Florida Securities Dealers & Advisors

Member Update: FSDA Year 2019 Wrap-up

01/14/2020 10:44 AM | Anonymous

The FSDA’s mission focuses on industry advocacy, educational outreach, and investor education. The FSDA’s membership includes securities firms, investment advisors, and many others who have a stake in the industry. The group meets regularly to share ideas that support the FSDA’s mission.

2019 was a busy year... CLICK HERE to read more!

Florida Securities Dealers Association Welcomes Incoming Officers to the FSDA Board of Governors

01/07/2020 1:52 PM | Deleted user

FLORIDA, January 9, 2020 — As a new decade is ushered in, the Florida Securities Dealers Association{FSDA} is pleased to announce the 2020 incoming officers to the FSDA Board of Governors. The new officers include:

President –– Katherine C. “Kacy” Donlon with Wiand Guerra King, Shareholder
Vice President - Dan Newman with Nelson Mullins Broad and Cassel, Partner
Treasurer - Eric Siber with Capital Forensics, Inc., Managing Director
Secretary – Kathy Conway-Yaffe with Merrill Lynch Wealth Management, Director and Market Supervision Manager
President ex-Officio – Alex Sarafoglu with Bank of America Merrill Lynch, Vice President

The officers will serve in their executive leadership role for the FSDA and its members for the term of one year. Membership in the FSDA is open to all broker-dealer firms, investment advisers, law firms and consultants involved in or assisting the securities industry in Florida.

“As we begin a new year and a new decade, our executive committee is eager to continue the great work of the FSDA, both in promoting the securities industry and educating the investing public,” states Donlon. “We encourage new members to join the FSDA who share in these goals.”

With more than 60 Board members representing all segments of the securities industry, the FSDA is continually expanding its efforts, providing new opportunities for networking and improving the business climate for our industry in Florida.

Since 1933, FSDA has been the voice of the securities industry in Florida. It is our mission to advocate on behalf of the industry and provide education opportunities for our members and Florida's investing public.

FINANCIAL SERVICES COMMISSION APPOINTS NEW OFR COMMISSIONER

12/03/2019 2:09 PM | Deleted user

12/02/2019

Tallahassee, Fla. – The Florida Office of Financial Regulation today announced that the Financial Services Commission has appointed Russell C. Weigel commissioner of the Florida Office of Financial Regulation.

Commissioner Russell C. Weigel said, “I am pleased to be selected to serve this great state as commissioner of the Florida Office of Financial Regulation. I look forward to working with Governor DeSantis, CFO Patronis, Attorney General Moody, and Commissioner Fried to continue to fulfill OFR’s mission of growing the financial services industry and protecting Floridians from financial fraud.”

Commissioner Weigel is an AV-rated securities attorney, with more than 25 years of legal experience, and a published author. In 2005, he founded Russell C. Weigel, III, P.A. (d/b/a InvestmentAttorneys), a securities transactional and litigation firm. Prior to that, he served as a securities transactional and litigation attorney for Carlton Fields, P.A., and Montello & Kenney, P.A., as an enforcement attorney with the Securities and Exchange Commission, and as an assistant state attorney for the Office of the State Attorney, Tenth Judicial Circuit. He holds an undergraduate degree in economics from Vanderbilt University and a Juris Doctor from the University of Miami School of Law.

The FSDA is pleased to announce Alex J. Sabo as its 2019 Leadership Award recipient

11/27/2019 1:51 PM | Deleted user

The award was established in 2014 and is presented to either a current or former FSDA member who has embodied the mission of the FSDA. Each recipient honored, has worked tirelessly to inspire, advocate for and empower the securities industry and to provide education opportunities for its members and the investing public. Having been an FSDA member for almost 30 years, and after having served admirably as FSDA president twice (2016 and 2018), this award is well-deserved.

Alex is a Principal with Bressler, Amery & Ross. His litigation practice includes the representation of financial services firms in a myriad of cases. He has substantial courtroom experience, having tried civil and criminal cases and argued appeals in both state and federal court. Alex’s representation of the financial services industry includes regulatory investigations and enforcement actions, arbitrations and civil litigation, including class actions. He is an experienced litigator in bankruptcy court, representing creditors and defendants against whom an adversary proceeding is filed.

A true trial lawyer and passionate advocate, Alex consistently executes and has achieved impactful resolution and forward thinking, trial ready dispute resolution strategy. He strives to deliver industry-leading value and an unwavering focus on meeting his client’s overall objectives at an appropriate cost.

Alex is also a member of Bressler's Senior and Vulnerable Investor Group. The lawyers in this group have a shared interest in providing counsel to corporate clients who confront issues affecting seniors.

Before joining Bressler, Alex served as an Assistant Public Defender from 1979-82; a Staff Attorney and Chief for the Branch of Investigations and Enforcement of the U.S. Securities and Exchange Commission from 1982-84; and Corporate Counsel for Raymond James Financial, Inc. from 1984-89. He entered the private practice of law in May 1989.

In addition to his commitment to the law, Alex is a published short story writer and a dedicated swimmer and cyclist.

FSDA Member Delegation Travels to Tallahassee

11/27/2019 1:46 PM | Deleted user

On November 4 and 5, 2019, an FSDA delegation met in Tallahassee with Chief Financial Officer, Jimmy Patronis, Attorney General, Ashley Moody, legislators and members of the Office of Financial Regulation. The main purpose of the visit was to discuss yet-to-be-passed legislation designed to protect senior and vulnerable adults from financial exploitation. While the reception was overall positive, much work remains to secure passage of a new law during the 2020 legislative session.

Recognizing the danger of financial exploitation to our most vulnerable population, more than 25 states have already adopted some protections that generally align with FINRA Rule 2165, which became effective in 2018, and: (1) permits its members to place temporary holds on disbursements of funds or securities from the accounts of specified customers where there is a reasonable belief of financial exploitation; and (2) amends FINRA Rule 4512 to require members to make reasonable efforts to obtain the name of and contact information for a trusted contact person for a customer’s account.

Our federal government also recognized the importance of vulnerable adults’ protection in 2018 when it passed the Senior Safe Act, which provides immunity from liability in any civil or administrative proceeding for reporting potential exploitation of a senior citizen.

One of the FSDA’s important missions is to protect Florida’s elderly population from financial exploitation. Our voice has been heard! You can help by contacting your House representative or Senator to express your opinion.

FSDA Industry Outreach Program Offers a Variety of Timely Topics

10/10/2019 11:13 AM | Deleted user

Market Trends: Rethink and Recalibrate - The FSDA recently hosted its annual Fall 2019 Industry Outreach Program in Boca Raton, Florida.

The topics explored and discussed at this year’s event were as varied as the packed audience of professionals who attended from across the state of Florida and the U.S. Topics included: SEC’s Regulation Best Interest, Cryptocurrency and Securities Regulation in the Digital Age, Cannabis – Securities Industry Challenges, and Market Strategy — Recent Initiatives and Trends, presented by a broad spectrum of top professionals from across the industry.

These thought-provoking topics fostered an atmosphere of lively discussion and questions from the audience. Attendees also had the opportunity to network throughout the event.

The FSDA's Fall 2019 Industry Outreach Program is just one of the education opportunities provided each year as part of its ongoing mission to advocate on behalf of the industry and provide education opportunities for its members and Florida's investing public. To learn more about the FSDA and for more information about this event and other programs sponsored by the FSDA, visit FloridaSecurities.com

OFR Dorian Proclamation Suspending Branch Office Notification

08/30/2019 12:32 PM | Deleted user

Celebrating Seniors and Protection Them From Fraud

08/28/2019 4:12 PM | Deleted user

Celebrating Seniors and
Protecting Them from Fraud

National Senior Citizens Day is celebrated on August 21st. It is a day set aside to recognize the contributions, services, and dedication they have given throughout their lives.

By 2020, Florida is expected to have a population exceeding 23.5 million with over 28 percent of that population being over the age of 60. Seniors comprise the state's second largest economic sector contributing a $2.8 billion net tax benefit after all services are rendered. Florida's seniors donate $3.5 billion to charities in addition to donating their time and talents in their communities.

Unfortunately, senior citizens are also a prime target for con artists perpetrating any number of scams. Seniors are generally hesitant to report when they have been a victim of fraud, and many times the cases are difficult to prosecute. However, informed seniors-like any other consumer-can protect themselves from scammers, and that is where the Florida Department of Agriculture and Consumer Services (FDACS) comes in.

FDACS is the state's clearinghouse for consumer complaints, protection, and information. The department provides a variety of resources to protect Florida consumers and ensures they have the information they need to make informed decisions. In that spirit, here is a brief recap of some of the top scams targeting seniors.

The IRS Phone Scam — Scammers claim that an individual owes back taxes and penalties, and say that unless the person pays immediately, they could be arrested or have their home foreclosed on.
Sweepstakes Scam — Fraudsters call or email victims and tell them they've won the lottery and just need to pay a fee to collect their winnings.
Social Security Scam — Scammers either phone or email consumers, claiming to represent the Social Security Administration and ask consumers for personal information, such as their Social Security number, date of birth or bank account information.
Tech Support Scam — Fraudsters pretend they work for a well-known tech company like Microsoft or Dell. They claim the consumer's computer has been infected with a virus, and then try to get remote access to the computer, as well as access to the victim's credit card or bank account information so that they can bill them for fixing the alleged problem.
Grandparent Scam — Fraudsters pretend to be the victim's grandchild and claim they need money to get themselves out of an emergency, such as being arrested. Or they may claim to have kidnapped the senior's grandchild and ask for ransom.
Medicare Scam — Scammers pose as Medicare representatives to get seniors to give them their personal information or pay for unnecessary services.
Romance Scam — Fraudsters contact seniors through an online dating site or other kinds of social media. Once they've struck up a relationship, they ask for money, perhaps to pay for a trip to visit the senior or to cover some kind of emergency, like medical costs.

Seniors are encouraged to get educated on what frauds are out there and to remain vigilant at all times. Here are some tips on how to protect yourself and avoid being scammed.

Know who you're dealing with. Independently verify any information you are provided.
Pay the safest way. You can dispute credit card charges if you never get the goods or services.
Guard your personal information.
Stay safe online. Don't send sensitive information unless you are sure the website is secure.
Be cautious about unsolicited emails.
Resist pressure. Legitimate companies and charities will be happy to give you time to talk with trusted advisors and make an informed decision.
Don't believe promises of easy money.
Fully understand the offer.
Check your bank accounts and credit reports regularly.

Consumers who believe fraud has taken place can contact the department's consumer protection and information hotline by calling 1-800-HELP-FLA (435-7352) or 1-800-FL-AYUDA (352-9832) for Spanish speakers or visit us online at FloridaConsumerHelp.com.

Scams involving your Social Security number and benefits are on the rise!

Here are the facts:

Government employees will not threaten to take away benefits or ask for money or personal information to protect your Social Security card.
Scammers can fake your caller ID. So don't be fooled if the call seems to be from the SSA's real phone number (800) 772-1213 or the SSA Inspector General's Fraud Hotline number.
If a caller asks for your Social Security number, bank account number or credit card information, hang up.

Report suspected scams to the SSA Inspector General at (800) 269-0271 or oig.ssa.gov/report. Visit IdentityTheft.gov/SSA for more tips.

Information provided by the Consumer Financial Protection Bureau

In collaboration with: the Federal Trade Commission and the Social Security Administration.

Don't Be Tricked into Buying
Free Government Forms

Companies that sell free government forms or persuade businesses they must file unnecessary paperwork have operated in Florida for several years. These companies send out mailers that mislead hard-working small business owners into paying unnecessarily to file corporate minutes or purchase posters that are available for free from the U.S. Department of Labor. In addition, some companies target students and persuade them into unnecessarily paying for forms that are available for free from the U.S. Department of Education.

The Government Imposter and Deceptive Advertisement Act (GIDAA) was enacted to protect individuals and businesses from being defrauded by companies that sell free government forms or impersonating government entities.

GIDAA prohibits these companies from using mailings, emails, or websites that target Floridians without prominent disclaimers stating that the sales materials are not related to any government filing and/or that the information or forms can be obtained free of charge. If forms are being offered, the disclaimer must also include the phone number of the agency that provides these documents for free.

Additionally, GIDAA prohibits sending or posting online any advertisement that simulates a court summons, complaint, jury notice or other judicial document. Also prohibited is falsely representing that a company or offer is:

part of or associated with a government entity,
approved, authorized or endorsed by a government entity,
or from a government entity.

Violations could result in substantial civil fines and/or administrative fines up to $10,000 per violation. Additionally, GIDAA gives individuals and businesses the right to bring an action to enforce the act and seek punitive damages and attorneys' fees and costs.

Consumers and businesses are requested to report suspected violations to the Florida Department of Agriculture and Consumer Services. Visit FloridaConsumerHelp.com to file a complaint or call 1-800-HELP-FLA (435-7352) or 1-800-FL-AYUDA (352-9832) en Español for more information.

Debt Collection Scams

Scammers are very good at impersonating legitimate businesses. It is for this reason that you should be careful if you receive a call from someone claiming to be a debt collector, even if they have a lot of personal information about you. It may be a con artist running a "phantom debt collector" scam.

Keep the following tips in mind if you have been called by debt collectors:

Debt collection scams often involve callers claiming to be federal and state agents, investigators, or members of a law firm. Hang up and call the organization in question directly.
Beware of debt collectors who refuse to give you a mailing address or phone number, ask you for sensitive personal and financial information, refuse to give you information about your debt, or are trying to collect a debt that you do not recognize.
Check your credit report. If the debt the caller claims you owe is not listed on there, it's probably a scam.
Inform the caller that you will not discuss any debt until you receive written proof of the debt. The Fair Debt Collection Practices Act (FDCPA) requires debt collectors to send written notice with the amount owed and the name of the creditor within five days of contacting you.
According to FDCPA, a debt collector must stop calling you if you ask them in writing. A debt collector may begin to contact you again if they provide you with a written verification of the debt, such as a copy of a bill for the amount you owe.

Consumers or businesses that need information can contact the Consumer Assistance Center, which is staffed with trained analysts who answer questions on almost any topic. Find more information at FloridaConsumerHelp.com or by calling the Consumer Assistance Center at 1-800-HELP-FLA (435-7352) or 1-800-FL-AYUDA (352-9832).

FTC Settlement with Facebook

$5,000,000,000 Unprecedented Penalty.

New privacy structure at Facebook.

New tools for FTC to monitor Facebook.

Source: Federal Trade Commission | FTC.gov

On July 24, 2019, the Federal Trade Commission (FTC) announced it had reached a settlement agreement with Facebook, Inc. imposing an historic penalty and significant requirements on the social media giant to boost accountability and transparency. The company will pay a record-breaking $5 billion penalty and submit to new restrictions, and a modified corporate structure that will hold the company accountable for the decisions it makes about its users' privacy and to settle FTC charges that Facebook, Inc. violated a 2012 FTC order by deceiving users about their ability to control the privacy of their personal information.

Visit FTC.gov for more information.

Click to View Food Recalls		Click to View Consumer Product Recalls

The Division of Food Safety monitors food from the point of manufacturing and distribution through wholesale and retail sales to ensure the public of safe, wholesome and properly represented food products.		The Consumer Product Safety Commission provides consumer product recall information as part of the agency's mission to protect consumers and families from hazardous products.

The Florida Department of Agriculture and Consumer Services is the state's clearinghouse for consumer complaints, protection, and information. Consumers who believe fraud has taken place can contact the department's consumer protection and information hotline by calling 1-800-HELP-FLA (435-7352) or, for Spanish speakers, 1-800-FL-AYUDA (352-9832) or visit us online at FloridaConsumerHelp.com.

Follow us on Twitter -- @FDACS and @NikkiFriedFL

Florida Securities Dealers Association Awards Scholarship to a Raymond James Financial Family Member

08/05/2019 1:34 PM | Deleted user

The Florida Securities Dealers Association, Inc. (“FSDA”), the definitive voice of, and advocate for, Florida securities firms and investment advisors for more than 80 years, has named the recipients of the 2019-2020 O’Bannon M. Cook FSDA Investment in the Future Scholarship. One such recipient, Trevor Stanley, is a recent graduate of Jesuit High School in Tampa, FL whose father, Kenneth Michael Stanley, works for Raymond James Financial. Demonstrating a high level of academic achievement, exceptional leadership skills and a strong commitment to service, Stanley was chosen from applicants from across the state of Florida. He will receive a $2,000 scholarship.

“It is such a pleasure to see how Trevor has expressed an interest in pursuing a business career, and the FSDA is proud to be able to play a small roll in his academic success,” said Laura Hawley, FSDA Member and Chairperson of the FSDA Scholarship Committee.

While at Jesuit High School, Stanley was a member of the Key Club, Spanish Club, National Honor Society, National Society of High School Scholars, Jesuit Varsity Soccer team, and he also was involved in community service projects. Trevor was recognized by the Florida Athletic Coaches Association as an All State and Academic All State honor recipient. This fall, Stanley plans to attend the University of Tampa to study business. He will also represent UT athletically as a member of the soccer team.

About the O’Bannon M. Cook FSDA Investment in the Future Scholarship Program The O’Bannon M. Cook FSDA Investment in the Future Scholarship Program was established to recognize and assist employees and immediate family members of employees of FSDA members who have demonstrated academic achievement, leadership skills and commitment to service, along with an interest in pursuing a career in the securities industry or business in general. Since the O’Bannon M. Cook FSDA Investment in the Future Scholarship Program’s inception, the FSDA has awarded thousands of dollars in scholarships to outstanding recipients. This year, the program awarded two scholarships. Finalists are selected based on their leadership skills; participation in service organizations, clubs, and other student groups at school and in the community; and their academic record.

Since 1933, the FSDA’s mission is to advocate on behalf of the industry and provide education opportunities for its members and Florida's investing public.

Florida Securities Dealers Association Awards Scholarship to Robert W. Baird & Co. Associate

08/05/2019 1:27 PM | Deleted user

The Florida Securities Dealers Association, Inc. (“FSDA”), the definitive voice of, and advocate for, Florida securities firms and investment advisors for more than 80 years, has named the recipients of the 2019-2020 O’Bannon M. Cook FSDA Investment in the Future Scholarship. One such recipient, Caitlin Owens, is a recent graduate of Lake Highland Preparatory School in Orlando, FL whose father, Gordon Owens, works for Robert W. Baird. Owens, who is currently working as associate with Robert W. Baird, was chosen from applicants from across the state of Florida because she demonstrated a high level of academic achievement, exceptional leadership skills and a strong commitment to service within her community. Owens will receive a $2,000 scholarship.

“It is such a pleasure to see how Caitlin has expressed an interest in pursuing a career in the financial industry, and the FSDA is proud to be able to play a small roll in her academic success,” said Laura Hawley, FSDA Member and Chairperson of the FSDA Scholarship Committee.

While at Lake Highland Preparatory School, Owens was a member of the Latin and National Honor Societies, Student Government, Winter Park Youth Leadership and she also received the President’s Award. Owens also competed on Lake Highland Prep’s Varsity Girls Golf Team and is nationally ranked with the PGA and USGA Junior golf programs. This fall, Owens plans to attend the University of Miami to study Accounting under an Accelerated Accounting Program.

About the O’Bannon M. Cook FSDA Investment in the Future Scholarship Program The O’Bannon M. Cook FSDA Investment in the Future Scholarship Program was established to recognize and assist employees and immediate family members of employees of FSDA members who have demonstrated academic achievement, leadership skills and commitment to service, along with an interest in pursuing a career in the securities industry or business in general. Since the O’Bannon M. Cook FSDA Investment in the Future Scholarship Program’s inception, the FSDA has awarded thousands of dollars in scholarships to outstanding recipients. This year, the program awarded two scholarships. Finalists are selected based on their leadership skills; participation in service organizations, clubs, and other student groups at school and in the community; and their academic record.