Merrill Lynch agreed to a censure and a $150,000 fine to settle alleged violations with FINRA Enforcement. According to FINRA Enforcement, Merrill Lynch allowed an executive to function as a principal in its prime brokerage business, despite the fact that the executive was not registered with FINRA.
Former LPL Financial broker, Michael B. Mountjoy, agreed to a $10,000 fine and a six-month suspension from association with any FINRA member firm in all capacities. According to FINRA Enforcement, Mountjoy engaged in a private securities transaction and two outside business activities without providing his firm with prior, written notice.
Former Morgan Stanley broker, Jacqueline Jacobsen, agreed to a $5,000 fine and a six-month suspension from association with any FINRA member firm in all capacities. According to FINRA Enforcement, Jacobsen used funds from her AFG account in a manner inconsistent with the Firm’s permitted use of those funds.
Former Morgan Stanley Manager, Ben Fujihara, agreed to a $5,000 fine and a 30-day suspension from association with any FINRA member firm, following allegations by FINRA Enforcement that Fujihara failed to notify his FINRA-member firm about the full nature of his participation in an outside business activity, in violation of FINRA Rules 3270 and 2010.
William J. Schnepp has agreed to a two-month suspension form association with any FINRA member firm in any capacity, as well as a deferred fine of $5,000, for violations of FINRA Rule 2010.
Ronald “Ramone” Knight has agreed to be barred from association with any FINRA member firm in any capacity after FINRA found that he falsified expense reports.
Kari Bracy, a broker who worked for NYLife Securities from 2009 until 2019, has agreed to a bar from the securities industry. On January 16, 2020, Bracy signed a letter of Acceptance, Waiver and Consent (“AWC”), agreeing to be barred from the securities industry for failing to appear for an on-the-record interview with FINRA.
Jaime Michael Westenbarger has been barred from association with any FINRA member in all capacities. On October 2, 2019, Westenbarger signed a Letter of Acceptance, Waiver and Consent (“AWC”), in which he consented to the bar, without admitting or denying FINRA’s findings detailed in the AWC.
James D’Meo, formerly a registered representative with Kenneth Jerome & Co., agreed to accept a bar from the securities industry after refusing to appear for a follow-up on-the-record interview (“OTR”) with FINRA. On November 21, 2019, D’Meo signed a Letter of Acceptance, Waiver and Consent (“AWC”) agreeing to a bar without admitting or denying FINRA’s findings.
The Financial Industry Regulatory Authority (“FINRA”) recently barred Rand A. Heckler from the securities industry for refusing to cooperate in FINRA’s Rule 8210 inquiry.
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A recent analysis by Golsan Scruggs reveals a staggering 231 percent increase in errors-and-omissions (E&O) liability claims among registered investment advisor (RIA)
insurers.
According to a recent analysis, Reg BI-related actions quickly have ascended to the top five issues for FINRA, with fines totaling $6 million in 2023.
The Financial Industry Regulatory Authority (FINRA) has imposed fines and censured independent broker-dealers Osaic Wealth and Securities America for cybersecurity deficiencies that led to hackers accessing the private information of more than 32,000 customers.
