FINRA has announced that effective this month, it will be responsible for the financial background checks that firms were required to conduct for the new brokers they register.
Tagged with "FINRA"
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FINRA Announces Takeover of Financial Background Checks for Member Firms
Posted on July 19th, 2018 at 4:06 PM
Wells Fargo Ordered to Pay FINRA $3.4M in Restitution for Selling Unsuitable ETPs
Posted on October 18th, 2017 at 10:23 AM
FINRA has fined Wells Fargo Clearing Services LLC and Wells Fargo Advisors more than $3.4 million in restitution for selling customers “unsuitable” exchange-traded products (ETPs) and for its failure to supervise reps.
FINRA Continues to Curb Variable Annuity Misconduct
Posted on October 13th, 2017 at 9:34 AM
FINRA’s efforts to curb variable annuity abuse have led to an increase in fines and an increase in the number of cases brought against advisors by FINRA Enforcement.
SEC Charges Barred Broker for Orchestrating Real Estate Scam
Posted on October 6th, 2017 at 9:54 AM
Former broker Leonard Vincent Lombardo of Long Island, New York, along with his company and business partner, has agreed to settle charges with the SEC for perpetrating an alleged real estate investment scam.
FINRA Fines Broker-Dealer Over its Failure to Supervise Nontraditional ETFs
Posted on August 16th, 2017 at 10:17 AM
FINRA has fined Atlanta-based Broker-Dealer, FSC Securities Corporation, $100,000 over allegations that it failed to supervise trades in risky, nontraditional exchange-traded funds (“ETFs”).
FINRA to Create a New Centralized Enforcement Office
Posted on August 1st, 2017 at 1:25 PM
FINRA has created a new centralized enforcement office which will merge the office which handles disciplinary actions with another office that covers a broad swath of regulatory oversight cases.
A FINRA Panel Grants Morgan Stanley’s Request for a Permanent Injunction Preventing Former Reps From Soliciting Clients
Posted on July 14th, 2017 at 10:00 AM
A three-person FINRA arbitration panel has granted Morgan Stanley’s request for a permanent injunction prohibiting a pair of former reps from soliciting clients from their new Janney Montgomery Scott office.
FINRA Manages to Attain Positive Net Income in 2016 Due to Increased Fines
Posted on July 12th, 2017 at 10:00 AM
According to FINRA’s annual financial report, the SRO’s increase in fines in 2016 allowed for it to attain a positive net income.
FINRA, SEC and FINCEN to Investigate Broker-Dealer Aegis Capital
Posted on July 6th, 2017 at 11:56 AM
According to a filing by the SEC, Aegis Capital Corp., a mid-sized broker-dealer based in New York City with 415 registered reps, is being investigated by the SEC, FINRA and the Treasury Department's Financial Crimes Enforcement Network (FINCEN).
Ameriprise Seeks to Quicken Collection Proceedings on Promissory Notes
Posted on July 3rd, 2017 at 10:02 AM
Brokerage firms continually attempt to modify their forgivable loan agreements in order to gain an advantage over reps who elect not to pay their promissory note balances when they leave the firm.
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