New York Supreme Court Upholds State Fiduicary Rule For Sale of Life Insurance and Annuities.
The Independent Agents and Brokers of New York, Inc., and other trade organizations, lost their bid to overturn NY State Department of Financial Services amendment to Regulation 187 that is entitled "Suitability and Best Interest in Life Insurance and Annuity Transactions". The amendment adopts a uniform standard of care that must be met by agents and brokers, which the Regulation identifies as "producers". The Regulation mandates that all financial professional who provide retirement planning and investment advise, both insurers and brokers dealing with life insurance and annuities, must act in the Best Interest of their client. The Regulation forces brokers and insurance companies to exmaine compliance policies and procedure to comply with the Regulation.
05/13/2019
William Despo Moderates Financial Fraud Seminar at Bar Association Annual Meeting
Bill Despo will moderate a seminar at the New Jersey State Bar Association Annual Meeting in Atlantic City on May 16, 2019. The key enforcement, federal, state and SRO Regulators. The speakers from the office of the New Jersey U.S. ’s Office, U.S. Securities Exchange Commission, N.J. Bureau of and will discuss hot legal issues that include the New Jersey proposed duty rule, , penalties and , agreements among others.
The largest coordinated sweep of elder cases in history! The cases during this sweep involved more than 260 defendants from around the globe who victimized more than two million Americans, most of them elderly. The US Department of took action in every district across the country, through the filing of or civil cases or through consumer education efforts. In each case, offenders allegedly engaged in financial schemes that targeted or largely affected seniors. In total, the charged fraud caused alleged losses of millions of more dollars than last year, putting the total alleged losses at this year’s sweep at over three fourths of one billion dollars.
Bath, Maine: The Maine Office of Tourism will host the “Visit Maine Pro Ski Championships” finale at Sunday River, Maine. This will be the fourth and final stop for the 2019 World Pro Ski Tour SKI season, March 28-30.
Leading the standings for the overall Tour Championship title is Phil Brown of Canada with 101 points, in second Garrett Driller, USA with 61 and following in third is Michael Ankeny, USA with 50. Brown and Driller are not only fighting for the overall title but the “Tito’s Rooke of the Year” title as well. (Read More on our Latest Blog Post http://ow.ly/sXrV30o7BnA)
Bath, Maine: The Maine Office of Tourism will host the “Visit Maine Pro Ski Championships” finale at Sunday River, Maine. This will be the fourth and final stop for the 2019 World Pro Ski Tour SKI season, March 28-30. Leading the standings for the overall Tour Championship title is Phil Brown of...
03/06/2019
In year 2017, FINRA filed 1,369 actions, imposed that total over $64 million, and orders for $66.8 million. In addition, 20 firms were expelled from , 29 firms were suspended, 492 individuals were barred from the securities industry, and 733 individuals were suspended. Depending on the nature of the inquiry, a or individual needs to be concerned about... Read more at https://www.despolawgroup.com/blogs/defending-a-finra-investigation-and-enforcement-action/
03/04/2019
A SEC inquiry must be taken seriously given the potential ramifications of an action. The can seek non-monetary relief in the form of equitable relief such as barring a person from employment in the industry or working for a public company. The Commission can seek undertakings which require a person to take affirmative actions, and conduct... Learn more at https://www.despolawgroup.com/blogs/thoughts-about-sec-enforcement/
02/27/2019
In regards to a SEC action, when appropriate, the SEC will consider the Seaboard factors: remedial action taken by the company, policies of self-reporting and policing, and cooperation with the Commission. is the other primary form of money relief sought by the . Ill-gotten gains will be offset by cooperation with the Commission. To find out more, visit www.despolawgroup.com
02/25/2019
The stakes are extremely high when you are the subject of a FINRA enforcement action. Competent who understands FINRA and possible strategies is necessary. If you are faced with a FINRA enforcement action, your counsel should be versed in its discovery procedures, hearing conduct and potential fines and sanctions. Should you find yourself in this situation, Despo Law Group is here to help www.despolawgroup.com
02/21/2019
If you've worked with Despo Law Group in the past or are now and had a positive experience, we would love to hear from you! Share your experience here on Facebook: https://goo.gl/1Li5Lx
02/19/2019
William Despo is a seasoned litigator with 40 years of successfully representing clients at the trial level, appellate court, governmental administrative proceedings, and . Bill employs the same desire and creative approach to all of his clients. He has represented the full spectrum of industries including real estate, financial institutions, technology, construction, investment advisers, broker dealers, and pharmaceutical. To find out more about the Despo Law Group and what they can do for you, visit www.despolawgroup.com
02/13/2019
Despo Law Group provides a breadth of substantial in the broker-dealer industry. To find out more, contact us at www.despolawgroup.com
02/10/2019
We at Despo Law Group have representing and emerging private companies through today's complex regulatory landscape. If you need services in this field, contact us at www.despolawgroup.com
02/07/2019
Experience is the difference! Find the help needed to navigate a large range of legal matters at https://lnkd.in/eREYa6V Despo Law Group can be your advocate!
02/05/2019
Despo Law Group has an extensive background in securities and offers a full range of services for the business or individuals involved in transactions and in the securities industry. If you need services pertaining to this industry, find more information at www.despolawgroup.com
01/30/2019
Despo Law Group extensive background in securities and offers a full range of services for the or individuals involved in transactions and in the securities industry. If you need services pertaining to this industry, find us at www.despolawgroup.com
01/29/2019
Despo Law Group offers a complete range of service in the real estate area, including the buying and selling of commercial and residential properties, management transactions, financing and development. We can assist you in reviewing your title policies, advise you concerning defects and law use issues. We can also assist condominium associations with regards to governance issues and insurance questions. Find out more information at https://www.despolawgroup.com/
12/20/2018
We carefully listen to our clients knowing that each is . Our goal is to advise our clients with the development of a for their respective that concerns the , management and transfer of to their and others. Factors such as taxes, testamentary desires, elder care issues, disability, and children are taken into consideration with the development of an and Plans. Learn more at http://www.despolawgroup.com/
Despo Law Group & strives to facilitate a smooth transition in the buying, selling, merger or consolidation, and restructuring of . We represent both and in all aspects of the transaction including structuring the transaction, performing due , assisting with relationships, negotiating and drafting documents. To find out more, visit http://www.despolawgroup.com/
12/13/2018
Bill brings 40 years of legal to solve your problem whether it is a pressing transaction or a claim to or . He has worked with multinational corporations to small businesses and individuals. He understands the need to resolve your issue so that you can focus on what really matters – your business. He is your advocate. Find out how he can help you at http://www.despolawgroup.com/
12/11/2018
Despo Law Group is dedicated to serving full range of clients with their and needs. Our core capabilities include commercial contracting, corporate finance and , corporate governance, emerging growth companies, venture capital transactions, privately held businesses, mergers and acquisitions, , technology and joint venture transactions. We can be your advocate! Find us at www.despolawgroup.com
New Jersey Hears Testimony on Fiduciary Proposal: The New Jersey Bureau of Securities held its second session for testimony on the state’s pre-proposal that would require and to be subject to a fiduciary duty... read more from the article posted at WealthManagement.com: https://www.despolawgroup.com/news/new-jersey-hears-testimony-on-fiduciary-proposal/
The New Jersey Bureau of Securities held its second session for testimony on the state’s pre-proposal that would require brokers and advisors to be subject to a fiduciary duty. Fiduciary advocates as well as brokerage industry representatives presented their thoughts. A number of states, frustrate...
11/29/2018
The SEC is the federal agency charged with protecting the investing public and broker dealers, securities exchanges, advisers, and overseeing our capital . One of the tools that the SEC uses to carry out its mandate includes the ability to bring actions in or in an administrative action. Unlike the U.S. Attorney, the does not classify people being investigated as “targets”; however, counsel may be able to ascertain the degree of exposure by the nature of the investigation and conversations with enforcement staff. Read more at: https://www.despolawgroup.com/blogs/thoughts-about-sec-enforcement/
11/27/2018
The stakes are extremely high when you are the subject of a FINRA enforcement action. Competent who understands FINRA and possible strategies is necessary. If you are faced with a FINRA enforcement , your counsel should be versed in its discovery procedures, hearing conduct and potential fines and sanctions. Should you find yourself in this situation, Despo Law Group is here to help www.despolawgroup.com
William Despo was a former enforcement with the American Stock Exchange, and has over 40 years of defending brokers, investment advisers, and registered representatives in regulatory matters, and . He is the chair of the New Jersey State Bar Association Securities Law Committee and has moderated continuing education programs that included senior officials from FINRA, SEC and the N. J. Bureau of Securities, as well as officials from the U.S. Attorney’s Office for New Jersey. Should you find yourself needing legal , consider Despo Law Group. www.despolawgroup.com
11/15/2018
In regards to a SEC action, when appropriate, the SEC will consider the Seaboard factors: remedial action taken by the company, policies of self-reporting and policing, and cooperation with the Commission. is the other primary form of money relief sought by the . Ill-gotten gains will be offset by cooperation with the Commission. To find out more, visit www.despolawgroup.com
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William A. Despo founded the Despo Law Group, a Rumson, New Jersey law firm, after spending the last 30 years with a major Newark, New Jersey law firm that merged with a regional law firm that has become the 120th largest law firm in the country with over 400 lawyers. Bill was the chairperson of the Financial Services Practice Group that represented insurance companies, investment advisors, banks, credit unions, broker/dealers, insurance agents, brokers, hedge funds, capital market participants and others.
Although he enjoyed his years at his former law firm, Bill decided to refocus his practice and become more general with the nature of his work. He continues to counsel several of his institutional clients while expanding to service smaller clients. Partnerships, small to medium size companies, and individuals is the focus of his law practice. Because of the range of matters that he has been involved in over the years, he can assist clients with a wide variety of issues such organization of businesses whether as a corporation, partnership or limited liability company, capital market offerings, tax issues, employment matters, fiduciary issues, commercial and residential real estate, trust and estates, wills, consumer issues, cyber-security, and of course representing clients in all venues from arbitrations, state and federal court and governmental administrative proceedings. He represents start-companies, investors, and seasoned companies.
Bill has appeared in state and federal courts throughout the United States, and has represented clients in arbitration proceedings at the American Arbitration Association, JAMs, and Financial Industry National Regulatory Authority (FINRA). He is a member of FINRA and National Futures Association Arbitration Boards. He is also a member of the Disciplinary Panel of Tradition SEF, which is a national trading facility for swaps and derivatives. He has defended individuals and companies including Registered Investment Advisors (“RIA”) and Broker Dealers before the U. S. Securities Exchange Commission, U. S. Commodities Futures Trading Commission, New Jersey Bureau of Securities, and other federal and state agencies. He has lectured about fiduciary issues affecting RIAs and Broker Dealers arising out of the Department of Labor’s Fiduciary Rule. He has tried cases and arbitrations throughout the country.
Bill also is active in the community. He is a member of the Eastern Monmouth Chamber of Commerce, Financial Planning Association N.J. Chapter, New Jersey Business and Industry Association. He volunteers his time for the Pro Bono Partnership that provides free legal advice to charitable organizations throughout New Jersey. He is the committee chairperson for Securities Committee of the New Jersey State Bar Association (“NJSBA”). He is also a member of the Professionalism Committee for the Monmouth Bar Association. He is a member of the Professional Liability Underwriter’s Society. Bill has spoken at continuing legal education courses including attorney ethics, class actions, shareholder disputes, mortgage crisis, arbitrating customer securities claims and other subjects. He was recently honored to be a co-organizer for an all-day continuing legal education Securities Litigation Update program sponsored jointly by the Philadelphia Bar Association and NJSBA. He has organized a program on Financial Fraud for the NJSBA Annual Meeting that included panelist from the U.S. Attorney’s Office, SEC, NJ Bureau of Securities, and FINRA.
Education
LL.M, Georgetown University, 1978
J.D., Vermont Law School, 1976
B.A., Humanities, Michigan State University, 1972
Bar Admissions
New Jersey
Court Admissions
• U.S. Tax Court
• U.S. District Court for Southern District of New York
• U.S. Court of Appeals for the Third Circuit
• U.S. Court of Appeals for the Ninth Circuit
• U.S. Court of Appeals for the Eleventh Circuit
• Federal Circuit Court of Appeals
• U.S. Court of Appeals for the District of Columbia Circuit
• U.S. District Court for the District of New Jersey
Legal Experience
• Despo Law Group, Rumson, New Jersey, May, 2016 – Present
• LeClairRyan, Newark, New Jersey, December 2007- April, 2016
• Seiden Wayne, Newark, New Jersey, 1991-2007 (merged with LeClairRyan)
• Cassidy Despo & Foss, 1981-1991
• American Stock Exchange, Inc. 1978-1981 (Enforcement Lawyer)
Memberships and Affiliations
• New York Stock Exchange: Arbitrator (former)
• FINRA: Arbitrator
• National Association of Securities Dealers Arbitrator (former)
• Monmouth Bar Association: Member, Banking and Commercial Law Committee (former);
Member, Professionalism Committee
• National Futures Association: Arbitrator
• New Jersey State Bar Association: Chair, Securities Committee; Member, Class Action
Subcommittee
• American Bar Association: Member, Securities Subcommittee for Self-Regulatory
Organizations
• Securities Industry Financial Management Association: Member Compliance and Legal
Division
• American Inns of Court, Haydn Proctor Inn of Court: Barrister (former)
• National Society of Compliance Professionals: Member (former)
• Professional Liability Underwriters Society: Member
• Financial Planning Association: Member, New Jersey Chapter Advocacy Committee
• Adjunct Professor at Seton Hall University Law School, Corporate Finance Law (former)
Today's showcases Despo Law Group, bringing more than 40 years of legal experience to solve your problem whether it is a pressing transaction or a claim to defend or prosecute. Find out more about them at www.despolawgroup.com. Are you an member? Join our growing number of businesses today! Now more than ever, we are !
New York Supreme Court Upholds State Fiduicary Rule For Sale of Life Insurance and Annuities.
The Independent Agents and Brokers of New York, Inc., and other trade organizations, lost their bid to overturn NY State Department of Financial Services amendment to Regulation 187 that is entitled "Suitability and Best Interest in Life Insurance and Annuity Transactions". The amendment adopts a uniform standard of care that must be met by agents and brokers, which the Regulation identifies as "producers". The Regulation mandates that all financial professional who provide retirement planning and investment advise, both insurers and brokers dealing with life insurance and annuities, must act in the Best Interest of their client. The Regulation forces brokers and insurance companies to exmaine compliance policies and procedure to comply with the Regulation.
William Despo Moderates Financial Fraud Seminar at Bar Association Annual Meeting
Bill Despo will moderate a seminar at the New Jersey State Bar Association Annual Meeting in Atlantic City on May 16, 2019. The key enforcement, federal, state and SRO Regulators. The speakers from the office of the New Jersey U.S. ’s Office, U.S. Securities Exchange Commission, N.J. Bureau of and will discuss hot legal issues that include the New Jersey proposed duty rule, , penalties and , agreements among others.
The largest coordinated sweep of elder cases in history! The cases during this sweep involved more than 260 defendants from around the globe who victimized more than two million Americans, most of them elderly. The US Department of took action in every district across the country, through the filing of or civil cases or through consumer education efforts. In each case, offenders allegedly engaged in financial schemes that targeted or largely affected seniors. In total, the charged fraud caused alleged losses of millions of more dollars than last year, putting the total alleged losses at this year’s sweep at over three fourths of one billion dollars.
Bath, Maine: The Maine Office of Tourism will host the “Visit Maine Pro Ski Championships” finale at Sunday River, Maine. This will be the fourth and final stop for the 2019 World Pro Ski Tour SKI season, March 28-30.
Leading the standings for the overall Tour Championship title is Phil Brown of Canada with 101 points, in second Garrett Driller, USA with 61 and following in third is Michael Ankeny, USA with 50. Brown and Driller are not only fighting for the overall title but the “Tito’s Rooke of the Year” title as well. (Read More on our Latest Blog Post http://ow.ly/sXrV30o7BnA)
In year 2017, FINRA filed 1,369 actions, imposed that total over $64 million, and orders for $66.8 million. In addition, 20 firms were expelled from , 29 firms were suspended, 492 individuals were barred from the securities industry, and 733 individuals were suspended. Depending on the nature of the inquiry, a or individual needs to be concerned about... Read more at https://www.despolawgroup.com/blogs/defending-a-finra-investigation-and-enforcement-action/
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