The latest regulatory, disciplinary and criminal actions.
Enforcement
Finra Fines, Supends Ex-Ameriprise Broker Who Flipped ‘A’ Shares
Ohio broker allegedly earned $450,000 from unsuitable short-term trading in Class A mutual fund shares.
SEC Puts Nail in Ex-Morgan Stanley Broker’s Career Coffin
Former broker Barry Connell, who served prison time for stealing $5 million from customers, has been barred from the securities industry.
Finra Fines LPL $6.5 Million over Broad Supervisory Failures
The nation’s largest independent broker-dealer failed to maintain proper supervision of record retention, fingerprinting and screening of associated persons, consolidated reports.
Ex-Merrill Broker in Kentucky Sentenced to Eight Years
Former broker pled guilty to stealing roughly $4.2 million over 10 years.
Finra Fines Kestra Over Recruiting Practice Jeopardizing Customer Privacy
Brokers who moved between 2017 and 2019 worked with third-party vendor on populating account-transfer spreadsheets without receiving customer approval.
Finra Sanctions Ex-Oppenheimer Broker over UIT Trades
Fine and suspension against former advisor in Florida follows Oppenheimer’s agreement to pay Finra $4.7 million to settle charge of failing to supervise UIT sales.
Finra Suspends 25-Year Broker Who Took Shortcuts with Account Documents
Former Morgan Stanley broker in New Hampshire agreed to a $5,000 fine and three-month suspension for adding addresses and other rudimentary data to account forms previously signed by clients and a prospect.
Oppenheimer to Pay $4.7 Mln for UIT Rollover Violations
Firm failed to have procedures for ensuring that customers weren’t encouraged to redeem their unit investment trusts sales prematurely in order to generate commissions.
Credit Suisse to Pay $6.5 Mln for Direct Market-Access Violations
Finra and several exchanges say the Swiss bank failed to adequately review potentially manipulative activity by broker-dealers and other institutional clients.
J.P. Morgan, Schwab Win Orders Handcuffing Breakaway Brokers
J.P. Morgan Securities and Charles Schwab scored legal victories this week from departing brokers who were allegedly using firm-owned data to solicit former clients.
Merrill, Raymond James to Pay $12 Million for 529 Plan Sales Violations
Firms settle charges from the Financial Industry Regulatory Authority that they sold more expensive classes of education savings plan investments when others were available.
