Ryan Patrick Smith's Answers

Can FINRA get me fired?

It appears that FINRA is investigating the amendment that your broker-dealer made to your Form U4 to disclose this arrest. In my experience, this is routine. FINRA does have the power to expel individuals from the industry, but I would be quite surprised if it exercised it given what you wrote about your arrest as well as your role within the firm. It is worth noting that your broker-dealer, not FINRA, would be responsible determining your future with the firm. PLEASE NOTE that that this...

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What is the highest % rate for a car loan in the state of Maryland?

In accordance with Maryland Code, Commercial Law § 12-609(a), the maximum finance charge imposed on the sale of a motor vehicle may not exceed an amount computed using the following annual simple interest rates of finance charge: 16.5 percent on the outstanding balance for a new vehicle; 22 percent on the outstanding balance for a used motor vehicle designated by the manufacturer by a model year not more than two years before the year in which the sale is made; and 27 percent on the outstanding...

I have an IRA and the company refuses to give me my money.

I presume that your investment in “Inland Western” is the “Inland Western Retail Real Estate Trust Inc.”. If so, then the prospectus / offering documents will outline the circumstances under which you can withdraw assets from Inland Western or otherwise liquidate your interest in it, if at all. Given the current economic climate, interests in real estate investment trusts (REITs) are difficult to sell for anything close to their par value. In addition, many REITs have reduced or eliminated...

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I suspect our accountant may have defrauded us of monies we instrusted he would invest for us. What kind of lawyer should I see?

I second the above and add that you may want to consider contacting the Arizona Corporation Commission’s Securities Division at 1300 West Washington Street, 3rd Floor, Phoenix, AZ 85007 (phone: (602) 542-4242) or at www.azcc.gov/Divisions/Securities/ to determine if there is any information available about your “investment”. PLEASE NOTE that that this response is not legal advice and does not form an attorney-client relationship. The reader should not rely upon it as such. Each case is...

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Do I need a securities attorney?

I would like to add two more points. First, it is important to note that FINRA only has jurisdiction over brokerage firms and their registered representatives (who are also known sometimes as “brokers” or “financial advisors”). As such, I would first check FINRA’s BrokerCheck at http://www.finra.org/Investors/ToolsCalculators/BrokerCheck/ to determine whether you can bring this matter to FINRA. Second, it is important to distinguish between filing an arbitration claim before FINRA...

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Can Injured Non-Drilling Reservists Get VA Benefits If Drilling And Fitness Activity Aggravates Injury?

The Department of Veterans Affairs offers a wide range of benefits to our nation’s veterans. This question, however, appears to center on the VA’s service-connected disability compensation. Generally speaking, to be eligible for service-connected disability compensation, a veteran must show: 1) that he or she suffers from a current disability; 2) that he or she incurred an in-service disease or injury; and 3) there is a link between the current disability and the in-service event. A...

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Options for going after possible investment scam person or company?

Based on the facts you presented, it is possible that this third party violated state and/or federal securities laws in its fundraising efforts. If so, then this could be the basis for a civil action, for which you may want to contact counsel in your jurisdiction. It could also be the basis for a complaint to your state’s securities regulator. In Minnesota, it is the Department of Commerce, which is available at http://www.state.mn.us/portal/mn/jsp/home.do?agency=Commerce. PLEASE NOTE...

What's the order of payments the SEC uses in distributing funds to creditors from a filed sec action against a company?

Under the Fair Fund program that Congress established in 2002 with the Sarbanes-Oxley Act, SEC can combine the proceeds of monetary penalties and disgorgements from an enforcement action and then distribute the proceeds to harmed investors. Either the SEC or the appropriate court oversees a fair fund distribution. The SEC’s procedures for establishing a Fair Fund distribution plan is set forth at http://www.sec.gov/about/rulesprac2006.pdf. In short, each distribution plan is different in...

VA widows benefit and remarriage

Per the Department of Veterans Affairs, a surviving spouse who remarries on or after December 16, 2003, AND on or after attaining age 57, is entitled to continue to receive Dependency and Indemnity Compensation (DIC). Other benefits, such as any death pension and TRICARE health care, may expire if you remarry. I would consult your nearest VA Regional Office for additional information. PLEASE NOTE that that this response is not legal advice and does not form an attorney-client relationship....

Do mutual funds and hedge funds have to disclose if they are operating under the Company investment act of 1940?

The Polaris Global Value Fund (PGVFX) is one series of the Forum Funds. The Forum Funds is an open-end, management company registered with the Securities and Exchange Commission under the Investment Company Act of 1940 (the 1940 Act) – or, more commonly referred to as a “mutual fund”. The provisions of the 1940 Act as well as other federal statutes and rules regulate a mutual fund’s operations and disclosures. Turning to your question, although it is unclear from your question what material...