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Principal on the hook for up to $5M related to alleged churning
A Minnesota-based foundation's lawsuit against the firm centers on an unnamed ex-broker's alleged churning of variable annuities.
Stifel to pay $3.2 million over former broker’s ‘predatory sales’
The firm allegedly failed to supervise Joseph Crespi, whose trading activity prompted 135 internal alerts over 12 months, according to the office of Massachusetts Secretary of the Commonwealth William Galvin.
Finra penalizes Long Island B-D $1 million for churning
Excessive trading in clients' accounts at Joseph Stone Capital occurred from January 2015 to June 2020, according to Finra.
Finra pops Aegis Capital $2.75 million for churning
Over four years, the New York-based broker-dealer failed to identify trading that was potentially excessive and unsuitable in hundreds of customer accounts, according to Finra.
Broker charged with churning to pay $160,000 penalty
SEC bars Emil Botvinnik, a former registered rep with Windsor Street Capital, as part of final judgment that includes $1.14 million disgorgement.
Finra bars former Merrill rep accused of churning
Charles Kenahan had already been barred by the state of New Hampshire in December.
Finra smacks small B-D with $1.55 million penalty for churning
Worden Capital Management displayed lax oversight of brokers' trades, according to Finra
Finra bars former First Standard rep being investigated for churning
Philip Sparacino, a hearing no-show, had licensed revoked by New Jersey regulators.
Ex-Morgan Stanley broker Ami Forte barred for role in churning account of HSN’s co-founder
Her lawyer accuses Finra of throwing book at her while letting Morgan Stanley off the hook.
Former Financial West rep barred over alleged churning
Finra said Daniel Maughan generated commissions and costs of $840,000.
SEC bars broker for churning clients’ accounts through firm
Agency says Jovannie Aquino recommended series of frequent, short-term trades while charging commissions and fees for each trade.
Caldwell International Securities will pay $2 million in settlement over churning, Finra says
Founder Greg Caldwell is barred from the brokerage industry.
Under new fiduciary rule, DOL has reason to pay attention to reverse churning
Another reminder of the need to become well-versed on the fiduciary rule's conditions for rollover advice.
SEC charges Birmingham B-D with churning
The Securities and Exchange Commission and the Alabama Securities Commission announced today that they have charged Aura Financial Services Inc., a Birmingham-based broker-dealer, with churning customer accounts, supervisory failures and other violations.
NASDR warns of potential online churning
Online brokers could be accused of churning if their customers trade too much based on their recommendations. The…
