In separate enforcement actions, the SEC and FINRA have censured and fined the Syracuse, New York-based firm, Cadaret Grant & Company, Inc., for its failure to properly supervise the sale of complex products.
Tagged with "FINRA"
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SEC and FINRA Censure and Sanction Independent Broker-Dealer Cadaret Grant Over Supervisory Failures
Posted on September 14th, 2018 at 5:23 PM
FINRA Arbitrator Awards Expungement of 24 Annuity Complaints from Broker’s Record
Posted on September 12th, 2018 at 4:21 PM
A former Securities America broker has won his expungement request to clear his record of 24 customer complaints tied to a single annuity product.
FINRA Study Finds Growth of Hybrid Advisors
Posted on August 15th, 2018 at 9:17 AM
According to the first-ever snapshot of the industry conducted by FINRA, the growth in the number of “hybrid” advisors has exploded, now accounting for some 45% of all registered representatives.
FINRA Consolidates Its Enforcement Programs
Posted on July 31st, 2018 at 9:11 AM
FINRA recently has completed a major overhaul of its enforcement programs in an attempt to remove the ambiguity surrounding the consequences for violating its rules.
FINRA Fines Eight Broker-Dealers $2.7 Million
Posted on July 27th, 2018 at 11:26 AM
FINRA has fined eight broker-dealers a total of $2.7 million for poor supervision of variable annuity exchanges. Those fined include the Advisor Group’s Royal Alliance Associates, FSC Securities Corp, SagePoint Financial and Woodbury Financial Services, as well as National Planning Group’s National Planning Corp., Investment Centers of America, SII Investments and IFC Holdings. As part of the $2.7 million penalty, each broker-dealer will be responsible to pay individual fines ranging from $115,000 to $600,000.
FINRA Announces Takeover of Financial Background Checks for Member Firms
Posted on July 19th, 2018 at 4:06 PM
FINRA has announced that effective this month, it will be responsible for the financial background checks that firms were required to conduct for the new brokers they register.
Wells Fargo Ordered to Pay FINRA $3.4M in Restitution for Selling Unsuitable ETPs
Posted on October 18th, 2017 at 10:23 AM
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 Continues to Curb Variable Annuity Misconduct
Posted on October 13th, 2017 at 9:34 AM
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.
SEC Charges Barred Broker for Orchestrating Real Estate Scam
Posted on October 6th, 2017 at 9:54 AM
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 Fines Broker-Dealer Over its Failure to Supervise Nontraditional ETFs
Posted on August 16th, 2017 at 10:17 AM
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”).
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