• Posts by Joseph S. Simms

    Joe is the Chair of Reminger’s Broker-Dealer and Investment Advisor Regulatory Compliance and Enforcement Practice Group, and a senior member of the Financial Services, Securities Litigation, Commercial Litigation and ...

The Risks of the Ostrich Approach: Never Ignore a Lawsuit

No one wants to be named as a defendant in a lawsuit. But once you are named, you must respond to the lawsuit or ignore it at your own peril. A recent case in Ohio should serve as a cautionary tale to financial advisers and financial service firms who find themselves caught up in a lawsuit and they want to get out of it.

Charles accumulated significant wealth over his lifetime, some of which was held in accounts Charles maintained with a financial services firm. Charles purportedly signed beneficiary designations for all of his accounts at this firm naming a megachurch as his sole ... Read More ›

FINRA Adopts Rule 3241 to Address the Ability of Associated Persons to be Named as Beneficiaries of or Executors, Trustees or Attorneys-in-Fact for Customers

On October 29, 2020 FINRA issued Regulatory Notice 20-38 announcing that Rule 3241 has been adopted in order to limit the ability of licensed personnel of FINRA member firms to be named as a beneficiary, executor, trustee of or have power of attorney for or on behalf of a customer.  In pertinent part, Rule 3241 provides as follows:

  • Registered personnel shall decline being named as a beneficiary of a customer’s estate (or receiving a bequest from a customer’s estate upon learning he/she was named as a beneficiary) unless (1) the customer is a member of the registered person’s ...
FINRA Adopts Rule 3241 to Address the Ability of Associated Persons to be Named as Beneficiaries of or Executors, Trustees or Attorneys-in-Fact for Customers

On October 29, 2020 FINRA issued Regulatory Notice 20-38 announcing that Rule 3241 has been adopted in order to limit the ability of licensed personnel of FINRA member firms to be named as a beneficiary, executor, trustee of or have power of attorney for or on behalf of a customer.  In pertinent part, Rule 3241 provides as follows:

  • Registered personnel shall decline being named as a beneficiary of a customer’s estate (or receiving a bequest from a customer’s estate upon learning he/she was named as a beneficiary) unless (1) the customer is a member of the registered person’s ...
Joseph S. Simms Joins Probate Litigation Practice Group

We are happy to announce that Joseph S. Simms has joined Reminger Co., LPA. Based in our Cleveland office, Joe brings to our team more than two decades of legal experience and unique insight into finance and business concerns that are often associated with complex estate and trust litigation disputes.Read More ›

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