Displaying 1932 results
Broker faces sanctions after alleged email fraud: Finra
A broker faces sanctions after she allegedly wired $34,000 from a customer account without approval, and in answer…
Finra bars broker charged in NY pension fund hookers, strippers and drug scandal
The "pay-for-play" bribery scheme involved the $184 billion New York State Common Retirement Fund and payments for hookers, strippers and drugs.
Brokers riled by overlapping enforcement penalties from multiple regulators
With several agencies patrolling the same beat, advisers and firms can be hit with numerous sanctions for a single infraction.
Finra launches ‘360’ initiative to review operations, ‘look at ourselves from all perspectives,’ says CEO Robert Cook
CEO Robert Cook said self-regulator is seeking ways to improve its interactions with brokerage firms.
Dawn Bennett loses $1 million arbitration claim
Client claims she recommended he invest in a gold ETF, which the arbitrators agreed was an unsuitable investment for him.
Finra bars owner of New Jersey broker-dealer
James Carrazza of Olympus Securities failed to report federal tax liens on his employment record and would not provide the regulator with requested information, according to Finra.
Finra is asking broker-dealers, ‘What’s in your clients’ 529 savings plans?’
Here are some ways your firm can prepare for that discussion.
Finra’s lobbying expenses down, but regulator still spends heavily to make sure its voice is heard on Capitol Hill
Organization recently hired Capitol Hill veteran to head up its government relations efforts.
Broker-dealer Aegis Capital facing investigation from Finra, SEC and FINCEN
An SEC filing did not say why the firm is being investigated and a lawyer for the firm declined to comment.
Fired Waddell & Reed broker barred by Finra
Paul D. Stanley was dismissed for violating the firm's professional conduct, supervisory and compensation policies.
Client wins $357K clawback in arbitration from Wells Fargo over unsuitable investments
The award cited unsuitable investments made in energy and housing products.
Senate Democrats push Finra to create fund to compensate investors for unpaid arbitration claims
Sen. Elizabeth Warren says investors are being taken advantage of by brokerage firms, citing a study that determined the industry failed to pay $62 million in claims in 2013.
Fired Merrill broker took client money for kids’ schooling: Finra
Finra suspended Adam C. Smith for one year and imposed a $10,000 fine for accepting gifts totaling $105,000.
Finra accepting comments on rule change to allow investment-strategy projections
Broker-dealer groups endorse the change, saying it would put them on a level playing field with investment advisers.
Finra bars broker-dealer owner for false testimony, fabricated documents
Frank H. Black and his firm, Southeast Investments N.C. Inc., failed to retain business-related emails and to achieve compliance with applicable securities laws, according to the Finra panel's decision.
Raymond James loses $762,000 penny stock arbitration claim
More than 20 claimants initially sought $8.8 million in damages and costs after a Morgan Keegan adviser allegedly misappropriated their funds.
Rising markets keep advisers out of arbitration
Finra experienced slight increase in 2016 cases, but total continues to be far below post-recession highs.
Former Wells Fargo broker barred for parking fraud
The broker allegedly used the firm's parking garage stamp to validate parking garage tickets worth $731.
Finra arbitration panel hits UBS with $9M award in Puerto Rican bond case
The arbitrators found that UBS and UBS Puerto Rico were liable for $7.983 million in compensatory damages and $1 million in punitive damages.
Finra slaps LPL with $900,000 fine for record-keeping snafu
Firm failed to send, or create records that it had sent to customers more than 1.6 million required account notices during the previous 36-month period.
