Tag Archives: securities laws

Maurice Wutscher’s Brady Hermann Discusses Compliance Concerns Over Brokers’ Excessive Trading in Own Accounts

May 6, 2022 ­— Maurice Wutscher attorney Brady Hermann spoke to AdvisorHub recently about the termination of a broker for excessive trading in his personal account and why brokers who trade frequently in their own accounts should tread carefully.

The Financial Industry Regulatory Authority requires firms to keep track of brokers’ trading as a way of protecting clients’ interests.

Mr. Hermann said compliance departments are paying attention to what financial advisors do in their personal accounts, looking for potential red flags that could lead to harmful conduct in client accounts. This is especially true if a broker is on heightened supervision.

“When brokers are on this heightened supervision, they have, obviously, a set of rules that they have to follow, and then if they break it, they typically get fired,” Mr. Hermann told AdvisorHub.

Brady Hermann is senior counsel in the Boston and New York offices of Maurice Wutscher LLP. He regularly represents financial services companies including banks, broker-dealers, financial advisors, financial asset buyers and third party debt collectors in individual, class action and regulatory matters. He has successfully represented clients throughout the country against claims for violations of securities laws, the Fair Debt Collection Practices Act, the Telephone Consumer Protection Act, the Fair Credit Reporting Act, and various state consumer protection statutes.

Maurice Wutscher’s Brady Hermann Quoted About Broker Arbitration Challenges

Dec. 20, 2021 ­— Maurice Wutscher attorney Brady Hermann spoke to AdvisorHub recently about the challenges a broker will face moving to vacate an arbitration award based on arbitrators allegedly excluding certain evidence at the hearing.

“Winning a motion to vacate would likely be even more of an uphill battle given courts’ reluctance to supersede arbitrator decisions and the high bar for vacature under the Federal Arbitration Act,” Mr. Hermann told AdvisorHub. “’This is a very difficult standard to meet.’”

Brady Hermann is senior counsel in the Boston and New York offices of Maurice Wutscher LLP. He regularly represents financial services companies including banks, broker-dealers, financial advisors, financial asset buyers and third party debt collectors in individual, class action and regulatory matters. He has successfully represented clients throughout the country against claims for violations of securities laws, the Fair Debt Collection Practices Act, the Telephone Consumer Protection Act, the Fair Credit Reporting Act, and various state consumer protection statutes.

Maurice Wutscher’s Brady Hermann Quoted About Investment Bank’s Suits Against Defector Brokerage Teams

Nov. 17, 2021 ­— Maurice Wutscher attorney Brady Hermann was quoted in a recent AdvisorHub article about an investment bank seeking injunctions in New York state court against brokers leaving to join rival firms.

“If [the bank] has gotten the impression that firms are ‘continuously poaching’ its advisors, it’s predictable that the bank would seek to ‘send a message,'” Mr. Hermann told AdvisorHub. “It also sends a warning to [its] other . . . brokers that, ‘You’ve got to be careful about switching.’”

Brady Hermann is senior counsel in the Boston and New York offices of Maurice Wutscher LLP. He regularly represents financial services companies including banks, broker-dealers, financial advisors, financial asset buyers and third party debt collectors in individual, class action and regulatory matters. He has successfully represented clients throughout the country against claims for violations of securities laws, the Fair Debt Collection Practices Act, the Telephone Consumer Protection Act, the Fair Credit Reporting Act, and various state consumer protection statutes.

Maurice Wutscher’s Brady Hermann Quoted About Broker’s Client Solicitation Dispute

Aug. 6, 2021 ­— Maurice Wutscher attorney Brady Hermann is quoted in an AdvisorHub article regarding a client solicitation dispute in U.S. District Court in Oregon between an investment management firm and a broker it previously fired.

The investment manager is seeking a temporary restraining order to prevent the broker from soliciting former clients.

Mr. Hermann, who is not involved in the case, said brokers must tread carefully when speaking to former customers.

“If [he] simply provided his new contact information, that likely would not be considered a solicitation,” he said. “However, if during the conversation he discussed the benefits of moving their account, or the benefits his new employer can provide that [the former manager] cannot, that could certainly be viewed as a solicitation.”

Brady Hermann is senior counsel in the Boston and New York offices of Maurice Wutscher LLP. He regularly represents financial services companies including banks, broker-dealers, financial advisors, financial asset buyers and third party debt collectors in individual, class action and regulatory matters. He has successfully represented clients throughout the country against claims for violations of securities laws, the Fair Debt Collection Practices Act, the Telephone Consumer Protection Act, the Fair Credit Reporting Act, and various state consumer protection statutes.