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Client wins $357K clawback in arbitration from Wells Fargo over unsuitable investments

March 13, 2017

An investor won a $357,000 arbitration award against Wells Fargo Advisors for unsuitable energy and housing investments. The case summary in the March 9 award cited "investments in unspecified energy and housing products, and use of a margin...

Senate Democrats push Finra to create fund to compensate investors for unpaid arbitration claims

March 9, 2017

Senate Democrats want Finra to compensate investors who prevail in arbitration cases but are stiffed by the losing brokerage. In a Senate Banking Committee markup of unrelated bills Thursday, Sen. Elizabeth Warren, D-Mass., offered an amendment...

Rising markets keep advisers out of arbitration

February 23, 2017

Rising markets produce happy investors who are less likely to file arbitration claims against their brokers. Although the total number of arbitration claims rose 7% over the last year — 3,681 cases were filed in 2016 compared to 3,435 in 2015...

Finra arbitration panel hits UBS with $9M award in Puerto Rican bond case

February 17, 2017

A Finra arbitration panel awarded nearly $9 million to an investor who claimed that he was hurt by the purchase of Puerto Rican municipal bonds and closed-end bond funds bonds from UBS Financial Services Inc. The arbitrators found that UBS and...

Finra expels Red River Securities for oil and gas fraud

February 15, 2017

A Finra hearing panel has expelled Red River Securities, a Plano, Texas-based broker-dealer, and barred its CEO Brian Keith Hardwick for fraudulent sales in five oil and gas joint ventures, characterizing the misconduct of both as “egregious.”...

Robert W. Baird & Co. must pony up $23.5 million to Wells Fargo in raiding case

January 17, 2017

A Finra arbitration panel awarded more than $23 million to Wells Fargo Advisors in case involving what the firm called a “raid” on a regional office by R.W. Baird & Co. The Financial Industry Regulatory Authority Inc. arbitrators ruled that...

Finra arbitration panel awards registered representative $417,000 for wrongful termination, defamation

December 21, 2016

A Finra arbitration panel awarded $417,000 to a registered representative this week after finding she was wrongfully fired and defamed by her former firm. The Financial Industry Regulatory Authority Inc. arbitrators held Southwest Securities...

Galvin claims software developer defrauded investors in trading scheme

November 22, 2016

The head of the state securities department in Massachusetts charged a man and his trading software company with fraudulently taking money to trade in securities, and then failing to execute any trades. Secretary of the Commonwealth William...

Finra hits Oppenheimer & Co. with $3.4M penalty for reporting, fee-waiver failures

November 17, 2016

Finra imposed $3.4 million in sanctions on Oppenheimer & Co. Inc. for the firm's missteps in reporting internal discipline, providing information in arbitration cases and offering sales discounts to customers, the broker-dealer regulator announced...

Finra bans LPL broker for depositing client funds into own bank account

November 14, 2016

The Financial Industry Regulatory Authority Inc. has barred an LPL Financial broker for depositing client funds into his personal bank account. The broker, Dominic Thomas DeBruin, was investigated for placing client funds into a bank account...

SEC examiners on hunt for RIA and broker-dealer whistleblower violations

October 26, 2016

The U.S. Securities and Exchange Commission issued a risk alert Monday, preempting the next item on the examiner's checklist: whistleblower protection. Compliance manuals, codes of ethics, employment agreements and severance agreements are some...

Wells Fargo claws back more than $1 million from broker claiming wrongful termination, Finra says

October 25, 2016

Wells Fargo & Co. is clawing back more than $1 million from a broker who claimed wrongful termination, according to the Financial Industry Regulatory Authority Inc. Eric Zakarin must pay Wells Fargo $1.14 million in damages for breaching a promissory...

Finra suspends ex-Morgan Stanley client administrator for fraudulent wire transfer

October 17, 2016

A former client service administrator at Morgan Stanley was fined and suspended by the Financial Industry Regulatory Authority Inc. for fraudulently transferring a total of $108,680 out of a client's account to third party bank accounts and...

Adviser suspended for five years for overcharging clients

October 17, 2016

The Texas securities commissioner has suspended an adviser and his company for five years for overcharging two clients. Jens Pinkernell, the principal adviser and founder of his firm, J. Pinkernell Global Wealth, in Gunter, Texas., was ordered...

Deutsche Bank settles with regulators for $9.5M

October 13, 2016

Deutsche Bank has agreed to pony up a cool $9.5 million for failing to safeguard certain non-public information. There was a failure to implement policies to prevent analysts from disclosing information. Wells Fargo chairman and chief executive...

Wintrust, broker to pay $1.5 million for raiding BMO Harris customers: Finra

October 12, 2016

Wintrust Wealth Management and broker Neil Moscicki must pay about $1.5 million in damages to BMO Harris Financial Advisors Inc. for seeking to grab a large portion of the firm's clients before Mr. Moscicki quit, according to the Financial Industry...

Finra bars former Stifel broker for unauthorized payments

October 11, 2016

Finra has permanently barred a former broker who was terminated by his former employer, Stifel, Nicolaus & Co., for making unauthorized payments to clients. Jay Jules Gruenebaum was investigated by the Financial Industry Regulatory Authority...

Merrill Lynch owes stiffed brokers $800,000 in damages after termination dispute, Finra says

October 10, 2016

Bank of America Merrill Lynch has to pay $800,000 in compensatory damages to two brokers who claimed the firm stiffed them in compensation after they were fired without cause, according to the Financial Industry Regulatory Authority Inc. Merrill...

Thrivent Financial files sixth lawsuit against DOL fiduciary rule

September 30, 2016

In the latest legal action against a Labor Department rule to raise advice standards for retirement accounts, an organization that provides financial services to Christians says it would not be able to use its dispute resolution mechanism, which...

Finra panel directs broker to pay $600,000 for siphoning money from two older adults

September 29, 2016

A broker who worked for First Heartland Capital Inc. must pay $600,000 in damages to an elderly couple after allegedly siphoning money from them, according to the Financial Industry Regulatory Authority Inc. Joyce and Keith Reuter, both in their...

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