Results for "arbitration"

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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...

Brokerages walking away from arbitration awards

September 23, 2016

It's no secret that small broker-dealers are struggling to keep their doors open as technology, compliance and legal costs continue to increase, especially as they prepare to put weighty new regulations such as the Department of Labor's fiduciary...

Finra panel directs UBS to pay $750,000 for Puerto Rico investment damages

September 12, 2016

UBS Group AG's wealth management business must pay a combined $750,000 to three investors who claimed damages tied to their investments in Puerto Rico's debt, according to the Financial Industry Regulatory Authority Inc. The arbitration award...

Finra's arbitration process: Challenging the system to find the right answers

September 6, 2016

“That's the way we've always done it.” In business, this simple but dismissive mindset — if it becomes ingrained throughout an organization — can keep a company mired in the past, resistant to change and unresponsive to its customers'...

CFP Board poised to make advisers' arbitration results public

August 11, 2016

The Certified Financial Planner Board of Standards Inc. has tweaked terms of its new rule requiring advisers to settle disputes in arbitration instead of court, giving itself an opportunity to make the results public. All registered investment...

Stifel claws back $440,000 as brokers struggle to win Finra arbitration

August 11, 2016

Stifel, Nicolaus & Co. is clawing back $440,000 from an adviser who was discharged almost two years ago, the latest brokerage firm this month to recoup compensation tied to promissory notes, according to the Financial Industry Regulatory Authority...

Dawn Bennett plays the victim, challenges SEC ruling

August 2, 2016

Dawn Bennett, having been barred from the financial services industry and fined $4 million for her shady advisory practices, is now claiming the SEC sought her out as a high-profile disciplinary trophy. ”Why was I a target for something that...

Dawn J. Bennett barred from industry; ordered to pay $4 million in fines, disgorgement

July 11, 2016

The Securities and Exchange Commission late Monday barred Dawn J. Bennett from the securities industry for exaggerating her firm's assets under management and investment performance to drum up business from wealthy clients. The commission also...

The SEC's case against Dawn J. Bennett

July 10, 2016

By all outward appearances, Dawn J. Bennett was a success. Barron's magazine named her three times to its lists of top financial advisers, showing her managing more than $1 billion in client assets. She often was quoted in the media and had...

SEC Investor Advocate Fleming targets fees charged by advisers

July 1, 2016

To SEC investor advocate Rick A. Fleming, improved disclosure of fees and expenses charged by financial advisers is a top priority in the new fiscal year, which begins in October. Mr. Fleming will push the Securities and Exchange Commission...

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