Tagged with "FINRA"

FINRA Takes Action Against Former Cambridge Advisor for Annuity Exchange Violations

Posted on February 7th, 2024 at 3:10 PM
FINRA Takes Action Against Former Cambridge Advisor for Annuity Exchange Violations

Malay Kumar, a former advisor affiliated with Cambridge Investment Research, recently agreed to settle a disciplinary matter brought by FINRA. The AWC (Acceptance, Waiver, and Consent) reflects a $10,000 fine and a 12-month suspension. The settlement revealed that Kumar recommended a series of variable annuity exchanges that violated Reg BI.

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RIA EverNest Files Lawsuit to Sever Ties with Sanctuary Wealth Following FINRA Fine

Posted on February 6th, 2024 at 10:45 AM
RIA EverNest Files Lawsuit to Sever Ties with Sanctuary Wealth Following FINRA Fine

EverNest Financial Advisors, a Carmel, Indiana-based registered investment adviser, has filed a lawsuit seeking to reverse a deal where it sold a 20 percent stake to Sanctuary Wealth almost two years ago.

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Former Ameriprise Advisor Barred by FINRA for Non-Cooperation in Crypto Business Investigation

Posted on February 5th, 2024 at 1:15 PM
Former Ameriprise Advisor Barred by FINRA for Non-Cooperation in Crypto Business Investigation

A former Ameriprise Financial advisor, Eric V. Kubiak, has chosen an industry bar over full cooperation with a Financial Industry Regulatory Authority (FINRA) investigation into his undisclosed outside business activity involving crypto assets.

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FINRA Fines and Suspends Merrill Lynch Advisor Over Unauthorized Role as Estate Executor

Posted on February 1st, 2024 at 1:26 PM
FINRA Fines and Suspends Merrill Lynch Advisor Over Unauthorized Role as Estate Executor

Frederick R. Watson, a veteran advisor with 37 years of experience at Merrill Lynch, has been fined $10,000 and suspended for four months by the Financial Industry Regulatory Authority (FINRA).

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Former JPMorgan Advisor Agrees to Injunction Amid Solicitation Allegations

Posted on January 29th, 2024 at 1:06 PM
Former JPMorgan Advisor Agrees to Injunction Amid Solicitation Allegations

A former JPMorgan advisor sued last week, in connection with his transition to an independent practice with Kestra Private Wealth Services, has agreed to a stipulated injunction prohibiting him from soliciting his former customers.

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FINRA Bars New Jersey Advisor Over Alleged Securities Violations and Refusal to Testify

Posted on January 24th, 2024 at 2:26 PM
FINRA Bars New Jersey Advisor Over Alleged Securities Violations and Refusal to Testify

The Financial Industry Regulatory Authority (FINRA) has barred New Jersey advisor Anthony J. Cantone for refusing to provide testimony in an investigation into his business practices.

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Salt Lake City Wells Fargo Advisor Accepts FINRA Bar Following SEC Settlement

Posted on January 19th, 2024 at 1:30 PM

Louis P. Goff, a former Wells Fargo Advisors broker in Salt Lake City, Utah, has agreed to a bar from the brokerage industry imposed by the Financial Industry Regulatory Authority (FINRA).

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LPL Financial to Pay $6 Million to Settle FINRA Charges Over Regulation Best Interest Lapses

Posted on January 17th, 2024 at 1:45 PM
LPL Financial to Pay $6 Million to Settle FINRA Charges Over Regulation Best Interest Lapses

LPL Financial has agreed to pay over $6 million to settle charges by FINRA, alleging violations of Regulation Best Interest in recommending trades involving certain listed business development companies.

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Securities Lending Oversight Lapses Lead to FINRA Sanctions

Posted on January 16th, 2024 at 11:34 AM
Securities Lending Oversight Lapses Lead to FINRA Sanctions

The Financial Industry Regulatory Authority Inc. (FINRA) recently concluded settlements totaling $2.6 million in fines and restitution with four mobile apps and online broker-dealers.

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WestPark Capital Representative Sanctioned for Unauthorized Private Transactions

Posted on January 15th, 2024 at 1:24 PM
WestPark Capital Representative Sanctioned for Unauthorized Private Transactions

The Financial Industry Regulatory Authority (FINRA) has imposed a fine and suspension on Mitchell S. Morrison for engaging in private securities transactions without providing prior written notice to his affiliated firms.

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LATEST NEWS AND ARTICLES

July 1, 2025
State Regulators Fine Five Major Broker-Dealers Nearly $10 Million for Excessive Commission Charges

A coalition of state securities regulators has ordered five broker-dealers — including Edward Jones, LPL Financial, RBC, Stifel, and TD Ameritrade — to pay almost $9.9 million in penalties for overcharging customers on small-value trades.

June 30, 2025
SEC Charges New Mexico Investment Advisor with Fee Fraud and Fiduciary Breaches

The Securities and Exchange Commission (“SEC”) has charged David A. Nagler and his firm, New Line Capital LLC, with defrauding clients through deceptive fee disclosures and undisclosed conflicts of interest.

 

June 27, 2025
FINRA Sanctions Advisor for Accepting $1 Million Inheritance from Client Without Firm Approval

FINRA has fined and suspended veteran advisor Kenneth J. Malm for accepting a $1 million inheritance from a client without receiving the necessary firm approval.