<html>
<head>
<title>FIDUCIARY DUTY,STOCKBROKER,UPIA,ERISA,FINRA,TRUSTS,HEDGE FUNDS</title>
<meta name=description content="Tool for beneficiaries or private trusts, participants in public, corporate or union pension plans and non-profit donors to monitor stewardship and investment decisions of trustees acting for them">
<meta name=keywords content="beneficiaries,participants,no-profit,donors,stewardship,duty,fiduciary,trustee,retirement benefits,401k benefits,pension benefits,employee benefits,widow,surviving spouse benefits">
<meta http-equiv="Content-Type" content="text/html; charset=iso-8859-1">
<META HTTP-EQUIV="Pragma" CONTENT="no-cache">
<META HTTP-EQUIV="Expires" CONTENT="Thu, 1 Jan 1970 01:00:00 GMT">
</head>
<body bgcolor="FFFFFF" leftmargin="0" topmargin="0" marginwidth="0" marginheight="0" >
<div align=left>
<table width="100%" border="0" cellspacing="0" cellpadding="0" height="100%">
<tr>
<td valign="top" width=239 background="img/bottile18123.gif">
<table width="239" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="239"><img src="img/image2.jpg" width="239" height="165" name="im4"></td>
</tr>
<script>
function swapon1()
{
document.img1.src="img/navigr1.gif";
}
function swapoff1()
{
document.img1.src="img/navig1.gif";
}
</script>
<tr>
<td><a href="index.html" onclick="return true" onMouseOver="swapon1()" onMouseOut="swapoff1()"><img src="img/navig1.gif" width="182" height="23" border="0" name="img1"></a>
</td>
</tr>
<script>
function swapon2()
{
document.img2.src="img/navigr2.gif";
}
function swapoff2()
{
document.img2.src="img/navig2.gif";
}
</script>
<tr>
<td><a href="page2.html" onclick="return true" onMouseOver="swapon2()" onMouseOut="swapoff2()"><img src="img/navig2.gif" width="182" height="23" border="0" name="img2"></a>
</td>
</tr>
<script>
function swapon3()
{
document.img3.src="img/navigr3.gif";
}
function swapoff3()
{
document.img3.src="img/navig3.gif";
}
</script>
<tr>
<td><a href="page3.html" onclick="return true" onMouseOver="swapon3()" onMouseOut="swapoff3()"><img src="img/navig3.gif" width="182" height="23" border="0" name="img3"></a>
</td>
</tr>
<script>
function swapon4()
{
document.img4.src="img/navigr4.gif";
}
function swapoff4()
{
document.img4.src="img/navig4.gif";
}
</script>
<tr>
<td><a href="page4.html" onclick="return true" onMouseOver="swapon4()" onMouseOut="swapoff4()"><img src="img/navig4.gif" width="182" height="23" border="0" name="img4"></a>
</td>
</tr>
<script>
function swapon5()
{
document.img5.src="img/navigr5.gif";
}
function swapoff5()
{
document.img5.src="img/navig5.gif";
}
</script>
<tr>
<td><a href="page5.html" onclick="return true" onMouseOver="swapon5()" onMouseOut="swapoff5()"><img src="img/navig5.gif" width="182" height="23" border="0" name="img5"></a>
</td>
</tr>
<script>
function swapon6()
{
document.img6.src="img/navigr6.gif";
}
function swapoff6()
{
document.img6.src="img/navig6.gif";
}
</script>
<tr>
<td><a href="page6.html" onclick="return true" onMouseOver="swapon6()" onMouseOut="swapoff6()"><img src="img/navig6.gif" width="182" height="23" border="0" name="img6"></a>
</td>
</tr>
<script>
function swapon7()
{
document.img7.src="img/navigr7.gif";
}
function swapoff7()
{
document.img7.src="img/navig7.gif";
}
</script>
<tr>
<td><a href="page7.html" onclick="return true" onMouseOver="swapon7()" onMouseOut="swapoff7()"><img src="img/navig7.gif" width="182" height="23" border="0" name="img7"></a>
</td>
</tr>
<script>
function swapon8()
{
document.img8.src="img/navigr8.gif";
}
function swapoff8()
{
document.img8.src="img/navig8.gif";
}
</script>
<tr>
<td><a href="page8.html" onclick="return true" onMouseOver="swapon8()" onMouseOut="swapoff8()"><img src="img/navig8.gif" width="182" height="23" border="0" name="img8"></a>
</td>
</tr>
<script>
function swapon9()
{
document.img9.src="img/navigr9.gif";
}
function swapoff9()
{
document.img9.src="img/navig9.gif";
}
</script>
<tr>
<td><a href="page9.html" onclick="return true" onMouseOver="swapon9()" onMouseOut="swapoff9()"><img src="img/navig9.gif" width="182" height="23" border="0" name="img9"></a>
</td>
</tr>
<script>
function swapon10()
{
document.img10.src="img/navigr10.gif";
}
function swapoff10()
{
document.img10.src="img/navig10.gif";
}
</script>
<tr>
<td><a href="page10.html" onclick="return true" onMouseOver="swapon10()" onMouseOut="swapoff10()"><img src="img/navig10.gif" width="182" height="23" border="0" name="img10"></a>
</td>
</tr>
<script>
function swapon11()
{
document.img11.src="img/navigr11.gif";
}
function swapoff11()
{
document.img11.src="img/navig11.gif";
}
</script>
<tr>
<td><a href="page11.html" onclick="return true" onMouseOver="swapon11()" onMouseOut="swapoff11()"><img src="img/navig11.gif" width="182" height="23" border="0" name="img11"></a>
</td>
</tr>
<script>
function swapon12()
{
document.img12.src="img/navigr12.gif";
}
function swapoff12()
{
document.img12.src="img/navig12.gif";
}
</script>
<tr>
<td><a href="page12.html" onclick="return true" onMouseOver="swapon12()" onMouseOut="swapoff12()"><img src="img/navig12.gif" width="182" height="23" border="0" name="img12"></a>
</td>
</tr>
<script>
function swapon13()
{
document.img13.src="img/navigr13.gif";
}
function swapoff13()
{
document.img13.src="img/navig13.gif";
}
</script>
<tr>
<td><a href="page13.html" onclick="return true" onMouseOver="swapon13()" onMouseOut="swapoff13()"><img src="img/navig13.gif" width="182" height="23" border="0" name="img13"></a>
</td>
</tr>
<script>
function swapon14()
{
document.img14.src="img/navigr14.gif";
}
function swapoff14()
{
document.img14.src="img/navig14.gif";
}
</script>
<tr>
<td><a href="page14.html" onclick="return true" onMouseOver="swapon14()" onMouseOut="swapoff14()"><img src="img/navig14.gif" width="182" height="23" border="0" name="img14"></a>
</td>
</tr>
<script>
function swapon15()
{
document.img15.src="img/navigr15.gif";
}
function swapoff15()
{
document.img15.src="img/navig15.gif";
}
</script>
<tr>
<td><a href="page15.html" onclick="return true" onMouseOver="swapon15()" onMouseOut="swapoff15()"><img src="img/navig15.gif" width="182" height="23" border="0" name="img15"></a>
</td>
</tr>
<script>
function swapon17()
{
document.img17.src="img/navigr17.gif";
}
function swapoff17()
{
document.img17.src="img/navig17.gif";
}
</script>
<tr>
<td><a href="page17.html" onclick="return true" onMouseOver="swapon17()" onMouseOut="swapoff17()"><img src="img/navig17.gif" width="182" height="23" border="0" name="img17"></a>
</td>
</tr>
</table>
</td>
<td valign="top">
<table width="100%" border="0" cellspacing="0" cellpadding="0">
<tr align="right" >
<td background="img/comptile18123.gif"><img src="img/compname1.gif" width="525" height="47" name="im1"></td>
</tr>
<tr align="right" >
<td background="img/slogantile18123.gif"><img src="img/slogan1.gif" width="525" height="35" name="im2"></td>
</tr>
<tr>
<td>
<p align="right"><img src="img/email.gif" width="350" border="0" height="21" name="im3"></p>
<p> </p>
<table width="95%" cellspacing="0" cellpadding="0">
<tr>
<td>
<p align="center">
<strong><u><span style="font-family: Verdana; font-size: 9pt">Fiduciary Expert Witness Litigation Support</span></u></strong>
</p>
<p align="center">
<strong><u><span style="font-family: Verdana; font-size: 9pt"></span></u></strong><strong><span style="font-variant: small-caps; font-family: Verdana; font-size: 9pt">Fiduciary<em>FORENSICS</em></span></strong><strong><sup><span style="font-family: Verdana; font-size: 9pt">®</span></sup></strong><span style="font-size: 9pt"></span><span style="font-size: 9pt"> </span>
</p>
<p align="center">
<span style="font-size: 9pt"></span><strong><span style="font-family: Verdana; font-size: 9pt">Call the Fiduciary Expert when your case involves </span></strong><span style="font-size: 9pt"></span><strong><span style="font-family: Verdana; font-size: 9pt">Breach of Fiduciary Duty </span></strong>
</p>
<p align="center">
<strong><span style="font-family: Verdana; font-size: 9pt">as it often envelopes suitability and supervision.</span></strong><span style="font-size: 9pt"></span><span style="font-size: 9pt"> </span>
</p>
<p>
<span style="font-size: 9pt"></span><strong><u><span style="font-family: Verdana; font-size: 8pt">Stock Brokers Fiduciary Duties, Breach of Fiduciary Duty and Investment Advisors Act of 1940</span></u></strong>
</p>
<p>
<strong><u><span style="font-family: Verdana; font-size: 8pt"></span></u></strong><span style="font-size: 8pt"></span><span style="font-family: Verdana; font-size: 8pt">The DC circuit court (FPA v SEC) decision may cause some stock brokers to register and comply with the Investment Advisors Act of 1940; none the less, series 7-only licensees may owe a fiduciary duty. </span><span style="font-family: Verdana; font-size: 8pt">Suitability and a compliance supervisor’s oversight is important but only make up part of this fiduciary duty.<span> </span>Suitability requires a multi faceted risk analysis by the broker / adviser and an understanding of the customers’ ability to evaluate same, at account inception and during the life of the account.</span><span style="font-family: Verdana; font-size: 8pt"> Customers’ ability to understand suitability and fiduciary duty (in contrast to the capacity of the broker) is critical in light of previous, current and future investment decisions.<span> </span>In sum fiduciary duty applies before and during the account with the broker dealer or investment adviser and any changes thereto.</span><span style="font-size: 8pt"></span><span style="font-family: Verdana; font-size: 8pt"> </span><span style="font-family: Verdana; font-size: 8pt">Example: Among several different types of risk, correlation risk bears review as brokers sometimes think that an account is prudently diversified simply by virtue of multiple investments.</span><span style="font-family: Verdana; font-size: 8pt"> </span><span style="font-family: Verdana; font-size: 8pt">An analysis of basis for parties' capacity, understanding and chronology of fiduciary duty, suitability and supervision in trust, probate or ERISA litigation or FINRA arbitration is essential. </span>
</p>
<p>
<span style="font-family: Verdana; font-size: 8pt"></span><strong><u><span style="font-family: Verdana; font-size: 9pt">Breach of Fiduciary Duty-> Liability -> Damages -> Expert Testimony and Reports</span></u></strong><span style="font-size: 9pt"></span><span style="font-size: 9pt"> </span>
</p>
<p>
<span style="font-size: 9pt"></span><span style="font-family: Verdana; font-size: 8pt">Stockbrokers, investment advisers, branch compliance supervisors if in control of a customer's account bear potential liability. The Fiduciary Expert Witness can identify steps a broker dealer, stock broker and or investment adviser failed to implement; Fiduciary<strong><em>GAP</em></strong>™ analysis.</span><span style="font-family: Verdana; font-size: 9pt"> </span>
</p>
<p>
<span style="font-family: Verdana; font-size: 9pt"></span><strong><u><span style="font-family: Verdana; font-size: 9pt">Experience in Securities and Annuities Customer and Class Action matters</span></u></strong>
</p>
<p>
<strong><u><span style="font-family: Verdana; font-size: 9pt"></span></u></strong><span style="font-size: 9pt"></span><span style="font-family: Verdana; font-size: 8pt">Claimants and class action members may benefit if they prove a broker dealer should be held to a fiduciary duty of undivided loyalty (controlling for any principal agent problems); more than the suitability standard of care (commonly referenced as NASD rule2310 and NYSE Rule 405). Fiduciary Expert Analysis draws a brighter line on fiduciary duty, a much higher standard in disputes including but not limited to:<br />
<br />
</span><span style="font-family: Symbol; font-size: 8pt"><span>·<span style="font-family: 'Times New Roman'; font-style: normal; font-variant: normal; font-weight: normal; font-size: 7pt; line-height: normal; font-size-adjust: none; font-stretch: normal"> </span></span></span><span style="font-family: Verdana; font-size: 8pt">Broker Dealers, Investment Advisers, Consultants, Auditors, etc. - licensed and unlicensed, </span>
</p>
<p>
<span style="font-family: Verdana; font-size: 8pt"></span><span style="font-family: Symbol; font-size: 8pt"><span>·<span style="font-family: 'Times New Roman'; font-style: normal; font-variant: normal; font-weight: normal; font-size: 7pt; line-height: normal; font-size-adjust: none; font-stretch: normal"> </span></span></span><span style="font-family: Verdana; font-size: 8pt">Trades - best execution, commissions, rebates, order flow, order routing, agency, principal, trade reporting;</span>
</p>
<p>
<span style="font-family: Verdana; font-size: 8pt"></span><span style="font-family: Symbol; font-size: 8pt"><span>·<span style="font-family: 'Times New Roman'; font-style: normal; font-variant: normal; font-weight: normal; font-size: 7pt; line-height: normal; font-size-adjust: none; font-stretch: normal"> </span></span></span><span style="font-family: Verdana; font-size: 8pt">Products - securities, commodities, futures, options, mutual funds, unit trusts, insurance, annuities;</span>
</p>
<p>
<span style="font-family: Verdana; font-size: 8pt"></span><span style="font-family: Symbol; font-size: 8pt"><span>·<span style="font-family: 'Times New Roman'; font-style: normal; font-variant: normal; font-weight: normal; font-size: 7pt; line-height: normal; font-size-adjust: none; font-stretch: normal"> </span></span></span><span style="font-family: Verdana; font-size: 8pt">Services - financial planning, investment consulting, brokerage, prime broker, stock lending, margin accounts;</span>
</p>
<p>
<span style="font-family: Verdana; font-size: 8pt"></span><span style="font-family: Symbol; font-size: 8pt"><span>·<span style="font-family: 'Times New Roman'; font-style: normal; font-variant: normal; font-weight: normal; font-size: 7pt; line-height: normal; font-size-adjust: none; font-stretch: normal"> </span></span></span><span style="font-family: Verdana; font-size: 8pt">Registered and unregistered - hedge funds, private placements;</span>
</p>
<p>
<span style="font-family: Verdana; font-size: 8pt"></span><span style="font-family: Symbol; font-size: 8pt"><span>·<span style="font-family: 'Times New Roman'; font-style: normal; font-variant: normal; font-weight: normal; font-size: 7pt; line-height: normal; font-size-adjust: none; font-stretch: normal"> </span></span></span><span style="font-family: Verdana; font-size: 8pt">Domicile - US and offshore;</span>
</p>
<p>
<span style="font-family: Verdana; font-size: 8pt"></span><span style="font-family: Symbol; font-size: 8pt"><span>·<span style="font-family: 'Times New Roman'; font-style: normal; font-variant: normal; font-weight: normal; font-size: 7pt; line-height: normal; font-size-adjust: none; font-stretch: normal"> </span></span></span><span style="font-family: Verdana; font-size: 8pt">ERISA, Custody, soft dollars, master trusts, reporting, regulatory requirements, record keepers, third party administrators; participants’ cummunication materials</span>
</p>
<p>
<span style="font-family: Verdana; font-size: 8pt"></span><span style="font-family: Symbol; font-size: 8pt"><span>·<span style="font-family: 'Times New Roman'; font-style: normal; font-variant: normal; font-weight: normal; font-size: 7pt; line-height: normal; font-size-adjust: none; font-stretch: normal"> </span></span></span><span style="font-family: Verdana; font-size: 8pt">Insured - FDIC, SIPC, Excess SIPC, Broker dealer self insurance</span>
</p>
<p>
<span style="font-family: Verdana; font-size: 8pt"></span><span style="font-size: 8pt"></span><span style="font-family: Symbol; font-size: 8pt"><span>·<span style="font-family: 'Times New Roman'; font-style: normal; font-variant: normal; font-weight: normal; font-size: 7pt; line-height: normal; font-size-adjust: none; font-stretch: normal"> </span></span></span><span style="font-family: Verdana; font-size: 8pt">Related areas > Securities, banking, insurance - Compensation, Valuation, Employment - Recruitment, Training, Supervision, Compliance, Wrongful termination, Raiding; Compensation Stock brokers, traders, branch and regional managers, senior management, support personnel.</span><span style="font-size: 8pt"></span><span style="font-family: Verdana; font-size: 9pt"> </span>
</p>
<p>
<span style="font-family: Verdana; font-size: 8pt">The Center for Fiduciary Studies <a href="http://www.fi360.com/">www.fi360.com</a> and the AICPA <a href="http://www.aicpa.com/">www.aicpa.com</a> </span><span style="font-family: Verdana; font-size: 8pt">released Prudent Practices for Investment Fiduciaries in 2002 and 2006 applicable to Trustees, Financial Advisers and Investment Managers.<span> </span>Over 20 practices are defined based on law, case law and or regulatory opinion letters including the Uniform Prudent Investor Act (UPIA), ERISA, Uniform Prudent Management of Institutional Funds Act (UPMIFA), and Uniform Management of Public Employees Retirement Systems Act (UMPERs).<span> </span>As of 2009 44 states, D.C and US VI have adopted UPIA since 1994, California adopted UPIA in 1996 <span class="apple-style-span"><span style="color: black"><a href="http://www.nccusl.org/Update/uniformact_factsheets/uniformacts-fs-upria.asp">http://www.nccusl.org/Update/uniformact_factsheets/uniformacts-fs-upria.asp</a></span></span></span><span class="apple-style-span"><span style="font-family: 'Lucida Grande'; color: black; font-size: 8pt"></span></span><strong><span style="font-family: Verdana; font-size: 9pt"> </span></strong>
</p>
<p>
<strong><span style="font-family: Verdana; font-size: 9pt"></span></strong><strong><span style="font-family: Verdana; font-size: 9pt">Customer’s accounts subject to Fiduciary Duty may include but are not limited to:</span></strong>
</p>
<p>
<strong><span style="font-family: Verdana; font-size: 9pt"></span></strong><span style="font-size: 9pt"></span><span style="font-family: Symbol; font-size: 9pt"><span>·<span style="font-family: 'Times New Roman'; font-style: normal; font-variant: normal; font-weight: normal; font-size: 7pt; line-height: normal; font-size-adjust: none; font-stretch: normal"> </span></span></span><span style="font-family: Verdana; font-size: 9pt">Trusts including revocable, irrevocable and charitable, IRA accounts</span>
</p>
<p>
<span style="font-family: Verdana; font-size: 9pt"></span><span style="font-size: 9pt"></span><span style="font-family: Symbol; font-size: 9pt"><span>·<span style="font-family: 'Times New Roman'; font-style: normal; font-variant: normal; font-weight: normal; font-size: 7pt; line-height: normal; font-size-adjust: none; font-stretch: normal"> </span></span></span><span style="font-family: Verdana; font-size: 9pt">ERISA Defined Benefit Pension, Defined Contribution, Profit Sharing, 401k & 403b Plans</span>
</p>
<p>
<span style="font-family: Symbol; font-size: 9pt"><span>·<span style="font-family: 'Times New Roman'; font-style: normal; font-variant: normal; font-weight: normal; font-size: 7pt; line-height: normal; font-size-adjust: none; font-stretch: normal"> </span></span></span><span style="font-family: Verdana; font-size: 9pt">Public Employees Pension and Retirement Plans</span>
</p>
<p>
<span style="font-family: Verdana; font-size: 9pt"></span><span style="font-size: 9pt"></span><span style="font-family: Symbol; font-size: 9pt"><span>·<span style="font-family: 'Times New Roman'; font-style: normal; font-variant: normal; font-weight: normal; font-size: 7pt; line-height: normal; font-size-adjust: none; font-stretch: normal"> </span></span></span><span style="font-family: Verdana; font-size: 9pt">Union Pension and Retirement Plans</span>
</p>
<p>
<span style="font-family: Verdana; font-size: 9pt"></span><span style="font-size: 9pt"></span><span style="font-family: Symbol; font-size: 9pt"><span>·<span style="font-family: 'Times New Roman'; font-style: normal; font-variant: normal; font-weight: normal; font-size: 7pt; line-height: normal; font-size-adjust: none; font-stretch: normal"> </span></span></span><span style="font-family: Verdana; font-size: 9pt">Non profits, Foundations and Endowments</span>
</p>
<p>
<span style="font-family: Verdana; font-size: 9pt"></span><span style="font-size: 9pt"></span><span style="font-family: Symbol; font-size: 9pt"><span>·<span style="font-family: 'Times New Roman'; font-style: normal; font-variant: normal; font-weight: normal; font-size: 7pt; line-height: normal; font-size-adjust: none; font-stretch: normal"> </span></span></span><span style="font-family: Verdana; font-size: 9pt">Divorces involving the above accounts, a spouse or 3<sup>rd</sup> party may be responsible for losses.</span><span style="font-size: 9pt"></span><span style="font-size: 9pt"> </span>
</p>
<p>
<span style="font-size: 9pt"></span><strong><span style="font-family: Arial; font-size: 9pt">Note: Fiduciary Duty Expert Analysis applies to any type of account, investment or asset subject to fiduciary standard of care; including Real estate, insurance, intellectual property and/or closely held businesses or partnerships.</span></strong><span style="font-size: 9pt"> </span>
</p>
<p>
<span style="font-size: 9pt"></span><span style="font-family: Verdana; font-size: 8pt"><a href="mailto:Litigation@FiduciaryExpert.com">Litigation@FiduciaryExpert.com</a></span><span style="font-size: 8pt"> </span>
</p>
<p>
<span style="font-size: 8pt"></span><span style="font-family: Verdana; font-size: 8pt">Fiduciary<strong><em>FORENSICS®</em></strong> is an internationally registered trademark of Chris McConnell & Associates</span>
</p>
<p>
<span style="font-family: Verdana; font-size: 8pt"></span><span style="font-size: 8pt"></span><span style="font-family: Verdana; font-size: 8pt">Copyright © Chris McConnell & Associates 2003-2009. All rights reserved worldwide.</span><span style="font-size: 9pt"></span>
</p>
</td>
</tr>
</table>
</td>
</tr>
</table>
</td>
</tr>
<tr align="left">
<td valign="top" colspan="2"><img src="img/botcut18123.gif" width="182" height="23"></td>
</tr>
</table>
</div>
</body>
</html>