The latest regulatory, disciplinary and criminal actions.
Broker, who worked at Raymond James Financial Services and then International Assets Advisory, failed to obtain firm approval for the outside activity, Finra said.
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.
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.
Finra also fined the Iowa-based broker $5,000 for trying to settle the claim without his firm’s knowledge.
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.
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.
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.
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.
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.
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.
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.