Securities Expert Witness


Invest Securities Consulting, Inc.





Douglas Schulz, CRCP


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Reviews


The authors have taken the rules and regulations of the brokerage industry and put them in laymen’s terms. -- Professor William C. Tyson, The Wharton School & The Law School of the University of Pennsylvania


The Book, Brokerage Fraud is a must read for all compliance professionals and brokerage firm's compliance and legal departments.

Complinet.com


This book is a timely wake up call to the brokerage industry to clean up its ways. -- George D. Mullen, Vice President UBS PaineWebber


Tracy Stoneman and Douglas Schulz certainly know what Wall Street brokerage firms wish you didn't. -- Evan Cooper, Editor-in-Chief, On Wall Street, Co-Author


This book can save you thousands of dollars and loads of headaches! -- Jordan E. Goodman, author of Everyone's Money Book


Had "Brokerage Fraud" been available to my wife and I eight years ago, it may very well have saved us the fortune we lost to a mercenary industry that promotes itself as caring and responsible, when in fact it cares mostly for itself.


"Brokerage Fraud" is frank and friendly, organized, comprehensive, easy to digest -- and quite unique, too, because the distinguished authors tell all about an autonomous, all-powerful institution that routinely sheers the uninitiated."


". . . I am an attorney and an investor. Yet, I must say that each chapter of 'Brokerage Fraud' brought new information and insight that is invaluable . ."


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ARTICLES WRITTEN BY DOUGLAS J. SCHULZ

Securities Expert Witness, Douglas Schulz is committed to providing expert analysis, consultation and litigation support services for individual investors and the attorneys who represent them in the complex and rapidly, ever-changing arbitration process. 

The following articles and publications were written by Douglas J. Schulz. These articles have been copyrighted - you have permission to download, print, and utilize these articles as long as you credit the source. 


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Article - Bonds and Bond Funds

"Supervision of Third-Party/Power of Attorney Accounts" 2016 PIABA Bar Journal, Vol. 23. No.2, This article details the serious problems that can arise in brokerage accounts when a power of attorney is given to a third party, especially at Internet/online brokerage firms. 


Article - Bonds and Bond Funds

"Bonds and Bond Funds - the Next WallStreet Bombshell" 2013 This paper highlights the ensuing debacle which will hit the fixed income and bond markets.  Both statistically and in layman’s terms, the article lays out the specific risks to investors who own bonds, bond mutual funds and other fixed income investments.   


article - Swimming Naked When the Tide Goes Out: Naked/Short Options "Swimming Naked When the Tide Goes Out: Naked/Short Options" 2013 PIABA Bar Journal, Volume 20, No. 1 2013. This article is a primer on naked or short options, the conflict of interest, firm commission schedules, online option trading, securities regulations, porfolio margin and margin call liquidations. 


article - Due Diligence"Due Diligence: Securities Applications and Regulatory Requirements" 2011 PIABA Bar Journal, Volume 17 No. 4 2010. This article addresses the due diligence obligations of financial professionals, such as brokers, broker-dealers, investment advisors, hedge fund managers and private placements.


articles - Flat or fat Fees"Flat Fees or Fat Fees" PIABA Bar Journal, Fall 2003. This article discusses flat fee and wrap fee accounts of brokerage firms and why in many instances they are not in the best interest of investors.



articles - Concentration: Too Much . . ."Concentration: Too Much of a Good Thing" (PIABA Bar Journal, Summer 2002 Vol: 9, No 2.) The article discusses the various aspects of concentrating portfolios in stocks or sectors of the market and the inappropriateness and damages concentration and lack of diversification can cause.



articles - Unathorized Trading, . . . "Unauthorized Trading, Time and Price Discretion & the Mismarking of Order Tickets" Practicing Law Institute (PLI) Securities Arbitration 2001, August, 2001. The article addresses the regulations surrounding these three areas, and how regulators, compliance individuals, lawyers, and arbitration panels can determine if these violations have taken place. The article also suggest changes which are needed in the regulation of these infractions.



articles - No Duty - Does Suitability . . . "No Duty – Does Suitability Apply to Internet Brokerage Firms?" Published and presented at Public Investor’s Arbitration Bar Association, PIABA October, 2000. The article address the position of internet firms that say they have no duties as it relates to “suitability” and the “Know Your Customer Rule”. E*Trade is discussed specifically.



articles - Perils of the Net Trader"Perils of the Net Trader" Published in The Colorado Springs Business Journal, October 1999. This article specifically addresses an investor whose order execution with an internet trading firm was duplicated due to the firm's admitted false representation and how the firm dealt with the customer's complaint.



articles - Internet Market Orders Can be . . . "Internet Market Orders Can Be Dangerous" Published in The Colorado Springs Business Journal, August 20, 1999. This article addresses the use of market orders, limit orders, stop orders, and stop limit orders as they relate to internet trading.



articlers - Internet Trading - A walk on the Wild Side"Internet Trading - Take a Walk on the Wild Side" Published in Securities Arbitration 1999, Practicing Law Institute, July 1999. This article addresses the booming market in Internet trading; the pitfalls, and conflicts in trading through Internet brokerage firms, as well as the liability.



articles - An Additional Revenue . . ."An Additional Revenue Stream: The Second Opinion Business" Published in the Financial Advisory Services Alert, July 1999. CPA/Registered Investment Advisers (CPA/RIAs) who are currently providing fee-based investment advisory services, and practitioners who are contemplating offering such services, will find that the second opinion business complements their existing  practice and provides an additional source of revenues



articles - The New NASD Arbitrator . . ."The New NASD Arbitrator Selection System - NLSS" Published in the Securities Arbitration Commentator, April 1999 #10-6. The NLSS was a major change in the NASD arbitrator selection system. The article explains some of the finer points of NLSS and discusses the strategies, benefits and downsides of the new system.



articles - Risk Tolerance of Investors"Risk Tolerance of Investors" Published in Guide to Investment Advisory Services, Practitioners Publishing Company, 1999. Evaluating the risk tolerance of an investor is an essential part of an investment advisor's practice. The article provides a framework to allow advisors to conquer such a historically complex task, and thereby make proper recommendations to their clients.



articles - Investors Level of Knowledge"Investors Level of Knowledge" Published in Guide to Investment Advisory Services, Practitioners Publishing Company, 1999. The article and survey are tools designed to assist investment advisors to evaluate the investment knowledge of their clients.


articles - When is an Order an Order"When Is An Order An Order? Unauthorized Trading by Securities Brokers" Published in Securities Arbitration 1994, Practicing Law Institute, July 1994. The article covers the discussions that must take place between a broker and the client, the order process, discretionary trading, and the arbitration of unauthorized trading claims.



articles - Damages in a Limited . . ."Damages in Limited Partnership Cases" Published and presented at the PIABA Second Annual Meeting/Conference, October 1993. The article discusses the proper methods to calculate damages and lost opportunities, as well as the accompanying support documents.



articles - Arbitration of Linited Partnership . . ."Arbitration of Limited Partnership Cases" Published in the Securities Arbitration Commentator, February 1992. The article addresses the marketing of limited partnerships in the 1980's and the arbitration of securities claims.



articles - The use of Ecpert Witnesses in . . . "The Use of Expert Witnesses in Securities Arbitration" Published in Securities Arbitration- Evaluation, Preparation, Presentation, March 1991. Mr. Schulz has also spoken on this subject at a number of national and regional securities seminars.



articles - Forced Arbitration"Forced Arbitration - Perfect Justice? Discovery in Arbitration" Published in the Securities Arbitration Commentator, November 1990. The article explores the problems attendant to discovery in arbitration and offers suggestions for change and for working within the system.



Mr. Schulz is a co-columnist on articles on the investment and brokerage industry for the Colorado Springs Business Journal.