Tagged with "restitution"

Cambridge to Pay $3.5 Million In Restitution To Settle FINRA Mutual Fund Case

Posted on April 13th, 2021 at 9:22 AM
Cambridge to Pay $3.5 Million In Restitution To Settle FINRA Mutual Fund Case

Cambridge Investment Research failed to supervise the recommendations of a mutual fund by its 4,400 financial advisors in 2,500 offices, according to a settlement agreement (Acceptance, Waiver and Consent or “AWC”) filed with the Financial Industry Regulatory Authority (FINRA).

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FINRA Enforcement Numbers for 2019

Posted on March 9th, 2020 at 3:06 PM
FINRA Enforcement Numbers for 2019

In 2019, FINRA Enforcement ordered firms and associated persons to pay $70 million in fines, restitution and disgorgement.  Of the $70 million, $44 million was in the form of fines, including 9 fines of over $1 million.  These 9 “supersized” fines totaled $27.9 million.  Additionally, FINRA ordered roughly $24 million in restitution and $2 million in disgorgement in 2019.

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Wells Fargo Agrees to Pay $575 Million to 50 State Regulators Over Fake Account Scandal and Other Activities

Posted on January 11th, 2019 at 1:28 PM
Wells Fargo Agrees to Pay $575 Million to 50 State Regulators Over Fake Account Scandal and Other Activities

In a statement announced by Iowa Attorney General Tom Miller, Wells Fargo has agreed to pay $575 million to state attorney generals in all 50 states in order to resolve claims against the bank for violations of consumer protection laws relating to the opening of millions of fake accounts as well as other fraudulent activities.

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FINRA Expels Red River Securities

Posted on February 16th, 2017 at 9:21 AM
FINRA Expels Red River Securities

Red River Securities, a Plano, Texas-based broker-dealer, has been expelled from FINRA for fraudulent sales in five oil and gas joint ventures. 

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Mulholland Twins Sentenced 10 to 20 Years in Prison for Ponzi Scheme

Posted on October 6th, 2016 at 1:15 PM
Mulholland Twins Sentenced 10 to 20 Years in Prison for Ponzi Scheme

A Michigan judge has sentenced twins James Mulholland of St. Petersburg, Florida and Thomas Mulholland of Midland, Michigan to10 to 20 years in prison and ordered them to pay approximately $208,000 in restitution.

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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.”