In a recent article in Financial Planning, Alan J. Foxman highlights several important reasons why financial advisors named in an arbitration claim should hire their own attorney instead of using the firm’s in-house or outside law firm counsel.
Tagged with "FINRA"
Why Financial Advisors Should Hire an Attorney if Named in FINRA Arbitration Claim
Posted on March 19th, 2019 at 4:32 PM
Wedbush Securities Settles SEC Failure-To-Supervise Charges Related to Pump and Dump Scheme
Posted on March 15th, 2019 at 9:10 AM
Wedbush Securities, Inc. has agreed to settle an SEC administrative proceeding related to the firm’s failure to take action despite being aware that an employee was involved in a long-running pump-and-dump scheme.
FINRA Denies Appeal From Former Ameriprise Financial Broker Barred for Concealing $100 Million Worth of Private Securities Transactions and Outside Business Activities
Posted on March 8th, 2019 at 5:01 PM
In May of 2017, FINRA barred former Ameriprise Financial broker, Jim Jinkook Seol of Lake Forest, California for participating in $100 million worth of private securities transactions by selling away and deliberately concealing the misconduct from Ameriprise Financial.
FINRA’s Largest Fines Per Category in 2018
Posted on March 6th, 2019 at 10:35 AM
In 2018, FINRA fined broker-dealers a total of $68 million, which was a 5% increase from $65 million in 2017, while the average fine per case increased in 2018 to $107,000 from only $65,000 in 2017.
FINRA Bars Ex-MML Broker for Selling $3.5 Million of Woodbridge Promissory Notes
Posted on March 5th, 2019 at 9:17 AM
FINRA has barred former MML Investor Services, LLC broker, Floyd Powell for failing to disclose to his firm that he sold unregistered promissory notes to 11 customers and received $104,000 in commissions as a result of the transactions.
FINRA Fines Kestra Investment Services for Overcharging Customers $1.6 Million in Mutual Fund Fees
Posted on February 22nd, 2019 at 3:14 PM
FINRA has fined Austin, Texas-based broker-dealer, Kestra Investment Services LLC, a subsidiary of independent broker-dealer, Kestra Financial, $225,000 for overcharging customers $1.6 million in mutual fund fees.
Former Mutual Securities Investment Adviser Suspended for Recommending Woodbridge Investments
Posted on February 13th, 2019 at 9:34 AM
FINRA has suspended former Mutual Securities investment adviser, Gary L. Pevey from the industry for one year for selling $1.1 million worth of Woodbridge Group of Companies (Woodbridge) investments to his clients.
FINRA to Start Closely Examining How Broker-Dealers are Complying with New Elder Abuse Rules
Posted on February 7th, 2019 at 1:09 PM
During the annual Securities Industry and Financial Markets Association (SIFMA) event in New York, FINRA representatives made it clear that the agency will start probing broker-dealers' compliance with its new rules meant to protect elderly clients from financial abuse and exploitation.
FINRA Panel Awards Two Teachers $2.38 Million in Connection with Fraud Claim
Posted on February 6th, 2019 at 9:57 AM
A FINRA panel has awarded two retired school teachers a total of $2.38 in connection with a claim that they had filed against Virginia-based broker-dealer, Capitol Securities, and its former broker, identified in the award as “Mr. T.”
FINRA Releases its Risk Monitoring and Exam Priorities Letter for 2019-Part 3
Posted on January 25th, 2019 at 3:05 PM
FINRA has released its 2019 Risk Monitoring and Examination Priorities Letter to the public. This is the third in a series highlighting both FINRA’s new priorities, as well as ongoing issues discussed in the Letter.