Results for "arbitration"

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Finra advances proposals to crack down on 'high-risk' brokers, unpaid arbitration awards

May 11, 2017

The Finra board moved Wednesday to strengthen sanctions against brokers with disciplinary histories and the firms that hire them, and to increase disclosures from brokers and firms that fail to pay arbitration awards. The Financial Industry...

Former broker wins $1.8 million arbitration award against PNC Investments for wrongful firing, defamation

April 19, 2017

A former broker won an $1.8 million arbitration award against PNC Investments in a dispute over her termination from the firm. The Financial Industry Regulatory Authority Inc. arbitration panel in an April 18 decision gave Adrienne M. Mennemeyer...

Finra arbitration panel awards Wilbanks Securities investor $1 million for misleading sales pitch on variable annuity

April 14, 2017

Finra arbitrators awarded an investor more than $1 million for what she alleges was a Wilbank Securities Inc. broker's misleading sales pitch about a variable annuity that over-promised and under-delivered. Grace S. Huitt won a total of $1,073,440...

Finra arbitrators add more detail to expungement decisions

April 10, 2017

Some of the mystery surrounding the removal of client complaints from brokers' records is being cleared up by more detailed expungement explanations from Finra arbitrators. The greater transparency can be seen in recent arbitration awards. The...

Dawn Bennett loses $1 million arbitration claim

March 22, 2017

Dawn Bennett, a former star adviser who was thrown out of the securities industry, has lost a $1 million Finra arbitration claim for making unsuitable investment recommendations for one of her clients. The plaintiff, Steven Santagati, is to...

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.”...

Finra increases arbitrator recruiting, diversity, but other reforms lag

February 8, 2017

Finra has increased arbitrator recruiting, diversified its pool of arbitrators and strengthened arbitrator disclosures in response to a task force's recommendations, the broker-dealer regulator announced Wednesday. In its status report, the...

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...

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