Tagged with "fines"

Here’s How FINRA Spent Its Fine Proceeds In 2021

Posted on July 19th, 2022 at 1:59 PM
Here’s How FINRA Spent Its Fine Proceeds In 2021

The Financial Industry Regulatory Authority (FINRA) imposed fines worth up to $90.1 million in 2021, which was a substantial increase from the $57 million issued in 2020.

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FINRA Fines National Securities $9 Million Over GPB and Other Misconduct

Posted on July 6th, 2022 at 11:34 AM
FINRA Fines National Securities $9 Million Over GPB and Other Misconduct

The Financial Industry Regulatory Authority (FINRA) has fined National Securities over a host of issues, including artificially influencing the market for securities it had underwritten and negligently omitting to inform GPB Capital private placement investors that the company had failed to timely file its audited financial statements. 

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FINRA’s Top Five Fine Categories for 2021

Posted on March 28th, 2022 at 3:28 PM
FINRA’s Top Five Fine Categories for 2021

The Financial Industry Regulatory Authority (FINRA) issued $91 million in fines in 2021, which constitutes a 60% increase from $57 million in 2020, according to ThinkAdvisor. The 2021 fine total is the highest since 2016 when FINRA imposed $174 million in fines. However, much of FINRA’s 2021 total constitutes Robinhood’s payment of $57 million in fines and $12.6 million in restitution relating to supervisory failures and investor harm.

 

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FINRA Fines Two Firms Over Mutual Fund Sales

Posted on January 4th, 2022 at 1:16 PM
FINRA Fines Two Firms Over Mutual Fund Sales

The Financial Industry Regulatory Authority (FINRA) has fined Emerson Equity $1.7 million, citing several years of faulty supervision of short-term mutual fund trades.

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FINRA Fines Merrill Lynch $1.2 Million Over Delays In Complying With Investigations

Posted on December 29th, 2021 at 1:11 PM
FINRA Fines Merrill Lynch $1.2 Million Over Delays In Complying With Investigations

The Financial Industry Regulatory Authority (FINRA) has levied a $1.2 million fine against Merrill Lynch for allegedly failing to comply with two separate FINRA enforcement investigations, which lead to the suspension of one advisor and the barring of another.

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Merrill Fined $950K After Supervision Enabled Two Advisors To Misappropriate $6 Million

Posted on December 27th, 2021 at 1:08 PM
Merrill Fined $950K After Supervision Enabled Two Advisors To Misappropriate $6 Million

The Financial Industry Regulatory Authority (FINRA) has ordered Merrill Lynch to pay a $950,000 fine for allegedly failing to detect flaws in its fraud detection systems, which allowed two advisors to misappropriate $6 million. Both advisors received prison sentences.

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FINRA Fines RBC $1 Million Over Junk Bond Oversight Lapses

Posted on December 22nd, 2021 at 2:50 PM
FINRA Fines RBC $1 Million Over Junk Bond Oversight Lapses

The Financial Industry Regulatory Authority (FINRA) has fined RBC Wealth Management $1 million over its alleged failure to monitor client accounts for overallocation in high-yield or “junk” bonds.

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Kestra Ordered to Pay $10.3 Million Fine Over Undisclosed Mutual Fund Compensation

Posted on July 22nd, 2021 at 3:15 PM
Kestra Ordered to Pay $10.3 Million Fine Over Undisclosed Mutual Fund Compensation

The Securities and Exchange Commission (SEC) has ordered two Kestra Financial divisions to pay a total of $10.3 million for failing to report compensation earned after investing client assets in certain mutual funds.

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Sanctuary Fined Over Supervisory Failures

Posted on July 15th, 2021 at 12:44 PM
Sanctuary Fined Over Supervisory Failures

Sanctuary Wealth has agreed in a settlement to pay at least $530,000 in fines and restitution over the firm’s supervisory failures.

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FINRA Profit Resumes as Fines and Restitution Jumped 44%

Posted on July 9th, 2021 at 4:28 PM
FINRA Profit Resumes as Fines and Restitution Jumped 44%

The Financial Industry Regulatory Authority (FINRA) reports that fines and restitution jumped by 44%.

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LATEST NEWS AND ARTICLES

December 9, 2022
FINRA Reminds Firm To Monitor For “Red Flags” In Options Trading Applications

The Financial Industry Regulatory Authority (FINRA) has released an announcement reminding firms that recommend options trading for clients to be constantly monitoring for “red flags” on customer applications.

December 8, 2022
FINRA Orders Morgan Stanley to Pay $697,897 Over Failure to Supervise Nine Advisors

The Financial Industry Regulatory Authority (FINRA) has ordered Morgan Stanley to pay $697,897, including a $200,000 fine and $497,897 in restitution, for failing to adhere to its own procedures for supervising its advisors’ high-risk recommendations. 

December 7, 2022
FINRA Bars Former Northwestern Mutual Advisor For Allegedly Cheating on CFP Exam

The Financial Industry Regulatory Authority (FINRA) has barred a former Northwestern Mutual advisor after he failed to cooperate with the regulator’s probe into the Certified Financial Planner Board of Standards’ (CFP Board’s) decision to bar the advisor for alleged “exam misconduct.”