The former broker was suspended one month and fined $2,500 for allegedly misrepresenting in a Covid-19 relief loan application that he operated his self-directed online trading account as a sole proprietorship.
The industry’s self regulator issued a three-month suspension and $5,000 fine against a former Morgan Stanley broker who allegedly did not receive approval for a fund-raising endeavour.
The complaining client had $20 million in investable assets and had been given “no less than nine different investment proposals,” an arbitrator wrote in the award letter.
Merrill had settled an underlying claim for $19,503 and asked the arbitrator to deny the broker’s expungement request.
San Juan, Puerto Rico-based broker Xavier A. Aguayo was granted each of his six expungement requests by a Financial Industry Regulatory Authority arbitrator.
Sanctuary Wealth’s brokerage arm was ordered to pay more than $530,000 in fines and restitution over supervisory failures relating to sales of non-traditional ETFs and monitoring of brokers’ outside business activities.
The Chicago-based business development officer claimed $19,000 in vendor expenses for an RIA client that wasn’t eligible for reimbursement, Finra said.
Brothers Evan A. and Avi E. Schottenstein have asked a court to enforce a $4 million settlement with their grandmother that represents less than half the $9.8 million that they had been ordered to pay in arbitration.
The regulator said the penalties reflected the “widespread and significant harm” suffered by the commission-free trading app’s customers due to supervisory issues and trading outages.
The fine and censure agreed to by Cetera Advisor Networks mirrored previous sanctions against Securities America and Kestra Investment Services over broker recruits who shared client details with a third party vendor.