The latest regulatory, disciplinary and criminal actions.
Enforcement
Finra Fines Oppenheimer $525K for Misreporting Customer Cost Basis
Brokers were able to modify customer orders months after the settlement date in order to reduce tax liabilities in instances of partial sales of stock holdings.
SEC Charges RIA with Pro Athlete Niche for Ripping Off Clients
Kansas-based investment advisor was over-charging at least four clients while he also ran a risky leveraged ETF strategy that cost some millions in losses.
Ex-Jones Broker Suspended for Attempting DIY Settlement with Client
Finra also fined the Iowa-based broker $5,000 for trying to settle the claim without his firm’s knowledge.
Ex-Merrill Broker in Chicago Pleads Guilty to $3-Mln Fraud
Marcus Boggs, a former Merrill Lynch broker who was arrested in 2019, admitted to using clients’ money for travel, expensive meals, and rent and mortgage payments.
Finra Fines, Suspends Ex-J.P. Morgan Broker Fired over Unauthorized Trades
Broker whose allegedly improper trading in an elderly client’s account was the subject of two New York Times articles agreed to an 18-month suspension and $10,000 fine.
Finra Dings Ex-Morgan Stanley Broker in Los Angeles over Expense Lapse
Advisor and local restaurateur Kerry Moy accepted a two-month suspension and $5,000 fine for allegedly including the wrong names of attendees on business meals when seeking reimbursement.
Finra Bars Ex-Wells Broker Who Raised $3.5-Mln For Software Company
Scott W. Reed of Scottsdale, Arizona, allegedly made nearly $200,000 for soliciting and facilitating at least $3.5 million in unapproved investments in a software company.
Finra Suspends Former NJ Broker Who Borrowed from Clients to Pay Debts
Ex-broker Manish H. Shah accepted a 20-month suspension from the brokerage industry and a $15,000 fine for borrowing money from customers to buy another broker’s practice but using the money for personal expenses.
Arbitrator Grants Ex-Merrill Bank Broker’s Expungement, Calls Firing ‘Reckless’
A sole public arbitrator granted the former advisor’s request for expungement and said Merrill defamed the broker by not looking into the allegations behind a customer complaint before issuing the termination.
Wells Fargo Recoups $2.5 Million from New Jersey Duo
Brokers who brought a ‘constructive discharge’ claim against the firm in 2017 have agreed to repay the balance on six promissory notes, according to an arbitration award.
Wells Fargo Claws Back $3 Million from Jailed Ex-Broker
Wells had sought to hold the broker responsible for reimbursements it made to clients after the broker allegedly stole more than $1.1 million.
