Displaying 24 results
Finra bars ex-Wells Fargo broker firm accused of theft
“We’ve done scores of theft cases over the years and it’s a cancer," said one attorney.
Florida broker-dealer faces $500k fine over texting violations
Finra finds years of compliance shortfalls at Dawson James Securities involving more than 10,000 text messages, including inadequate system for private placements.
Finra caught up in email phishing scheme
A new cybersecurity alert warns member firms to be wary of fraudulent messages impersonating key members of the regulator’s leadership.
Finra orders Morgan Stanley to pay ex-brokers roughly $3M
An arbitration panel rules in favor of former advisors who claimed the firm had delayed compensating them for their work, violating ERISA rules.
Finra bars former ETrade employee
The former rep refused to cooperate with an investigation alleging that he transferred funds from a client account without authorization
Finra fines M1 Finance in landmark social media enforcement
The regulator hands down a $850,000 penalty after finding noncompliant promotional messages from M1's finfluencer army.
NewEdge Securities fined over bond pricing shortfalls
The brokerage firm violated Finra rules by failing to ensure fair pricing in corporate and muni bond transactions.
Finra names new members to its board
Finra's new governors include Vanguard’s first-ever global CIO and the president of UBS Americas.
Ex-Osaic veteran advisor barred by Finra
'A lawyer may tell an advisor like this, there's no upside in responding to Finra, just leave the industry,' says a senior brokerage executive.
Finra fines Morgan Stanley $1.6M over muni transaction shortfalls
Broker-dealer self-regulator finds pattern of gross supervisory failure involving municipal securities over a five-year period.
Finra fines Haywood USA $175,000
The regulator's settlement with the US unit of Canadian firm relates to sales of Canadian private placements.
Finra fines, censures New Jersey broker-dealer for violating Reg BI
Network 1 Financial Securities did not have a written system to identify and flag excessive trading, resulting in $533,500 in commissions for the firm, regulator says.
Number of brokerages fell, registered rep total increased in 2022, Finra reports
Brokerages suffered financially during the market downturn last year, with net income and revenue falling sharply in 2022.
Merrill to pay $1.4 million over telemarketing violations
The company, which self-reported the issue, signed separate consent orders with Finra and the New Hampshire Bureau of Securities Regulation.
Former advisor, financial planner charged with defrauding NBA players
Four people face federal indictments in the scheme, and the former advisor is being charged by the SEC.
Trading app fined $3M for letting youngsters trade options spreads
Webull Financial failed to conduct adequate due diligence on customers, Finra found, but the company did not admit or deny fault.
Finra dings Morgan Stanley $802,000 for overcharging clients
Morgan Stanley was penalized for failing to catch excess sales charges and fees from mutual fund transactions between 2015 to 2021.
Rep monkeyed around with client information to sell more GPB: Finra
Using white out and other means, the rep doctored client financial information disclosure forms, according to Finra.
Trading app Fennel seeks to win customers with ESG data
The subscription-based service’s key feature is its in-app ESG data and rankings, which provides information to retail investors on public companies’ environmental, social and governance practices.
Finra panel orders Houston firm and two reps to pay $2 million for securities sales
Eight IRA owners to get damage payments from IMS Securities and brokers.
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