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  • Common Litigation Challenges for Financial Advisors

    In the securities law arena, there are more issues than just fraud, misrepresentation, breach of contract, etc. Financial advisors are sometimes involved in the following types of litigation problems and should, therefore, be familiar with the following terms: Promissory Notes, Broker Raiding, Regulatory Compliance, Solicitation, Broker Protocol and Sunset Agreements/Sale of Practice.

  • Financial Advisor Promissory Notes (Up-front Forgivable Loans)

    Promissory Notes (often called an up-front forgivable loans) are commonly used as a recruiting tool by many of the major brokerage firms in the securities industry, including Morgan Stanley, Merrill Lynch, Wells Fargo, Ameriprise and UBS Financial Services. Essentially, brokerage firms use the up-front forgivable loans to recruit financial advisors from other firms to bring their clients (or “book of business”) to the new firm.

  • Issuing Equity to Employees in Exchange for Compensation in a Startup
      by HG.org

    Equity may be issued to employees as a form of compensation when a startup company is initially opening for business. The shares, stock or interest may be passed to these workers, but to do so, the owner should understand fully how this could affect him or her and the business both in the startup phase and later when the equity means more.

  • New Credit Card Law Pits Texas against Merchants and Financial Companies

    During the regular session, the Texas Legislature passed a law allowing merchants to ask to see a photo ID when processing a credit card or debit card transaction and to decline the transaction if the customer refuses. The law, which goes into effect January 1, may have placed the state of Texas on a collision course with merchants and financial institutions that issue credit cards, according to the Texas Tribune. The problem is that many financial institutions prohibit merchants from declining a transaction in their contracts. The position of these banks is that their contracts supersede the new law. The state of Texas, even though it does not require merchants to ask for ID, takes the opposite view. The matter may have to be settled through litigation.

  • Consumer Financial Protection Bureau (“CFPB”) Continues to Focus on Informed Decisions

    This month the Consumer Financial Protection Bureau (“CFPB”) prevailed on a motion to dismiss brought by Navient, which was founded, at least partially, on constitutional challenges. The case is Consumer Fin. Prot. Bureau v. Navient Corp. (M.D.Pa. Aug. 4, 2017, No. 3:17-CV-101) 2017 U.S.Dist.LEXIS 123825.

  • When a Limited Liability Corporation Does Not Limit Liability
      by HG.org

    While the primary goal for some in creating a Limited Liability Company is keeping personal liability for assets and property away from litigation, this is not always possible. If the owner is responsible for direct incidents or issues, he or she may be targeted individually.

  • How to Treat Secondary Debt When Buying a Property
      by HG.org

    Convention debt accrued when purchasing property in real estate dealings usually comes from banks, insurance agencies, savings and loan organizations and similar services. However, when these are not available, the prospective buyer must look elsewhere. This leads to secondary borrowing procedures such as through a broker, mortgage banker governmental assistance and state or local branches of monetary aid.

  • Legal Considerations in Using Other People’s Money to Start Your Business
      by HG.org

    Investments into a new company may take many forms. When the individual has been targeted to become a member of the business, this investment is usually added as an asset or a portion of the company interest or shares are provided in compensation. It is when this is not the case that the matter may become complicated.

  • What Is Power of Attorney in New Jersey?

    Perhaps one of the most vital, and frequently neglected, aspects of personal and estate planning is legal and financial protection, in the event of incapacity or disability. Many older people, and their families, fear that the onset of physical or mental disability for their elderly loved ones as they advance in age.

  • Perfecting Your Security Interest – Requirements for Listing a Debtor’s Name on Florida Article 9 Filings

    Florida lenders seeking to secure a lien against the personal property of a borrower in default must follow the guidelines detailed in Article 9 of the Uniform Commercial Code (UCC) and Florida’s Article 9, which governs secured transactions and is applied to a wide range of consumer and commercial credit transactions.


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