The latest regulatory, disciplinary and criminal actions.
Ohio broker allegedly earned $450,000 from unsuitable short-term trading in Class A mutual fund shares.
Former broker Barry Connell, who served prison time for stealing $5 million from customers, has been barred from the securities industry.
The nation’s largest independent broker-dealer failed to maintain proper supervision of record retention, fingerprinting and screening of associated persons, consolidated reports.
Former broker pled guilty to stealing roughly $4.2 million over 10 years.
Brokers who moved between 2017 and 2019 worked with third-party vendor on populating account-transfer spreadsheets without receiving customer approval.
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.
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.
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 Securities and Charles Schwab scored legal victories this week from departing brokers who were allegedly using firm-owned data to solicit former clients.
Firms settle charges from the Financial Industry Regulatory Authority that they sold more expensive classes of education savings plan investments when others were available.