Ohio broker allegedly earned $450,000 from unsuitable short-term trading in Class A mutual fund shares.
The nation’s largest independent broker-dealer failed to maintain proper supervision of record retention, fingerprinting and screening of associated persons, consolidated reports.
Arbitrators award UBS client almost $90,000 of $402,000-plus claim that he was deceived about the safety of an options strategy.
Oakland’s Infinity Financial Services agreed to pay $35,000 for allegedly failing to vet backgrounds of independent brokers and staff, and for violating branch growth restrictions.
Arbitration panel OKs expungement of complaint that no advisor called a client to discuss his managed account when markets were tanking early this year.
Broker specializing in Latin American clients is the latest to have run into trouble over alleged unapproved outside investments.
Arbitrators say racing champ who objected to paying fees on his large cash position was due an award for unsuitability and negligent supervision by independent brokerage firm.
Former J.P. Morgan broker and manager sold names and account values of some customers to another firm’s rep for $7,500.
Industry veteran ‘structured’ cash deposits and withdrawals of more than $60,000 in sub-$10,000 increments to avoid federal reporting requirements, Finra said.
Complaint from elderly customer about inconsistent statement values triggered investigation of clearing firm’s procedures, Finra said.