Gloria Ferris

one woman’s view from a place by the zoo in the city

Coloring Makes the World Go Round

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So glad that coloring is seen as acceptable for adults. I believe those of us who know what is important already had the advantage.

When I was blue as a kid or things just weren’t going right as a kid, my Aunt Dadie would say we need to get out the crayons and coloring books. After an hour of spending time coloring with her never saying a word, I usually forgot what had been making my world less than perfect.  I did the same for my daughters and now we all do it for my granddaughters. Coloring soothes the soul and rebalances the world.

http://www.huffingtonpost.com/2015/04/14/mandala-coloring-book_n_7057932.html

 

and consider buying this coloring book  “Coloring Flower Mandelas”

 

I am think there should be a coloring book of nautilus chambers soon.

Written by Gloria Ferris

April 14th, 2015 at 5:42 pm

Posted in art,design

The Whys and Wherefores of “I Will Buy Your Insulin Test Strips”

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For months,maybe years, my husband Tim and I have been seeing signs plastered on utility poles that say “I will buy your Insulin Test Strips” around the neighborhood with a proliferation of them around the MetroHealth Campus.

Today, I finally thought to ask my Facebook friends to help me out with the reason why. Thanks to those friends and others I now know a bit more of the story behind the signs. It appears there is a black market for insulin test strips. Some diabetics may need to test 5 to 10 times a day to help them control the disease. It would be my supposition that some one needing to test that frequently may be what is called a “brittle” diabetic but may be not. According to my sources, it is not uncommon for these test strips to bring $1.00 a piece on the black market.

So, who sells these test strips on the black market? Apparently, many people do-relatives of people who have died, criminals who steal them from friends, neighbors and relatives who need them, and others who should use the test strips themselves but find the reselling of them too lucrative to pass up. Imagine my surprise to find out that this black market item is as lucrative as prescription  pain medications.

There is a bit of misinformation out there that I believe needs to be cleared up-“Medicare and Medicaid patients can get all they can use for free”.  I have a friend on Medicaid whose doctor requested that she get the number of test strips needed to enable her to test twice a day. Medicaid denied the request allowing her one a day. Now, Medicaid usually follows the lead of Medicare guidelines so although I do not KNOW what medicare allows or does not allow, I do know that not every Medicaid patient gets whatever amount they need and if I were a betting person I would probably bet that Medicare probably has strict guidelines as well.

I understand that Medical Mutual is a company that will ship strips, glucose tabs, and other testing stuff quarterly if you sign up for one of their programs and you dot the i’s and cross the t’s just so. I am sure other insurance companies have similar plans, but many of them, as some of my sources say, are very expensive.  There is also the option of going to the company involved directly. Pharmaceutical Company Foundations will often supply prescriptions and supplies to people who do not qualify for other help in getting the medications they need.

 

But back to the issue at hand, the unsuitability of these signs on utility poles in my neighborhood.  Kate Dupuis, an employee of the Stockyard, Clark-Fulton and Brooklyn Centre Community Development Office has declared war against the unsightliness of these signs as well as “Free Roofs”,”We Buy Houses Cash”, “Poor Credit, No Credit We Have Cars”.  Take a photo of the sign, its location, the utility pole number if possible, and email it to Kate at kdupuis@dscdo.org.  She is compiling a list to bring to the City so that action can be taken against the parties responsible.  There is a fine for each sign posted. If we can multiplying the number to make the fine significant, action can and will be taken.

Somehow, a black market for test strips seems so wrong given the recent event of a 36 year old man dying because he was unable to buy insulin when needed because his prescription expired.  http://www.wkyc.com/story/news/health/2015/02/11/emergency-insulin/23276399/  We live in a messed-up world, and it is up to us to change it.

Overused, but no less true .    “Never doubt that a small group of thoughtful, committed citizens can change the world; indeed, it’s the only thing that ever has.

–Margaret Mead

Written by Gloria Ferris

February 16th, 2015 at 8:41 pm

PUBLIC MEETING: Aragon Ballroom

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PUBLIC MEETING NOTICE

ZONING APPEAL

Aragon Ballroom

3179 West 25th Street

Thursday, January 22nd at 6:00 pm

At Lincoln West High School 3202 West 30th Street

Park and enter from the NORTH parking lot

The owner of Aragon Ballroom (Ali Faraj) would like to renovate the historic building as an event/conference center. The use will be allowed if it doesn’t negatively impact the neighborhood.

 

I would suggest anyone living near the West 25th corridor, whether it is close to the Aragon Ballroom or not, should attend this IMPORTANT meeting. Since this will be the FIRST MAJOR renovation along a street where MANY upgrades and changes are planned, we need to do this right and the COMMUNITY should be included.

Among other things to be considered is a PARKING variance. Rumor has it that already an agreement with Cleveland Metropolitan School District and the owners has already been struck. My question why isn’t the vacant lot on West 25th Street very close to the venue considered for parking? When the corridor booms a well placed parking lot should be in the mix, correct? The area surrounding the ARAGON is VERY residential and how will on street parking be handled?

If the seminars and business activities do not meet expectations, what type of “entertainment” will the venue book? What type of liquor permits will be requested? A lot of questions need to be asked and answered. Solutions need to be found for the community’s concerns.

An historic preservation of a building is only ONE of things to be considered here and should not be used as a smoke screen for the very real impact on the surrounding community.

Please consider taking the time out of your very busy lives to attend.

 

Written by Gloria Ferris

January 21st, 2015 at 3:37 pm

Talking Points for First Energy PUCO Hearing January 20, 2015

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First Energy PUCO Hearings – Talking Points
• Roughly one in three Ohio households, 1.4 million in all, are considered cost burdened by the U.S. Department of Housing and Urban Development standards, paying more than 30 percent of their annual income on housing and utilities combined. Ohio families can’t afford a monopoly power plant bailout.
• According to the 2013 Home Energy Affordability Gap Report, more than 300,000 Ohio households pay over 30 percent of their annual income just on their home energy bills alone.
• FirstEnergy is asking the PUCO to permit its subsidiaries, Ohio Edison, Toledo Edison, and Cleveland Illuminating Company, to buy from FirstEnergy’s own power plants, at a premium, instead of from the PJM wholesale market where they are required to buy – as part of the deregulation FirstEnergy itself petitioned for.
• If this bailout goes through, consumers will be on the hook for FirstEnergy’s bad business decisions – at a projected cost of over $3 billion over fifteen years.
• If the ESP is approved, FirstEnergy would realize a revenue surplus of around $2 billion over operating costs for the fifteen year arrangement.
• FirstEnergy is fudging the numbers. To get an Electric Security Plan instead of a Market Rate Offer, FirstEnergy has to show a cost savings for customers. But even though they’re asking for a three year ESP, they’re claiming customer savings not over three years, but over the life of the 15 year power purchase agreement bailout they want. And even those numbers are wild speculation.
• When FirstEnergy’s own projections are limited to the 3 year span of the actual ESP, instead of the 15 year extended rider they’re seeking, FirstEnergy’s own projections indicate a $400 million net ratepayer loss.
• FirstEnergy’s proposal is anticompetitive. Getting this bail out would mean that FirstEnergy can undercut more efficient producers in the wholesale electricity market. Driving out those producers will limit energy choice.
• FirstEnergy says efficiency upgrades are costly, but they want these subsidies because they are losing out in the wholesale market – to wind and natural gas.
• Because with this rider, FirstEnergy recovers its full “cost” of generation, the rider would create an incentive for FirstEnergy to inflate its costs, which are not totally transparent to the PUCO.
• FirstEnergy is saying this plan will save customers money in the long run – but if that’s true, why don’t they want to take the risk and realize those cost savings for themselves? They’re asking PUCO to force customers to take a risk they’re not willing to take themselves.
• FirstEnergy has successfully petitioned the PUCO not to release cost and revenue figures so the public can learn the full story. If this plan really will benefit consumers, then what do they have to hide?
• FirstEnergy is asking the government to enforce a monopoly. Even though customers may want to choose a different supplier, those served by FirstEnergy power lines would still have to pay the surcharge – even though this surcharge is for subsidizing unprofitable plants, not for grid maintenance.

Written by Gloria Ferris

January 6th, 2015 at 9:26 pm

MyScore – Get Your Free Credit Score Now

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This MyScore is an incredible scam. There is no disclosure. There are no terms. I kept on waiting for the disclosures and terms of the relationship to come to me by email, and they never did. These people needs to be driven off the internet.

Why is there a charge on my card?

Answer: It’s a monthly charge for myscore.com.

If you’re here you have a few questions.
And we have answers.

Who are we?

MyScore is a US-based financial services company.

Why are you charging me?

These are charges for the credit montioring program you signed up for online.

Why is there a $1 charge for a free trial?

Your score is free, but your credit report is only $1 at myscore.com. You get to try our credit monitoring product free for 7 days you can cancel the membership at anytime during the trial period.

Why do I have a $29.95 charge?

If you don’t cancel your membership within the 7-day trial period, you will be charged a $29.95 membership fee for each month that you continue the membership.

Is this a scam?

No, it’s not. We go to great lengths to make sure that people see the terms of our offer on our websites, emails and advertisements. We also ask our customers to agree to our terms and conditions before they can sign up for our program..

This doesn’t sound familiar.

If the myscore.com doesn’t ring a bell, you may want to ask other members of your family who might have access to your credit card. We’ve found that 95% of the time the confusion arises from someone else in the family signing up for the product.

How do I cancel my account?

To speak with someone right now, click here and we’ll call you back with 15 minutes between 7am and 9pm, Eastern Standard time. If you contact us outside those hours we will call you first thing tomorrow morning.

Or if you want to contact someone now you can call us at (855) 331-9531.

Can I get a refund?

Charges are non-refundable, but once you cancel you will never be charged again. Please see the refund policy for further details.

Any further questions?

You can learn more about your options to contact us here

MyScore – Get Your Free Credit Score Now

Written by Gloria Ferris

October 27th, 2014 at 4:17 pm

Posted in ethics

Letters and Their Meaning over Time

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Over the past few weeks I have been thinking of the letters I have written, sent and unsent, and the letters I have received throughout my life.  The reason for this reflection has been a memory book that my cousins and I compiled for our Aunts-Mick and Connie.

When we began planning the book, we immediately knew we would include memories of Grandpa John and Grandma Esther as well as the picnics and holidays we spent together as children. And then, the Workman cousins asked for memories of their sister Cynthia who we lost way too soon in our lives. I was 21 when she died of complications from pneumonia and kidney failure, so was she. They were much younger, the oldest 15 and the youngest, just 7 years old. 

Their request made me realize that they too had lost someone way too soon. When I sat down to write that short essay I realized that one of the things I cherished most about my cousin Cynthia was her passion for writing letters to stay in touch. When she and her family moved farther away from us, and she didn’t see her cousins as often, she devised a “round robin” letter writing campaign, so that Peg, she and I could stay in touch by writing a letter a month.  She would start the progression, send it to me because she knew I was the procrastinator in the group and then, I then would send it on to Peg, who would write her contribution and send it all back to Cynthia who would then write the next month’s beginning letter, include Peg’s. and send it all to me.  How I looked forward to the mailman towards the end of the month when I knew a letter should be arriving soon.

Lo and behold, today, I received an email from her older brother who tells me he has a box of the letters she sent to him, and he will gladly share them with Peg and me.  To dwell in the past is not a good thing to do, but to be able to travel back to another place and time when you were young opens a connection to people that were very special and important to you and that is a good thing.

How often, when I open a box of the cards and letters that I did keep. I wish that I had kept just a few more of the everyday missives that I received from friends and relatives. I kept many of the letters my best friend Beth wrote to me when I was in college because she always included them with a card that made me laugh or remembered some event that she and I had shared together. She on the other hand, had a mother who saved a box of “school notes” that she wrote to me and other friends. Of course, it again had that “round robin” effect.

The year I had my heart attack I went to spend a week with Beth and her family. She opened that box and we spent a joyous afternoon, laughing until we cried, crying until we laughed because there was some sadness included in the writing of those notes. In the end, she and I were amazed at what we saw then as being obstacles and incidents that had the possibility of changing our lives forever, were in the here and now, not so important after all.

I guess that my intention for writing this post is to warn those of you who have the tendency to purge the past out of your lives periodically to be sure that you ask the question “Will I wish I had kept this letter, note or card when I am sixty four?  

 

Written by Gloria Ferris

June 30th, 2014 at 2:56 pm

Posted in dialogue,family,friends

Tagged with , ,

Second District Commander Sulzer Steps Down WHY???

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To Mayor Jackson, Safety Director McGrath,  Flask and Chief of Police Williams:

If your intent was to make the citizens of the Second Police District feel unsafe you achieved your goal.

Last night, I went to bed uneasy knowing that now when the drug dealing on both sides of my home becomes intolerable I no longer have Commander Sulzer to email to let him know about the increased activity both day and night. I am sure that replacement Tom Stancho is a fine and capable person, but you see it takes years to gain the trust of a community. We had a Commander who had the trust and confidence of his community built on years and years of serving us well. You don’t simply interchange that kind of person with another cog in the wheel.

Knowing that Commander Sulzer would use the information that I forwarded to him from myself and others so that we would again have a quieter, more peaceful existence was a constant reminder that we were safer and more secure with him at the helm.  He used the information we gave him to deploy his officers effectively and efficiently

This morning, I woke up before dawn realizing that I wasn’t as safe as I was yesterday because Commander Sulzer no longer leads our team of police officers who protect and serve my community.

You have taken from us a man who was a true leader.  He knew that being a policeman was much, much more than commanding his troops. He knew that enlisting the help of the community to be his eyes and ears was essential to our well-being as a community. He knew that working together was how we would all be safe and secure.  He made sure by being visible in the community and being part of our social fabric that we would continue our daily lives with a surer step- a little bit more confident that our decision to make Cleveland our community of choice was a good one because hw was a member of the team..

Yesterday, I had hope in achieving our community’s  goals because we had a very sturdy rudder to guide us through some, at times, pretty heavy seas. Today, my councilman Brian Cummins along with other leaders in my community are demanding some answers on why such a devastating decision was made that will harm our community. And, I no longer have the optimism and confidence I once had.

Unfortunately, in my heart I believe I know the answer to this devastating turn of events-politics. I have heard that the decision to demote a commander lies with the police chief.  I have no reason to believe that this decision was made any differently.  We will be given a rash of statistics and reasons as to why this demotion and disgrace of the best police commander I have ever known was a needed outcome of events in our community.  But, I say to you that Commander Sulzer is the best commander to ever serve in the City of Cleveland because former Second District  Commander Greg Baeppler ,who has always been my comparison when sizing up our police force, told me so.  I have always believed that Commander Baeppler speaks the truth, and through the years, I have learned for myself that his statement is true.

I am saddened to think that this decision was probably made for a much more personal reason than “the good of the community” although I am sure that crime statistics will be the official reason. Looking at statistics can be misleading and are  not a good way to evaluate the strength of a police force and its commander. Recently, I have seen reports of crime being “up” in the second district. Subtle hints in the media to show that we are not as “safe and secure” as we perceived,   targeted specifically for us to doubt ourselves.  Has anyone ever reasoned why this may be?  Could it be that more people report crimes because they are confident that something will be done, that their complaints are taken seriously, that the new way to deploy officers is to strategically place them in areas with more reports of incidents of crime works but only because people report crime?  Did the very rules devised to make us “safe” cause the one thing that will make us “unsafe”?    

Reasoned decision making and good judgment are traits that any good leader should have but are especially crucial for a police chief or those who choose that leader.  On the surface, the decision to force Commander Sulzer to resign and accept a demotion appears not to be seasoned, reasoned or based on sound judgment, so why was it made? Tell us.

The Second District community deserves answers and not only should one of our elected representatives ask, but all of our councilmembers should be asking this question in unison.  If it is one thing I know about my friends and neighbors, we will write letters, we will make phone calls, we will stage protests until we get the answers we deserve regarding the untimely and ill- conceived demotion of Commander Keith Sulzer. We will demand answers.

I will not go so far as to suggest that this decision should be reversed because heaven knows that takes a true leader who knows it is better to reverse a decision than to ride it down to the end.  Of course, when decisions are made by a “lame duck” administration it isn’t that administration that lives with them but the community that will be left to pick up the pieces.

Council leaders should certainly question why the Police Chief made this decision and demand concrete evidence to show why it was made. It is time for council to show true leadership and not allow a lame duck administration to continue to make decisions that will affect our lives long after it is gone.

Friends living in the 2nd District or anyone else who lives in Cleveland and cares about our relationship with our police force should call and express our thoughts about Commander Sulzer to the following people and numbers: Police Chief Calvin Williams 216-623-5005; Safety Director Michael McGrath 216-3716; and the Mayor’s Office 216-664-3990.

How strange that a few short months ago I worried that Commander Sulzer would be promoted to police chief and we would lose this fine man to the greater good. Never did I dream that we would lose him for  reasons that are so very wrong.

 

Has the “War on Drugs” Failed?

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I’ve always thought the term “war on drugs” set the wrong tone. It was a “war” set to fail.  I dated a DEA officer in the 70’s shot in the back when he entered a known drug ring’s apartment.  They never found the partner who did it, who decided the money on the other side was too hard to resist.  He told me that he thought it was futile as long as there were people to buy there would people to harvest and sell.

So, depleting demand should change the need for supply in theory.

Mansfield is correct until there is a bed for every addict needing and wanting it with the help to find a job (usually a futile attempt since there is probably a felony record in the person’s past and when there are 5 people for every job available not much chance of it happening) and a reason for staying clean, usually reconnecting with a family worn down by years of promises broken, law enforcement will be asked to clean up the messes so they are kept out of sight, not eradicated.

And now, with the added, addiction caused by prescription painkillers, who wouldn’t go to the cheaper and more readily available heroin on the streets?

I think I finally get why the drug dealers in my neighborhood are so busy at 8 am and 5 pm- a steady stream of SUVs and late model cars pull up, a driver or passenger hops out, knocks on a door or talks to a kid on a bicycle, and 5 minutes later they pull away.

And, before you say that law enforcement does nothing, let me tell you that the battle rages on in my neighborhood and across the city. But, just like the potholes in Cleveland there are priorities, many cases just wouldn’t make it to court and if it did because of overcrowding of jails, treatment facilities, the penny ante dealer will soon be back  on the streets.

Until we treat drug addiction as a SOCIAL ill instead of a criminal one, I don’t think much will change.

 

Written by Gloria Ferris

March 5th, 2014 at 12:02 pm

Reframing the Money Dialogue

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Recently, I told someone that I think we do not discuss the poverty rate and the day to day reality in our neighborhoods in a way that causes any real action on how to change it.

This comment was in response to yet again another discussion about the yearly “go around” when the City and the Cleveland City Council takes on the subject of Community Development Block Grant funds and how the ever shrinking pot will be dispensed. You might wonder why this would be a topic of conversation for me on a daily basis at this time of year. I serve as the Chair for the Stockyard, Clark-Fulton and Brooklyn Centre Community Advisory Council, and that is the reason.

Disclaimer:  This blog post is strictly my own thoughts and views on the subject and does not in any way represent an official viewpoint of said Council or anyone else for that matter.

Our economic strategy is based on scarcity rather than abundance. in essence “the haves and the have nots”. It doesn’t matter what commodity the discussion is about: food, oil and gas, money, transportation, water, land,  you name it,  and what it boils down to  is who has it and who doesn’t. In the case of CDBG funds who holds the purse strings and how it is dispensed is the topic of discussion.

Andrew Carnegie in the early 1900’s built libraries instead of soup kitchens based on the premise that people’s minds should be fed as well as their bodies. Kind of a “Give a man a fish and you feed him for a day. Teach a man to fish and you feed him for a lifetime” philosophy. Cleveland Public Library’s “The People’s University” comes to mind.

Last year, I had the opportunity to hear Peter Block, one of the authors of “The Abundant Community” and Dr. Olivia Saunders, an economist from the Bahamas at an all day seminar hosted by River’s Edge.  Since I was in college, I have always had an avid interest in economics, but their discussion about The Economics of Abundance turned everything I thought I knew  upside down and has had me looking at things differently ever since that day. Dr. Saunders held up a tomato and asked this question “ How many seeds does this tomato have?” Then, in small groups, we were to figure out how many seeds were in that tomato. The answers varied from the hundreds to the tens of thousands.  Her answer: “enough”.

As long as we see “getting the money” as the end rather than the means, we will continue to believe “there is not enough”.  Collaboration, partnering, and developing “new” ways of doing things is how we transform our ability to “do more good with fewer dollars” because we have the skill set to do it within each community in Cleveland.   Peter Block voiced how we are taught that the answers are “out there” and “somewhere else” instead of right there within a community itself.

This article “Is It Taboo for You Too?” by Richard Wagner on www. worth living.com  asks some good questions on how we could reframe the dialogue into some meaningful discussions . How we could ask some questions that could actually begin to change our mindset about money as the tool it is rather than the end goal. Put it all in perspective as it were.

What Do Fishing, Blogging, and Relationships have in Common?

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When I stumbled on Robert Pearce’s recent blog post that referenced Capital Financial Group, it was hard for me to recognize the men and women that I have come to know over the years. Mr. Pearce’s broad stroke of the pen does the financial services and his profession a disservice.

In striving for his intent to raise fear, uncertainty and doubt in his readers, he has done a disservice not only to an independent producers’ brokerage but also to the dedicated men and women who have forged a relationship that works for them as well as their clients.

You see, I have met many of the people he supposedly describes in his article. You do not know me, just as many of you do not know Mr. Pearce, but I ask you to trust my statement that I didn’t meet people like the ones he describes.

Over the years, I have met a dedicated group of people who strive for professional knowledge by learning how to ask hard questions of people who are supposed to have the answers, all the time knowing that there are no crystal balls. I have participated in group discussions led by their peers. They do not take their obligation to themselves and their clients lightly.

I have interacted socially with their wives and husbands. There are those to  whom I nod in a crowded room and there are others that I can’t wait to see again. When you interact with a group of people in a professional setting, and then later, break bread with them socially, you get a feeling about who those people are, what you have in common, and how you relate to each other.

I have come to know this company, their registered reps through themselves and their spouses and I don’t recognize the people Mr. Pearce describes. In any profession there are those who are better at what they do than others, there are the technical and analytical ones, there are the ones who are listeners, and the ones who map out a plan and help you stick to it; very seldom, are they like Mr. Pearce’s description. If yours is, by all means, consult someone who can help you, but do not succumb to fear, uncertainty and doubt.

Trust is a key in any relationship and whether you are choosing a financial advisor, an attorney, a friend, or a spouse, it should be at the top of your list of criteria. Through the years, you choose trusted advisors to guide you on your way. Chances are your trust is not misplaced.

I am a blogger. I read blogs. I post things to the internet. Would I choose a trusted advisor from what I read on the internet? No. Would I want someone to choose me as a trusted advisor based on what they found on the internet? No. Some things are still better done face to face. Trust is still a key component of good relationships whether they are professional or personal.

My father was one of my trusted advisors. Now, his sage advice only remains in my memory. He was an avid fisherman, preparing for each trip with anticipation. Sometimes, he would come home with a bucket filled with fish; other times there would not be many at all. I couldn’t understand his fascination with a sport that could yield so much or so little.

He said, “Cat, ask yourself this question: Would you rather catch a fish like Ernest Hemingway’s Nick Adams in a swift river, or a pond stocked with hungry fish fighting for food?

I know my answer. What’s yours?

Oh. Here is Robert Wayne Pearce’s posting from this past June:

By Robert W. Pearce of Law Offices of Robert Wayne Pearce, P.A. posted in Capital Financial Group on Saturday, June 1, 2013.

Capital Financial Group Inc./H. Beck, Inc. (Capital Financial) is an independent broker-dealer headquartered in Bethesda, Maryland and reportedly has over 1000 registered representatives across the United States operating in one or two person offices. Its branch offices are largely comprised of small producers earning commissions at higher pay out rates than the major full-service brokerage firms, a recipe for disaster when it comes to protecting investors from churning and unsuitable investments and unsuitable investment strategies!

Churning is a violation of Federal and state securities statutes, industry rules and regulations and a breach of fiduciary duty to investors under common law. Churning can occur if a Capital Financial broker exercises control over the investment decisions in your account and purchases stocks or recommends that you purchase and sell stocks for his benefit, i.e., commissions not yours! These trades rarely, if ever, make the investor any money. In fact, the additional commissions raise the break-even point for the investor to the level where the stock must perform at an extremely high level in order for the investor to make any money.

In every broker-investor relationship, the broker must assess what the investor’s goals are as well as his or her risk tolerance. This assessment is based on a number of key factors, including the investor’s stated objectives, risk tolerance, financial condition and tax status. It is the broker’s responsibility to only pursue investments suitable for that investor based on these factors. A stockbroker is obligated to only recommend suitable investments and investment strategies. If a Capital Financial broker recommends unsuitable investments and unsuitable investment strategies, it can leave you vulnerable to unnecessary risk and losses.

Independent broker-dealers are notorious for their lax supervisory practices and procedures. The business model of these operations is to open many offices nationwide for steady growth of fixed monthly revenues without the costs attendant to a full-service branch office with on-site manager, compliance officer and operation personnel. The registered representatives of these independent broker-dealers generally operate as separately incorporated businesses. They are not employees of the broker-dealer and therefore not controlled in the same manner as full-service brokerage firm representatives. The registered representatives control their structure and costs to maximize profits and often leave the protection of investors’ rights and interests as their lowest priority.

The typical supervisory organization of independent broker-dealer operations is to have other independent contractors operate Offices of Supervisory Jurisdiction (OSJs) to monitor the registered representatives from geographically remote offices and then report to the main franchisor’s compliance office at national headquarters. The supervisors at the OSJs are not employees of the franchisor and often run their own brokerage, insurance and other businesses. They are not devoted full-time supervisors of the smaller branch offices. Consequently, OSJ managers cannot and do not supervise the day-to-day operations of the registered representatives of these Independent broker-dealers.

There is no immediate review of new accounts opened, securities transactions, business records, cash or securities receipts and deliveries, correspondence and business activities unrelated to the securities brokerage operation at these independent brokerage firms. The lax supervision leaves investors who have transferred their accounts to the smaller independent broker-dealer vulnerable to excessive purchases and sales of securities and securities that have not been reviewed or authorized by anyone other than the sales representative earning a commission. Generally, no manager is onsite to detect the placement of inaccurate information about a client’s investment objectives and financial condition to document the suitability of a particular investment recommendation. There is no daily review of sales literature and client correspondence to protect against misrepresentations and misleading statements being made to investors. In fact, there may be only one compliance audit visit per year at many of these offices. These Independent brokerage business operations are worrisome to the North American Securities Administrators Association (NASAA), which has documented more instances of sales abuse and consequently investor losses at these firms.

Have you suffered losses in your Capital Financial brokerage account? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against Capital Financial stockbrokers who engaged in churning, recommended unsuitable investments and unsuitable investment strategies that caused investors losses.

The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889 FREE, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.

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Capital Financial Investor Alert – Watch Out For Churning and Unsuitable Investments! | US and International Securities, Commodities and Investment Dispute Law Firm | Law Offices of Robert Wayne Pearce, Boca Raton FL

Written by Gloria Ferris

January 31st, 2014 at 1:51 pm