by Terminator5
Wed Jun 22, 2016 12:50 pm
Fake Securities Company , Fake Securities Regulator , Fake Securities Attorneys that claim to be registered, licensed and/or located in the United States in their solicitation of non-US investors and US Investors.
https://www.sec.gov/complaint/select.shtml
NASD issued an Investor Alert today warning investors to be wary of a new type of stock scam that references phony government regulator Web sites. These unsolicited investment pitches are often ploys to get investors to send money in advance of any service rendered and are mainly targeting non-U.S. investors through e-mail and facsimile.
"What we are seeing is a new trick to lend legitimacy to money-making 'advance fee' schemes by fraudsters in the international arena," said NASD Senior Executive Vice President Elisse Walter. "It is important that investors—both in the U.S. and abroad—be wary of these investments scams and if they suspect they are being targeted call or e-mail their regulator."
https://www.finra.org/newsroom/2006/nas ... -web-sites
For the Google Bots:
http://www.icc-us.org/index.html
International Claims Commission serves under The Department of Law and Justice.
As a Qualified Claimant, You are entitled to receive funds from the Settlement.
About ICC
OFFICE OF THE INTERNATIONAL CLAIMS COMMISSION (ICC) has lead responsibility for pursuing and defending an ever-changing array of claims under international law brought by investors against foreign brokerage firms and by foreign nationals and governments. These claims most often relate to the expropriation of securities and investment disputes, but also encompass investment fraud, misallocation of funds and other financial related claims. The Office of ICC also develops claims resolution processes to assist efforts to resolve disputes between third countries and nationals and negotiates claims settlements.
Under international law and practice ICC does not formally espouse claims on behalf of victims unless the claimant can provide persuasive evidence demonstrating that certain prerequisites have been met. The most important of these requirements are that the claimant was at the time the claim arose and remains a foreigner, that all local remedies have been exhausted or the claimant has demonstrated that attempting to do so would be futile, and that the claim involves an act by the foreign government that is considered wrongful under international law.
Foreign nationals who wish to request the assistance of the ICC in pursuing a claim against a brokerage firm, and who can meet the requirements described above, may submit their request along with supporting information to [email protected].
Claimants are requested to provide a translation of any documents submitted that are not in English.
Investment Scams, Broker Fraud, & Viatical Settlement Fraud Claims
Viatical settlements are a risky investment that allows a person to invest in another person's life insurance policy. With a viatical settlement, a person can purchase the policy (or part of it) of another person at a price that is less than the death benefit of the policy. When the seller dies, the investor collects the death benefit. In theory this type of investment can help the insured and the investor, however, this type of investment is used commonly for investment scams and are often misrepresented as low risk and humanitarian.
If you have lost your life savings or a large amount of money through a viatical settlement and think that the investment was misrepresented, feel free to submit an inquiry or send an e-mail to Texas viatical fraud lawyer Jason Coomer. He may be able to help you recover your losses or at least investigate the broker and companies that sold you the investments.
Viatical Settlements are Risky Investments & a Common Investment Scam
It is an all too common scenario, a person is approached by a broker about a new investment that can pay big profits in a matter of months. The investment not only helps the investor, but the terminally ill person that desperately needs money. The broker then talks about how dangerous stocks, real estate, oil, commodities, and other investments are as well as goes over bonds and the low interest rates and rates of return that they pay. The broker then glosses over the risky part of viatical settlements including what happens if the "terminally ill" insured lives longer than expected.
Recently, the U.S. Securities & Exchange Commission (SEC) has filed complaints against large viatical settlement companies like Mutual Benefit Corporation and ABC Viaticals, Inc. It is estimated by the SEC that over 29,000 investors were bilked out of $1 billion by Mutual Benefits Corp. and about 4000 investors lost about $100 million from ABC Viaticals, Inc.
Fraudulent Broker Claims
A broker is a party that mediates between a buyer and a seller. A broker who also acts as a seller or as a buyer becomes a principal party to the deal. Brokers that push risky investments such as viatical settlements are often working for a commission and not for the best interest of the investor.
Some of the most common forms of broker fraud are as follows:
•Excessive Trading
•Misrepresentation
•Purchase of Unsuitable Securities
•Unsuitable Investments
•Variable Annuities/Variable Universal Life Policies
•Risky Retirement Planning
•Misrepresentation & Omission Concerning Risk
•Risk Profile Change
Brokers are paid commissions for the transactions they generate, which can lead to them pushing investments that are extremely risky such as viatical settlements.
If your retirement savings or other investments have suffered substantial losses, due to mismanagement, mishandling or misconduct on the part of your broker or financial professional, then you may want to speak to ICC to determine if your broker has committed fraud or negligence that has contributed to your losses.
Legal Remedy
Legal Remedy-Law and Equity
(a) For purposes of this section—
(1) the term “agency” means any agency, as defined in section 552 (e) [1] of this title, headed by a collegial body composed of two or more individual members, a majority of whom are appointed to such position by the President with the advice and consent of the Senate, and any subdivision thereof authorized to act on behalf of the agency;
(2) the term “meeting” means the deliberations of at least the number of individual agency members required to take action on behalf of the agency where such deliberations determine or result in the joint conduct or disposition of official agency business, but does not include deliberations required or permitted by subsection (d) or (e); and
(3) the term “member” means an individual who belongs to a collegial body heading an agency.
(b) Members shall not jointly conduct or dispose of agency business other than in accordance with this section. Except as provided in subsection (c), every portion of every meeting of an agency shall be open to public observation.
(c) Except in a case where the agency finds that the public interest requires otherwise, the second sentence of subsection (b) shall not apply to any portion of an agency meeting, and the requirements of subsections (d) and (e) shall not apply to any information pertaining to such meeting otherwise required by this section to be disclosed to the public, where the agency properly determines that such portion or portions of its meeting or the disclosure of such information is likely to—
(1) disclose matters that are
(A) specifically authorized under criteria established by an Executive order to be kept secret in the interests of national defense or foreign policy and
(B)in fact properly classified pursuant to such Executive order;
(2) relate solely to the internal personnel rules and practices of an agency;
(3) disclose matters specifically exempted from disclosure by statute (other than section 552 of this title), provided that such statute
(A) requires that the matters be withheld from the public in such a manner as to leave no discretion on the issue, or
(B) establishes particular criteria for withholding or refers to particular types of matters to be withheld;
(4) disclose trade secrets and commercial or financial information obtained from a person and privileged or confidential;
(5) involve accusing any person of a crime, or formally censuring any person;
(6) disclose information of a personal nature where disclosure would constitute a clearly unwarranted invasion of personal privacy;
(7) disclose investigatory records compiled for law enforcement purposes, or information which if written would be contained in such records, but only to the extent that the production of such records or information would
(A)interfere with enforcement proceedings,
(B) deprive a person of a right to a fair trial or an impartial adjudication,
(C) constitute an unwarranted invasion of personal privacy,
(D) disclose the identity of a confidential source and, in the case of a record compiled by a criminal law enforcement authority in the course of a criminal investigation, or by an agency conducting a lawful national security intelligence investigation, confidential information furnished only by the confidential source,
(E) disclose investigative techniques and procedures, or
(F) endanger the life or physical safety of law enforcement personnel;
(8) disclose information contained in or related to examination, operating, or condition reports prepared by, on behalf of, or for the use of an agency responsible for the regulation or supervision of financial institutions;
(9) disclose information the premature disclosure of which would—
(A) in the case of an agency which regulates currencies, securities, commodities, or financial institutions, be likely to
(i) lead to significant financial speculation in currencies, securities, or commodities, or
(ii) significantly endanger the stability of any financial institution; or
(B)in the case of any agency, be likely to significantly frustrate implementation of a proposed agency action,
except that subparagraph (B) shall not apply in any instance where the agency has already disclosed to the public the content or nature of its proposed action, or where the agency is required by law to make such disclosure on its own initiative prior to taking final agency action on such proposal; or
(10) specifically concern the agency’s issuance of a subpena, or the agency’s participation in a civil action or proceeding, an action in a foreign court or international tribunal, or an arbitration, or the initiation, conduct, or disposition by the agency of a particular case of formal agency adjudication pursuant to the procedures in section 554 of this title or otherwise involving a determination on the record after opportunity for a hearing.
(d)
(1) Action under subsection (c) shall be taken only when a majority of the entire membership of the agency (as defined in subsection (a)(1)) votes to take such action. A separate vote of the agency members shall be taken with respect to each agency meeting a portion or portions of which are proposed to be closed to the public pursuant to subsection (c), or with respect to any information which is proposed to be withheld under subsection (c). A single vote may be taken with respect to a series of meetings, a portion or portions of which are proposed to be closed to the public, or with respect to any information concerning such series of meetings, so long as each meeting in such series involves the same particular matters and is scheduled to be held no more than thirty days after the initial meeting in such series. The vote of each agency member participating in such vote shall be recorded and no proxies shall be allowed.
(2) Whenever any person whose interests may be directly affected by a portion of a meeting requests that the agency close such portion to the public for any of the reasons referred to in paragraph (5), (6), or (7) of subsection (c), the agency, upon request of any one of its members, shall vote by recorded vote whether to close such meeting.
(3) Within one day of any vote taken pursuant to paragraph (1) or (2), the agency shall make publicly available a written copy of such vote reflecting the vote of each member on the question. If a portion of a meeting is to be closed to the public, the agency shall, within one day of the vote taken pursuant to paragraph (1) or (2) of this subsection, make publicly available a full written explanation of its action closing the portion together with a list of all persons expected to attend the meeting and their affiliation.
(4) Any agency, a majority of whose meetings may properly be closed to the public pursuant to paragraph (4), (8), (9)(A), or (10) of subsection (c), or any combination thereof, may provide by regulation for the closing of such meetings or portions thereof in the event that a majority of the members of the agency votes by recorded vote at the beginning of such meeting, or portion thereof, to close the exempt portion or portions of the meeting, and a copy of such vote, reflecting the vote of each member on the question, is made available to the public. The provisions of paragraphs (1), (2), and (3) of this subsection and subsection (e) shall not apply to any portion of a meeting to which such regulations apply: Provided, That the agency shall, except to the extent that such information is exempt from disclosure under the provisions of subsection (c), provide the public with public announcement of the time, place, and subject matter of the meeting and of each portion thereof at the earliest practicable time.
(e)
(1) In the case of each meeting, the agency shall make public announcement, at least one week before the meeting, of the time, place, and subject matter of the meeting, whether it is to be open or closed to the public, and the name and phone number of the official designated by the agency to respond to requests for information about the meeting. Such announcement shall be made unless a majority of the members of the agency determines by a recorded vote that agency business requires that such meeting be called at an earlier date, in which case the agency shall make public announcement of the time, place, and subject matter of such meeting, and whether open or closed to the public, at the earliest practicable time.
(2) The time or place of a meeting may be changed following the public announcement required by paragraph (1) only if the agency publicly announces such change at the earliest practicable time. The subject matter of a meeting, or the determination of the agency to open or close a meeting, or portion of a meeting, to the public, may be changed following the public announcement required by this subsection only if
(A) a majority of the entire membership of the agency determines by a recorded vote that agency business so requires and that no earlier announcement of the change was possible, and
(B) the agency publicly announces such change and the vote of each member upon such change at the earliest practicable time.
(3) Immediately following each public announcement required by this subsection, notice of the time, place, and subject matter of a meeting, whether the meeting is open or closed, any change in one of the preceding, and the name and phone number of the official designated by the agency to respond to requests for information about the meeting, shall also be submitted for publication in the Federal Register.
(f)
(1) For every meeting closed pursuant to paragraphs (1) through (10) of subsection (c), the General Counsel or chief legal officer of the agency shall publicly certify that, in his or her opinion, the meeting may be closed to the public and shall state each relevant exemptive provision. A copy of such certification, together with a statement from the presiding officer of the meeting setting forth the time and place of the meeting, and the persons present, shall be retained by the agency. The agency shall maintain a complete transcript or electronic recording adequate to record fully the proceedings of each meeting, or portion of a meeting, closed to the public, except that in the case of a meeting, or portion of a meeting, closed to the public pursuant to paragraph (8), (9)(A), or (10) of subsection (c), the agency shall maintain either such a transcript or recording, or a set of minutes. Such minutes shall fully and clearly describe all matters discussed and shall provide a full and accurate summary of any actions taken, and the reasons therefor, including a description of each of the views expressed on any item and the record of any rollcall vote (reflecting the vote of each member on the question). All documents considered in connection with any action shall be identified in such minutes.
(2) The agency shall make promptly available to the public, in a place easily accessible to the public, the transcript, electronic recording, or minutes (as required by paragraph (1)) of the discussion of any item on the agenda, or of any item of the testimony of any witness received at the meeting, except for such item or items of such discussion or testimony as the agency determines to contain information which may be withheld under subsection (c). Copies of such transcript, or minutes, or a transcription of such
recording disclosing the identity of each speaker, shall be furnished to any person at the actual cost of duplication or transcription. The agency shall maintain a complete verbatim copy of the transcript, a complete copy of the minutes, or a complete electronic recording of each meeting, or portion of a meeting, closed to the public, for a period of at least two years after such meeting, or until one year after the conclusion of any agency proceeding with respect to which the meeting or portion was held, whichever occurs later.
(g) Each agency subject to the requirements of this section shall, within 180 days after the date of enactment of this section, following consultation with the Office of the Chairman of the Administrative Conference of the United States and published notice in the Federal Register of at least thirty days and opportunity for written comment by any person, promulgate regulations to implement the requirements of subsections (b) through (f) of this section. Any person may bring a proceeding in the United States District Court for the District of Columbia to require an agency to promulgate such regulations if such agency has not promulgated such regulations within the time period specified herein. Subject to any limitations of time provided by law, any person may bring a proceeding in the United States Court of Appeals for the District of Columbia to set aside agency regulations issued pursuant to this subsection that are not in accord with the requirements of subsections (b) through (f) of this section and to require the promulgation of regulations that are in accord with such subsections.
(h)
(1) The district courts of the United States shall have jurisdiction to enforce the requirements of subsections (b) through (f) of this section by declaratory judgment, injunctive relief, or other relief as may be appropriate. Such actions may be brought by any person against an agency prior to, or within sixty days after, the meeting out of which the violation of this section arises, except that if public announcement of such meeting is not initially provided by the agency in accordance with the requirements of this section, such action may be instituted pursuant to this section at any time prior to sixty days after any public announcement of such meeting. Such actions may be brought in the district court of the United States for the district in which the agency meeting is held or in which the agency in question has its headquarters, or in the District Court for the District of Columbia. In such actions a defendant shall serve his answer within thirty days after the service of the complaint. The burden is on the defendant to sustain his action. In deciding such cases the court may examine in camera any portion of the transcript, electronic recording, or minutes of a meeting closed to the public, and may take such additional evidence as it deems necessary. The court, having due regard for orderly administration and the public interest, as well as the interests of the parties, may grant such equitable relief as it deems appropriate, including granting an injunction against future violations of this section or ordering the agency to make available to the public such portion of the transcript, recording, or minutes of a meeting as is not authorized to be withheld under subsection (c) of this section.
(2) Any Federal court otherwise authorized by law to review agency action may, at the application of any person properly participating in the proceeding pursuant to other applicable law, inquire into violations by the agency of the requirements of this section and afford such relief as it deems appropriate. Nothing in this section authorizes any Federal court having jurisdiction solely on the basis of paragraph (1) to set aside, enjoin, or invalidate any agency action (other than an action to close a meeting or to withhold information under this section) taken or discussed at any agency meeting out of which the violation of this section arose.
(i) The court may assess against any party reasonable attorney fees and other litigation costs reasonably incurred by any other party who substantially prevails in any action brought in accordance with the provisions of subsection (g) or (h) of this section, except that costs may be assessed against the plaintiff only where the court finds that the suit was initiated by the plaintiff primarily for frivolous or dilatory purposes. In the case of assessment of costs against an agency, the costs may be assessed by the court against the United States.
(j) Each agency subject to the requirements of this section shall annually report to the Congress regarding the following:
(1) The changes in the policies and procedures of the agency under this section that have occurred during the preceding 1-year period.
(2) A tabulation of the number of meetings held, the exemptions applied to close meetings, and the days of public notice provided to close meetings.
(3) A brief description of litigation or formal complaints concerning the implementation of this section by the agency.
(4) A brief explanation of any changes in law that have affected the responsibilities of the agency under this section.
(k) Nothing herein expands or limits the present rights of any person under section 552 of this title, except that the exemptions set forth in subsection (c) of this section shall govern in the case of any request made pursuant to section 552 to copy or inspect the transcripts, recordings, or minutes described in subsection (f) of this section. The requirements of chapter 33 of title 44, United States Code, shall not apply to the transcripts, recordings, and minutes described in subsection (f) of this section.
(l) This section does not constitute authority to withhold any information from Congress, and does not authorize the closing of any agency meeting or portion thereof required by any other provision of law to be open.
(m) Nothing in this section authorizes any agency to withhold from any individual any record, including transcripts, recordings, or minutes required by this section, which is otherwise accessible to such individual under section 552a of this.
Settlement Claims
For some years, Investment Claims has provided a highly valuable service to professionals and academics interested in international investment disputes. Bringing together in one place over 300 arbitral awards, procedural orders and court decisions, it is the first port of call for all those working in the field.
Now, Oxford is pleased to announce an enhanced service which takes Investment Claims to a new level. This new subscription-only service contains invaluable additional content, and is designed to provide a complete information service for this growing community.
Why do I need to upgrade to the full Investment Claims service?
All relevant arbitral awards, procedural orders and court decisions in one place, with reports and analysis written by experts in the field;
A collection of key instruments, including multilateral treaties and arbitral rules, available to subscribers in full text;
Consistent citation makes life easier when you need to find something quickly;
Extensive search and browse functions provide quick access to the document you need:
Full text searching (by keyword, party, arbitrator and counsel)
Multiple browse options (by date, investor, host state and subject)
Search and browse across all the content in the service: headnotes and full text of awards and decisions, treaties, other instruments and commentaries;
Content enhancement and inclusion in the Oxford Law Citator will allow users to follow links in awards to treaties, other awards and secondary sources
Can you afford to be without:
Headnotes containing detailed summaries of the facts and findings, alongside expert commentary from 70 highly qualified contributors?
Full text of bilateral investment treaties (BITs) from selected jurisdictions, together with detailed commentaries on national BIT programmes?
An extensive directory of arbitrators and legal counsel, with links to their awards
The International Law of Investment Claims considers the distinct principles governing the prosecution of a claim in investment treaty arbitration. The principles are codified as 54 'rules' of general application on the juridical foundations of investment treaty arbitration, the jurisdiction of the tribunal, the admissibility of claims and the laws applicable to different aspects of the investment dispute. The commentary to each proposed rule contains a critical analysis of the investment treaty jurisprudence and makes extensive reference to the decisions of other international courts and tribunals, as well as to the relevant experience of municipal legal orders. Solutions are elaborated in respect of the most intractable problems that have arisen in the cases, including: the effect of an exclusive jurisdiction clause in an investment agreement with the host state; reliance on the MFN clause in relation to jurisdictional provisions; and, the legitimate scope of derivative claims by shareholders.
Investment or Securities Claims
Stockbrokers, registered investment advisers and financial planners are required to deal with their clients with the utmost integrity. They are not permitted to place their own interests ahead of their clients. This duty is called a fiduciary duty because they are in a position of trust. If the stockbroker or investment adviser breaches that fiduciary duty and causes you injury, you may have a stock fraud claim and may be able to recover damages for any losses caused by the stockbroker's misconduct.
The federal and state securities laws protect investors from material misstatements of fact as well as the failure to disclose a material fact in connection with the purchase or sale of securities. In addition to misstatements and omissions in connection with the purchase or sale of a security, there are a number of other types of securities fraud claims including the following:
Unsuitability
When your broker recommends an investment, it must be in your best interest and align with your financial goals. The National Association of Securities Dealers (NASD) has established certain standards under the "know your customer" rule. This means it is the broker's responsibility to consider your financial condition, comfortable risk level and investment goals to determine what securities are best suited for you. However, there is little incentive for your broker to conduct this research, and often times this essential step is incomplete. If you broker does not learn anything about your financial objectives, he or she cannot fulfill this responsibility. Your broker might then make recommendations to satisfy his or her own benefit; basing trades on the commissions each produces.
Churning
Although mot as common as in the past, "churning" occurs when your investment advisor authorizes, or you stockbroker performs as series of trades that produce fees for the advisor and broker while putting your money at risk. Unauthorized trading violates industry regulations and can be the basis for a claim against the broker and the stockbroker's firm.
Breach of Fiduciary Duty
The relationship between you and your stockbroker is a fiduciary relationship if you look to your broker for advice, and he or she is aware of that responsibility and accepts it. When this type of relationship is present, your stockbroker is required to exercise loyalty, good faith and care toward you. If your broker violates that trust and you incur losses, he or she may be held liable. To have valid claim for breach of fiduciary duty, you broker must have discretionary authority to manage your account. You give him authority when you open your account, along with information about your tax needs, risk preferences and financial goals. From this information, your broker creates your investor portfolio and becomes legally obligated to make good investment decisions on your behalf.
Unauthorized Trading
Unauthorized trading happens when your broker engages in buying and selling that does not fit the needs outlined in your portfolio. A common strategy that deceitful brokers use is to buy securities for your account and when you call them to complain, they tell you the securities have increased in value, and you should keep them. Another tactic is to blame the unauthorized trade on a "computer or administrative error." Be aware of this excuse, because it could indicate a dishonest broker.
In today's economic climate it appears there is an increase in possible shady dealings, so if you feel like you have had an excessive loss or possible misconduct by your broker or investment advisor, please contact us today to discuss a investment or securities claim.
https://www.sec.gov/complaint/select.shtml
NASD issued an Investor Alert today warning investors to be wary of a new type of stock scam that references phony government regulator Web sites. These unsolicited investment pitches are often ploys to get investors to send money in advance of any service rendered and are mainly targeting non-U.S. investors through e-mail and facsimile.
"What we are seeing is a new trick to lend legitimacy to money-making 'advance fee' schemes by fraudsters in the international arena," said NASD Senior Executive Vice President Elisse Walter. "It is important that investors—both in the U.S. and abroad—be wary of these investments scams and if they suspect they are being targeted call or e-mail their regulator."
https://www.finra.org/newsroom/2006/nas ... -web-sites
For the Google Bots:
http://www.icc-us.org/index.html
International Claims Commission serves under The Department of Law and Justice.
As a Qualified Claimant, You are entitled to receive funds from the Settlement.
About ICC
OFFICE OF THE INTERNATIONAL CLAIMS COMMISSION (ICC) has lead responsibility for pursuing and defending an ever-changing array of claims under international law brought by investors against foreign brokerage firms and by foreign nationals and governments. These claims most often relate to the expropriation of securities and investment disputes, but also encompass investment fraud, misallocation of funds and other financial related claims. The Office of ICC also develops claims resolution processes to assist efforts to resolve disputes between third countries and nationals and negotiates claims settlements.
Under international law and practice ICC does not formally espouse claims on behalf of victims unless the claimant can provide persuasive evidence demonstrating that certain prerequisites have been met. The most important of these requirements are that the claimant was at the time the claim arose and remains a foreigner, that all local remedies have been exhausted or the claimant has demonstrated that attempting to do so would be futile, and that the claim involves an act by the foreign government that is considered wrongful under international law.
Foreign nationals who wish to request the assistance of the ICC in pursuing a claim against a brokerage firm, and who can meet the requirements described above, may submit their request along with supporting information to [email protected].
Claimants are requested to provide a translation of any documents submitted that are not in English.
Investment Scams, Broker Fraud, & Viatical Settlement Fraud Claims
Viatical settlements are a risky investment that allows a person to invest in another person's life insurance policy. With a viatical settlement, a person can purchase the policy (or part of it) of another person at a price that is less than the death benefit of the policy. When the seller dies, the investor collects the death benefit. In theory this type of investment can help the insured and the investor, however, this type of investment is used commonly for investment scams and are often misrepresented as low risk and humanitarian.
If you have lost your life savings or a large amount of money through a viatical settlement and think that the investment was misrepresented, feel free to submit an inquiry or send an e-mail to Texas viatical fraud lawyer Jason Coomer. He may be able to help you recover your losses or at least investigate the broker and companies that sold you the investments.
Viatical Settlements are Risky Investments & a Common Investment Scam
It is an all too common scenario, a person is approached by a broker about a new investment that can pay big profits in a matter of months. The investment not only helps the investor, but the terminally ill person that desperately needs money. The broker then talks about how dangerous stocks, real estate, oil, commodities, and other investments are as well as goes over bonds and the low interest rates and rates of return that they pay. The broker then glosses over the risky part of viatical settlements including what happens if the "terminally ill" insured lives longer than expected.
Recently, the U.S. Securities & Exchange Commission (SEC) has filed complaints against large viatical settlement companies like Mutual Benefit Corporation and ABC Viaticals, Inc. It is estimated by the SEC that over 29,000 investors were bilked out of $1 billion by Mutual Benefits Corp. and about 4000 investors lost about $100 million from ABC Viaticals, Inc.
Fraudulent Broker Claims
A broker is a party that mediates between a buyer and a seller. A broker who also acts as a seller or as a buyer becomes a principal party to the deal. Brokers that push risky investments such as viatical settlements are often working for a commission and not for the best interest of the investor.
Some of the most common forms of broker fraud are as follows:
•Excessive Trading
•Misrepresentation
•Purchase of Unsuitable Securities
•Unsuitable Investments
•Variable Annuities/Variable Universal Life Policies
•Risky Retirement Planning
•Misrepresentation & Omission Concerning Risk
•Risk Profile Change
Brokers are paid commissions for the transactions they generate, which can lead to them pushing investments that are extremely risky such as viatical settlements.
If your retirement savings or other investments have suffered substantial losses, due to mismanagement, mishandling or misconduct on the part of your broker or financial professional, then you may want to speak to ICC to determine if your broker has committed fraud or negligence that has contributed to your losses.
Legal Remedy
Legal Remedy-Law and Equity
(a) For purposes of this section—
(1) the term “agency” means any agency, as defined in section 552 (e) [1] of this title, headed by a collegial body composed of two or more individual members, a majority of whom are appointed to such position by the President with the advice and consent of the Senate, and any subdivision thereof authorized to act on behalf of the agency;
(2) the term “meeting” means the deliberations of at least the number of individual agency members required to take action on behalf of the agency where such deliberations determine or result in the joint conduct or disposition of official agency business, but does not include deliberations required or permitted by subsection (d) or (e); and
(3) the term “member” means an individual who belongs to a collegial body heading an agency.
(b) Members shall not jointly conduct or dispose of agency business other than in accordance with this section. Except as provided in subsection (c), every portion of every meeting of an agency shall be open to public observation.
(c) Except in a case where the agency finds that the public interest requires otherwise, the second sentence of subsection (b) shall not apply to any portion of an agency meeting, and the requirements of subsections (d) and (e) shall not apply to any information pertaining to such meeting otherwise required by this section to be disclosed to the public, where the agency properly determines that such portion or portions of its meeting or the disclosure of such information is likely to—
(1) disclose matters that are
(A) specifically authorized under criteria established by an Executive order to be kept secret in the interests of national defense or foreign policy and
(B)in fact properly classified pursuant to such Executive order;
(2) relate solely to the internal personnel rules and practices of an agency;
(3) disclose matters specifically exempted from disclosure by statute (other than section 552 of this title), provided that such statute
(A) requires that the matters be withheld from the public in such a manner as to leave no discretion on the issue, or
(B) establishes particular criteria for withholding or refers to particular types of matters to be withheld;
(4) disclose trade secrets and commercial or financial information obtained from a person and privileged or confidential;
(5) involve accusing any person of a crime, or formally censuring any person;
(6) disclose information of a personal nature where disclosure would constitute a clearly unwarranted invasion of personal privacy;
(7) disclose investigatory records compiled for law enforcement purposes, or information which if written would be contained in such records, but only to the extent that the production of such records or information would
(A)interfere with enforcement proceedings,
(B) deprive a person of a right to a fair trial or an impartial adjudication,
(C) constitute an unwarranted invasion of personal privacy,
(D) disclose the identity of a confidential source and, in the case of a record compiled by a criminal law enforcement authority in the course of a criminal investigation, or by an agency conducting a lawful national security intelligence investigation, confidential information furnished only by the confidential source,
(E) disclose investigative techniques and procedures, or
(F) endanger the life or physical safety of law enforcement personnel;
(8) disclose information contained in or related to examination, operating, or condition reports prepared by, on behalf of, or for the use of an agency responsible for the regulation or supervision of financial institutions;
(9) disclose information the premature disclosure of which would—
(A) in the case of an agency which regulates currencies, securities, commodities, or financial institutions, be likely to
(i) lead to significant financial speculation in currencies, securities, or commodities, or
(ii) significantly endanger the stability of any financial institution; or
(B)in the case of any agency, be likely to significantly frustrate implementation of a proposed agency action,
except that subparagraph (B) shall not apply in any instance where the agency has already disclosed to the public the content or nature of its proposed action, or where the agency is required by law to make such disclosure on its own initiative prior to taking final agency action on such proposal; or
(10) specifically concern the agency’s issuance of a subpena, or the agency’s participation in a civil action or proceeding, an action in a foreign court or international tribunal, or an arbitration, or the initiation, conduct, or disposition by the agency of a particular case of formal agency adjudication pursuant to the procedures in section 554 of this title or otherwise involving a determination on the record after opportunity for a hearing.
(d)
(1) Action under subsection (c) shall be taken only when a majority of the entire membership of the agency (as defined in subsection (a)(1)) votes to take such action. A separate vote of the agency members shall be taken with respect to each agency meeting a portion or portions of which are proposed to be closed to the public pursuant to subsection (c), or with respect to any information which is proposed to be withheld under subsection (c). A single vote may be taken with respect to a series of meetings, a portion or portions of which are proposed to be closed to the public, or with respect to any information concerning such series of meetings, so long as each meeting in such series involves the same particular matters and is scheduled to be held no more than thirty days after the initial meeting in such series. The vote of each agency member participating in such vote shall be recorded and no proxies shall be allowed.
(2) Whenever any person whose interests may be directly affected by a portion of a meeting requests that the agency close such portion to the public for any of the reasons referred to in paragraph (5), (6), or (7) of subsection (c), the agency, upon request of any one of its members, shall vote by recorded vote whether to close such meeting.
(3) Within one day of any vote taken pursuant to paragraph (1) or (2), the agency shall make publicly available a written copy of such vote reflecting the vote of each member on the question. If a portion of a meeting is to be closed to the public, the agency shall, within one day of the vote taken pursuant to paragraph (1) or (2) of this subsection, make publicly available a full written explanation of its action closing the portion together with a list of all persons expected to attend the meeting and their affiliation.
(4) Any agency, a majority of whose meetings may properly be closed to the public pursuant to paragraph (4), (8), (9)(A), or (10) of subsection (c), or any combination thereof, may provide by regulation for the closing of such meetings or portions thereof in the event that a majority of the members of the agency votes by recorded vote at the beginning of such meeting, or portion thereof, to close the exempt portion or portions of the meeting, and a copy of such vote, reflecting the vote of each member on the question, is made available to the public. The provisions of paragraphs (1), (2), and (3) of this subsection and subsection (e) shall not apply to any portion of a meeting to which such regulations apply: Provided, That the agency shall, except to the extent that such information is exempt from disclosure under the provisions of subsection (c), provide the public with public announcement of the time, place, and subject matter of the meeting and of each portion thereof at the earliest practicable time.
(e)
(1) In the case of each meeting, the agency shall make public announcement, at least one week before the meeting, of the time, place, and subject matter of the meeting, whether it is to be open or closed to the public, and the name and phone number of the official designated by the agency to respond to requests for information about the meeting. Such announcement shall be made unless a majority of the members of the agency determines by a recorded vote that agency business requires that such meeting be called at an earlier date, in which case the agency shall make public announcement of the time, place, and subject matter of such meeting, and whether open or closed to the public, at the earliest practicable time.
(2) The time or place of a meeting may be changed following the public announcement required by paragraph (1) only if the agency publicly announces such change at the earliest practicable time. The subject matter of a meeting, or the determination of the agency to open or close a meeting, or portion of a meeting, to the public, may be changed following the public announcement required by this subsection only if
(A) a majority of the entire membership of the agency determines by a recorded vote that agency business so requires and that no earlier announcement of the change was possible, and
(B) the agency publicly announces such change and the vote of each member upon such change at the earliest practicable time.
(3) Immediately following each public announcement required by this subsection, notice of the time, place, and subject matter of a meeting, whether the meeting is open or closed, any change in one of the preceding, and the name and phone number of the official designated by the agency to respond to requests for information about the meeting, shall also be submitted for publication in the Federal Register.
(f)
(1) For every meeting closed pursuant to paragraphs (1) through (10) of subsection (c), the General Counsel or chief legal officer of the agency shall publicly certify that, in his or her opinion, the meeting may be closed to the public and shall state each relevant exemptive provision. A copy of such certification, together with a statement from the presiding officer of the meeting setting forth the time and place of the meeting, and the persons present, shall be retained by the agency. The agency shall maintain a complete transcript or electronic recording adequate to record fully the proceedings of each meeting, or portion of a meeting, closed to the public, except that in the case of a meeting, or portion of a meeting, closed to the public pursuant to paragraph (8), (9)(A), or (10) of subsection (c), the agency shall maintain either such a transcript or recording, or a set of minutes. Such minutes shall fully and clearly describe all matters discussed and shall provide a full and accurate summary of any actions taken, and the reasons therefor, including a description of each of the views expressed on any item and the record of any rollcall vote (reflecting the vote of each member on the question). All documents considered in connection with any action shall be identified in such minutes.
(2) The agency shall make promptly available to the public, in a place easily accessible to the public, the transcript, electronic recording, or minutes (as required by paragraph (1)) of the discussion of any item on the agenda, or of any item of the testimony of any witness received at the meeting, except for such item or items of such discussion or testimony as the agency determines to contain information which may be withheld under subsection (c). Copies of such transcript, or minutes, or a transcription of such
recording disclosing the identity of each speaker, shall be furnished to any person at the actual cost of duplication or transcription. The agency shall maintain a complete verbatim copy of the transcript, a complete copy of the minutes, or a complete electronic recording of each meeting, or portion of a meeting, closed to the public, for a period of at least two years after such meeting, or until one year after the conclusion of any agency proceeding with respect to which the meeting or portion was held, whichever occurs later.
(g) Each agency subject to the requirements of this section shall, within 180 days after the date of enactment of this section, following consultation with the Office of the Chairman of the Administrative Conference of the United States and published notice in the Federal Register of at least thirty days and opportunity for written comment by any person, promulgate regulations to implement the requirements of subsections (b) through (f) of this section. Any person may bring a proceeding in the United States District Court for the District of Columbia to require an agency to promulgate such regulations if such agency has not promulgated such regulations within the time period specified herein. Subject to any limitations of time provided by law, any person may bring a proceeding in the United States Court of Appeals for the District of Columbia to set aside agency regulations issued pursuant to this subsection that are not in accord with the requirements of subsections (b) through (f) of this section and to require the promulgation of regulations that are in accord with such subsections.
(h)
(1) The district courts of the United States shall have jurisdiction to enforce the requirements of subsections (b) through (f) of this section by declaratory judgment, injunctive relief, or other relief as may be appropriate. Such actions may be brought by any person against an agency prior to, or within sixty days after, the meeting out of which the violation of this section arises, except that if public announcement of such meeting is not initially provided by the agency in accordance with the requirements of this section, such action may be instituted pursuant to this section at any time prior to sixty days after any public announcement of such meeting. Such actions may be brought in the district court of the United States for the district in which the agency meeting is held or in which the agency in question has its headquarters, or in the District Court for the District of Columbia. In such actions a defendant shall serve his answer within thirty days after the service of the complaint. The burden is on the defendant to sustain his action. In deciding such cases the court may examine in camera any portion of the transcript, electronic recording, or minutes of a meeting closed to the public, and may take such additional evidence as it deems necessary. The court, having due regard for orderly administration and the public interest, as well as the interests of the parties, may grant such equitable relief as it deems appropriate, including granting an injunction against future violations of this section or ordering the agency to make available to the public such portion of the transcript, recording, or minutes of a meeting as is not authorized to be withheld under subsection (c) of this section.
(2) Any Federal court otherwise authorized by law to review agency action may, at the application of any person properly participating in the proceeding pursuant to other applicable law, inquire into violations by the agency of the requirements of this section and afford such relief as it deems appropriate. Nothing in this section authorizes any Federal court having jurisdiction solely on the basis of paragraph (1) to set aside, enjoin, or invalidate any agency action (other than an action to close a meeting or to withhold information under this section) taken or discussed at any agency meeting out of which the violation of this section arose.
(i) The court may assess against any party reasonable attorney fees and other litigation costs reasonably incurred by any other party who substantially prevails in any action brought in accordance with the provisions of subsection (g) or (h) of this section, except that costs may be assessed against the plaintiff only where the court finds that the suit was initiated by the plaintiff primarily for frivolous or dilatory purposes. In the case of assessment of costs against an agency, the costs may be assessed by the court against the United States.
(j) Each agency subject to the requirements of this section shall annually report to the Congress regarding the following:
(1) The changes in the policies and procedures of the agency under this section that have occurred during the preceding 1-year period.
(2) A tabulation of the number of meetings held, the exemptions applied to close meetings, and the days of public notice provided to close meetings.
(3) A brief description of litigation or formal complaints concerning the implementation of this section by the agency.
(4) A brief explanation of any changes in law that have affected the responsibilities of the agency under this section.
(k) Nothing herein expands or limits the present rights of any person under section 552 of this title, except that the exemptions set forth in subsection (c) of this section shall govern in the case of any request made pursuant to section 552 to copy or inspect the transcripts, recordings, or minutes described in subsection (f) of this section. The requirements of chapter 33 of title 44, United States Code, shall not apply to the transcripts, recordings, and minutes described in subsection (f) of this section.
(l) This section does not constitute authority to withhold any information from Congress, and does not authorize the closing of any agency meeting or portion thereof required by any other provision of law to be open.
(m) Nothing in this section authorizes any agency to withhold from any individual any record, including transcripts, recordings, or minutes required by this section, which is otherwise accessible to such individual under section 552a of this.
Settlement Claims
For some years, Investment Claims has provided a highly valuable service to professionals and academics interested in international investment disputes. Bringing together in one place over 300 arbitral awards, procedural orders and court decisions, it is the first port of call for all those working in the field.
Now, Oxford is pleased to announce an enhanced service which takes Investment Claims to a new level. This new subscription-only service contains invaluable additional content, and is designed to provide a complete information service for this growing community.
Why do I need to upgrade to the full Investment Claims service?
All relevant arbitral awards, procedural orders and court decisions in one place, with reports and analysis written by experts in the field;
A collection of key instruments, including multilateral treaties and arbitral rules, available to subscribers in full text;
Consistent citation makes life easier when you need to find something quickly;
Extensive search and browse functions provide quick access to the document you need:
Full text searching (by keyword, party, arbitrator and counsel)
Multiple browse options (by date, investor, host state and subject)
Search and browse across all the content in the service: headnotes and full text of awards and decisions, treaties, other instruments and commentaries;
Content enhancement and inclusion in the Oxford Law Citator will allow users to follow links in awards to treaties, other awards and secondary sources
Can you afford to be without:
Headnotes containing detailed summaries of the facts and findings, alongside expert commentary from 70 highly qualified contributors?
Full text of bilateral investment treaties (BITs) from selected jurisdictions, together with detailed commentaries on national BIT programmes?
An extensive directory of arbitrators and legal counsel, with links to their awards
The International Law of Investment Claims considers the distinct principles governing the prosecution of a claim in investment treaty arbitration. The principles are codified as 54 'rules' of general application on the juridical foundations of investment treaty arbitration, the jurisdiction of the tribunal, the admissibility of claims and the laws applicable to different aspects of the investment dispute. The commentary to each proposed rule contains a critical analysis of the investment treaty jurisprudence and makes extensive reference to the decisions of other international courts and tribunals, as well as to the relevant experience of municipal legal orders. Solutions are elaborated in respect of the most intractable problems that have arisen in the cases, including: the effect of an exclusive jurisdiction clause in an investment agreement with the host state; reliance on the MFN clause in relation to jurisdictional provisions; and, the legitimate scope of derivative claims by shareholders.
Investment or Securities Claims
Stockbrokers, registered investment advisers and financial planners are required to deal with their clients with the utmost integrity. They are not permitted to place their own interests ahead of their clients. This duty is called a fiduciary duty because they are in a position of trust. If the stockbroker or investment adviser breaches that fiduciary duty and causes you injury, you may have a stock fraud claim and may be able to recover damages for any losses caused by the stockbroker's misconduct.
The federal and state securities laws protect investors from material misstatements of fact as well as the failure to disclose a material fact in connection with the purchase or sale of securities. In addition to misstatements and omissions in connection with the purchase or sale of a security, there are a number of other types of securities fraud claims including the following:
Unsuitability
When your broker recommends an investment, it must be in your best interest and align with your financial goals. The National Association of Securities Dealers (NASD) has established certain standards under the "know your customer" rule. This means it is the broker's responsibility to consider your financial condition, comfortable risk level and investment goals to determine what securities are best suited for you. However, there is little incentive for your broker to conduct this research, and often times this essential step is incomplete. If you broker does not learn anything about your financial objectives, he or she cannot fulfill this responsibility. Your broker might then make recommendations to satisfy his or her own benefit; basing trades on the commissions each produces.
Churning
Although mot as common as in the past, "churning" occurs when your investment advisor authorizes, or you stockbroker performs as series of trades that produce fees for the advisor and broker while putting your money at risk. Unauthorized trading violates industry regulations and can be the basis for a claim against the broker and the stockbroker's firm.
Breach of Fiduciary Duty
The relationship between you and your stockbroker is a fiduciary relationship if you look to your broker for advice, and he or she is aware of that responsibility and accepts it. When this type of relationship is present, your stockbroker is required to exercise loyalty, good faith and care toward you. If your broker violates that trust and you incur losses, he or she may be held liable. To have valid claim for breach of fiduciary duty, you broker must have discretionary authority to manage your account. You give him authority when you open your account, along with information about your tax needs, risk preferences and financial goals. From this information, your broker creates your investor portfolio and becomes legally obligated to make good investment decisions on your behalf.
Unauthorized Trading
Unauthorized trading happens when your broker engages in buying and selling that does not fit the needs outlined in your portfolio. A common strategy that deceitful brokers use is to buy securities for your account and when you call them to complain, they tell you the securities have increased in value, and you should keep them. Another tactic is to blame the unauthorized trade on a "computer or administrative error." Be aware of this excuse, because it could indicate a dishonest broker.
In today's economic climate it appears there is an increase in possible shady dealings, so if you feel like you have had an excessive loss or possible misconduct by your broker or investment advisor, please contact us today to discuss a investment or securities claim.
Daniel 8 :25
