FINRA Warns Firms Not to Lie or “Obfuscate” When Clients Ask About a Departed Rep
When a registered representative (“Rep”) with a large book of customers voluntarily resigns from one firm to join another, the Rep’s old firm immediately assigns a replacement. Excited about the potential to keep the book, the replacement Rep frequently races to contact the customers and secure their business. And when some of those customers…
Supreme Court Holds Annuities Are Not “Securities” Subject to Illinois Securities Department Regulation
On March 21, 2019, the Illinois Supreme Court issued its long-anticipated decision in Van Dyke v. White, 2019 IL 121452. The 30-page opinion affirms the 2016 Appellate Court decision, which had overturned a Final Administrative Order from the Illinois Department of Securities…
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