
Les
Greenberg,
Business
Section,
USA Today
January
2001
|
Law
Office of
LES
GREENBERG
10732
Farragut Drive
Culver
City, CA 90230-4105
Telephone: (310) 838-8105
Email:
LGreenberg@LGEsquire.com
|
Investment
Investigations
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|
Protecting Yourself from Investment Fraud
Sophisticated con artists build trust
as a weapon. That is why you should always verify the credentials of anyone
offering investment advice, or engage a qualified professional who can assist
you. Never rely solely on charisma or reputation.
Professional
Background
I am a
licensed
California attorney with more than 50 years of experience in litigation and
arbitration of business and investment disputes. I have represented
individual
investors and
more than 20 securities brokerage firms
before arbitration panels in several forums and in various state and federal
courts in hundreds of disputes. (See, e.g., Statement of Decision in
Sulek v. BSA.)
I have served as the Associate General Counsel and/or Compliance Director of a
New York Stock Exchange Member Firm.
I have acted as an arbitrator in business and investment disputes for more than
four decades.
Investigation
of Nonprofit Mismanagement
At the request of a prospective legacy donor, I investigated a prominent
IRS §501(c)(3) charity. My findings included: (1) more than 70% of its assets
were tied up in high‑risk, illiquid alternative investments; (2) it paid
excessive advisory fees and evidence suggested self‑dealing by Board members;
(3) the organization refused to provide its investment policy despite claiming
transparency in Form 990 filings. These practices raise serious governance and
fiduciary concerns.
Advocacy
for Better Corporate Governance
I Chair the
Committee of Concerned Shareholders,
dedicated to improving corporate accountability and investment protection. In
local government matters, I have consistently advocated stronger internal
controls to detect and prevent fraud, waste, and abuse. I have urged
municipalities to establish independent whistleblower hotlines managed outside
political influence.
Sometimes, it is difficult when a city evidences
a sense of impunity.
I served as legal counsel to the Ad Hoc Committee for Culver City Residents
First during
a bitterly contested political campaign.
Publications
and SEC Reform Efforts
I have
written extensively to improve the
securities arbitration process, submitting formal comments to the Securities and
Exchange Commission, including,
Petition for Rulemaking (SEC File No. 4-502),
which addresses systemic flaws in FINRA arbitration and regulatory oversight.
My petition and related advocacy received national media coverage, including
Registered Representative Magazine, "The
Real Arbitration Nightmare"; San Diego
Union-Tribune, "Stockbroker
losses bring no trials, lots of tribulations";
Pittsburgh Post-Gazette, "Systems
for resolving disputes may need an overhaul."
Additionally, I have conducted
litigation against the SEC
under the Freedom of Information Act, the Federal Advisory Committee Act, and
the Administrative Procedure Act, securing disclosures of the SEC’s close ties
to the securities industry.
Also, I have written "General
Observations on Investing and Financial Statement Analysis."
Supporting
Future Lawyers
The first year of law school is demanding. To support students, I created
a concise, one‑page guide: "Supplemental
Law School Study and Stress‑Management Tips." It
offers practical strategies for studying effectively, managing stress, and
avoiding common pitfalls.
As a law student, you might feel pressure to pursue only the most
prestigious career paths often glorified by
others. Remember: true professional
fulfillment comes from aligning your work with your values and strengths. Define
success on your own terms, and do not be afraid to take an unconventional path
if it leads to rewarding and meaningful work.
Starting my law practice meant waiting patiently
for clients while juggling a side business in real estate, teaching, and
navigating ethical challenges. I learned that maintaining integrity and putting
principles before quick opportunities is essential for long-term success and
reputation.
Disclaimer: The information presented is for educational purposes only
and is not legal or other professional advice. Sending an email does not create
an attorney-client relationship. Do not send confidential information. Past
outcomes do not guarantee future outcomes.
Last Revised:
August 23, 2025