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Elder abuse prevention by advisers depends on their firms’ response to new rule
SEC approves Finra regulation to curb financial exploitation, but requirements are slim.
Former broker barred for bilking elderly client
Kelly Clayton Althar allegedly generated $91K in commissions from elderly client with $308K in assets
Rogue brokers still pose danger to investors
Even with Finra's extra attention, countless numbers of rogue brokers are still employed in the securities industry.
Finra increases arbitrator recruiting, diversity, but other reforms lag
Agency said it recruited 945 arbitrators in 2016, and that 33% were women and 14% African American. But reform advocates seek broader changes, such as with the expungement process and notice of unpaid awards.
Finra’s new chief Robert Cook vows to take a ‘fresh look’ at enforcement
Robert Cook acknowledged that he's heard loud and clear the complaints brokerage industry executives have with their principal regulator.
Robert W. Baird & Co. must pony up $23.5 million to Wells Fargo in raiding case
Size of award called "extraordinarily rare" by one securities attorney. (More: Brokerages walking away from arbitration awards)
Regulators use big data to turn up enforcement heat
Data analytics could help them more easily uncover breaches of suitability in investment product sales.
Adviser banned for cherry picking trades to reward himself over clients
Michael J. Breton allegedly cost clients $1.3 million by placing trades through a master brokerage account and then allocating profitable trades to himself while placing unprofitable ones into client accounts.
What financial advisers can do about a U5 disclosure
Given the current regulatory environment and increasing utilization of BrokerCheck by the public, a broker must take ownership of his or her CRD.
Finra’s new exam unit looking to identify rogue registered reps
The self-regulatory organization is planning to investigate 100 to 200 brokers who pose the greatest risk to investors.
More states likely to approve senior financial abuse regulations
The North American Securities Administrators Association's model rule requires that financial advisers report suspected abuse to state and other authorities, allows them to stop disbursements from seniors' accounts and gives them protection from liability.
New Finra head Robert Cook wants to publish exam result summaries
CEO says he got the idea by talking to firms during a "listening tour" shortly after taking over the reins of the securities industry regulator.
Finra targets firms hiring brokers with checkered pasts
The regulator makes it a top priority for 2017, establishing an exam unit to ferret out rogue brokers and scrutinizing how firms supervise them.
Finra slaps 12 firms with $14.4 million fine for cybersecurity issues
Companies affiliated with Wells Fargo & Co. received the largest of the penalties assessed by the regulator, which has been pursuing a broader crackdown for cybersecurity failures.
Finra arbitration panel awards registered representative $417,000 for wrongful termination, defamation
Arbitrators held Southwest Securities Inc. liable for compensatory damages and recommended expungement of the termination explanation on the rep's Form U-5.
Finra enforcement chief Brad Bennett to resign
Regulator brought broad, sweeping cases and also ramped up its crackdown on smaller infractions during Mr. Bennett's six-year tenure. (Related read: Advisers want Finra to focus on the 'bad guys' and leave the rest alone)
Finra slaps Credit Suisse unit with $16.5 million fine for anti-money-laundering failures
Finra hit Credit Suisse Securities (USA) LLC with a $16.5 million fine on Monday for failure to monitor…
Finra bars former JP Morgan, RBC brokers
Both former brokers settled and refused to testify.
Finra launches extensive sweep of broker-dealer cross-selling
Regulator looking into incentives firms are offering employees to promote bank products of an affiliate or parent company to retail brokerage customers in wake of Wells Fargo scandal.
Finra fines eight broker-dealers $6.2 million for selling customers unsuitable variable annuity products
In addition, Voya Financial and four Cetera Group firms will pay customers $6.3 million in restitution.
