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 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’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.
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 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 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 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.
According to FINRA’s annual financial report, the SRO’s increase in fines in 2016 allowed for it to attain a positive net income.
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).
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.
A FINRA panel has ordered Morgan Stanley and a broker in Santa Ana, California to pay damages, attorneys’ fees and interest to the estate of a deceased customer.