12 events that shook the B-D biz in 2012
Finra announces that it has ordered broker-dealer David Lerner & Associates Inc. to pay approximately $12 million in restitution to customers who purchased shares in Apple REIT, a nontraded real estate investment trust sold by the firm, and to customers who were charged unfair prices on other investments. In addition, Finra fined the firm's founder and president, David Lerner, $250,000 and suspended him for one year from the securities industry, followed by a two-year suspension from acting as a firm's principal.
- 8 Heartbleed responses from financial firms
- Four top executives of private-placement syndicator DBSI head to jail for fraud
- Average retiree health costs could overtake Social Security benefits
- Cybersecurity gets the SEC's attention as agency plans to query advisers on safeguards
- Brokerage industry sounds off about Finra broker compensation proposal