Displaying 133 results
Finra fines spike 63% in 2023: Report
'Last year saw bigger Finra fines per case,' a lawyer says. 'Supersized fines, or those of $1 million or more, were up, and mega-sized fines, or those of $5 million and more, increased too.'
Pacific Life to pay $3 million for doing unlicensed business
New York says insurer improperly engaged in pension risk transfer business.
Finra fines jump 43% in 2020 to $57 million
The number of of the regulator's disciplinary actions held steady, according to an Eversheds Sutherland analysis.
Ex-Wells Fargo CEO Stumpf to pay $2.5 million in SEC settlement
The agency accused Stump and former Wells executive Carrie Tolsted with misleading shareholders about the success of Wells' community bank
Morgan Stanley fined $60 million over failed hardware oversight
The Office of the Comptroller of the Currency cited shortcomings related to the decommissioning of data centers for the firm's wealth management unit
Study shows softening of Finra enforcement last year
Law firm Eversheds Sutherland says fines, restitution, cases decreased; Finra touts the quality of its cases
As e-communication channels proliferate, risk of Finra fines spikes
Smarsh survey finds 88% of firms issue mobile devices to employees who use them to IM, text and tweet.
Pinnacle expelled, president barred over alleged fraud
A Finra hearing officer last week expelled Pinnacle Partners Financial Corp. and barred its president, Brian Alfaro, for…
Finra panel: David Lerner Associates sold marked-up munis
Brokerage firm David Lerner Associates Inc. was ordered to pay more than $3.7 million in fines and restitution…
Fiduciary advocate indicted
Well-known fiduciary advocate Matthew D. Hutcheson was indicted last week on federal charges that he used retirement plan…
Hancock to pony up $1 million to La. in death benefit flap
The state of Louisiana will collect about $1 million in a settlement with John Hancock Life Insurance Co. as part of a massive investigation into the insurer's payment of death benefits
Penson sued in Ponzi case
A court-appointed receiver in a Utah Ponzi case has sued Penson Financial Services Inc., claiming that the firm…
Finra slaps Next with $400,000 fine
Next Financial Group Inc. was hit last month with its third significant regulatory action in three years when Finra socked it with a $400,000 fine and $102,000 in restitution to clients.
Florida investor sues firms over adviser wire fraud
A Florida investor is suing TD Ameritrade Inc. for allegedly allowing a financial adviser to steal more than $2.3 million from her brokerage accounts.
LPL fined $275,000 for hacking incidents
LPL Financial Corp. agreed to pay a $275,000 penalty for violating customer privacy information, the Securities and Exchange Commission announced today.
Ameriprise, Massachusetts settle
Ameriprise Financial Services Inc. last week reached a $200,000 settlement with Massachusetts, resolving accusations that several of its reps employed unfair sales practices when working with clients.
Finra goes after trading tax dodges
Finra's $600,000 fine against Citigroup Inc. last week is the latest salvo in the war against trading strategies used as tax shelters, and the regulator expects to press the attack.
Schumer to introduce legislation that would allow SEC to keep fines
Sen. Charles Schumer, D-N.Y., will propose legislation that would allow the SEC to keep any fines it levies against wrongdoers and to pocket the $1.5 billion in transaction and other fees it is expected to collect for the fiscal year that begins Oct. 1.
Fairfield Greenwich to pay $8M to clients burned by Madoff scam
Fairfield Greenwich Advisors LLC and Fairfield Greenwich Ltd. were slapped with a $500,000 fine today and ordered to pay restitution of $8 million to Massachusetts investors who placed their money into a hedge fund that was invested with convicted swindler Bernard L. Madoff.
U.K. regulator fines Barclays for disclosure, reporting lapses
Britain's financial watchdog fined Barclays PLC 2.45 million pounds ($4 million) today for failing to provide accurate transaction reports and "serious weaknesses" in control systems in two of its divisons.
