, Credit Suisse A.G and Credit Suisse Group A.G., ADR (NYSE:CS). In some instance, Credit Suisse X-Links and Velocity Shares performance is linked to oil prices, energy-related master limited partnerships and commodity…

The Securities Arbitration Law Firm of Klayman & Toskes, P.A. Announces Investigation into UBS ETRACS ETNs Linked to Declining Energy and Commodity Prices

Boca Raton, Florida (BUSINESSWIRE) – October 9, 2015 – The Securities Arbitration Law Firms of Klayman & Toskes, P.A., www.klaymantoskes.com, announces an investigation into UBS Financial Services, Inc. (UBS), a wholly owned subsidiary of UBS Group A.G. (NYSE:UBS), for Financial Industry Regulatory Authority (FINRA) sales practice violations related to UBS Exchange Traded Access Securities (ETRACS) whose performance is linked to declining commodity and energy prices. UBS manages ETRACS Exchange-Traded Notes (ETNs), commonly known as structured securities products, to generate greater returns through the use of embedded derivatives designed to track the performance of a volatile security, index, commodity or currency,…

The Securities Arbitration Law Firm of Klayman & Toskes, P.A. Investigates Claims of Customer Losses from Concentrated UPS Stock Positions Managed in Merrill Lynch’s Rampart Options Management Service (ROMS) Program

Boca Raton, Florida (GLOBE NEWSWIRE) September 18, 2015 — The securities arbitration law firm of Klayman & Toskes, P.A. (“K&T”), www.klaymantoskes.com, announced today that it is investigating Financial Industry Regulatory Authority (FINRA) violations for Merrill Lynch customers with concentrated positions in United Parcel Service (“UPS”) (NYSE: UPS) stock managed in Merrill Lynch’s Rampart Options Management Service (“ROMS”) program. Merrill Lynch offers the ROMS program on a discretionary basis exclusively to high-net-worth clients holding stock positions exceeding $1 million through Rampart Investment Management Company (RIMCO), an independent money manager located in Boston, Massachusetts. According to Merrill Lynch, “The ROMS service can…

AEELA throws UBS under the Bus for the Management of Puerto Rico Government Bond

Noticel.com August 4, 2014 From 2010 to 2012 there was an increase of $ 50 million to over $ 300 million in the amount of assets of the Association of Employees of the Commonwealth (AEELA) managed by UBS, among these, bonds of the Corporation for Public Financing (PFC, for its acronym in English). PFC bonds, maturing in early August, will be the first default in the history of the Government of Puerto Rico. During that period, UBS AEELA acquired for about $ 179 million in bonds of Puerto Rico, which increased to $ 212 million the amount of related financial…

The Securities Law Firms Klayman & Toskes, P.A. and Carlo Law Offices Comment on Recent Standard & Poor’s Credit Downgrade Decision To Cut Puerto Rico Public Finance Corp. Bond Credit Ratings

SAN JUAN, Puerto Rico (Globe Newswire) – July 21, 2015 – The Securities Arbitration Law Firm of Klayman & Toskes, P.A. (“K&T”), www.sueubspuertorico.com, and Carlo Law Offices comment on Standard & Poor’s (“S&P”) decision to downgrade the credit rating on debt issued by Puerto Rico Public Finance Corp’s (“PRPFC”) in 2011 and 2012 from “CCC-” to “CC”. The S&P rating agency downgrade came after the PRPFC failed to transfer money to the bond trustee for the $58 million bond payment due Aug 1st. As a matter of practice, funds are transferred 15 days in advance of payment date. With this…

The Securities Arbitration Law Firm of Klayman & Toskes, PA Announces Investigation into Virtus AlphaSector Funds Managed by F-Squared Investments

Boca Raton, Florida (GLOBE NEWSWIRE) June 25, 2015 — The securities arbitration law firm of Klayman & Toskes, P.A. (“K&T”), www.klaymantoskes.com, announced an investigation into sales practices related to investments in Virtus AlphaSector® Funds sold and marketed by brokerage firms and registered investment advisors (RIAs).  Virtus AlphaSector® Funds were managed by sub-advisor, F-Squared Investments.  F-Squared Investment has been the subject of Securities Exchange Commission (SEC) investigations into how F-Squared Investments’ historical performance had been calculated and misrepresented to investors. According to the SEC, F-Squared Investments as part of a $35 million fraud settlement, admitted to the SEC fraud allegations.  The SEC charged…

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…