FINRA
Finra Fines, Supends Ex-Ameriprise Broker Who Flipped ‘A’ Shares
Ohio broker allegedly earned $450,000 from unsuitable short-term trading in Class A mutual fund shares.
Finra Fines LPL $6.5 Million over Broad Supervisory Failures
The nation’s largest independent broker-dealer failed to maintain proper supervision of record retention, fingerprinting and screening of associated persons, consolidated reports.
UBS Dinged in YES Options Case, Complaints Remain on Brokers’ Records
Arbitrators award UBS client almost $90,000 of $402,000-plus claim that he was deceived about the safety of an options strategy.
Finra Fines Rapidly Growing Small Firm for Inadequate Broker Checks
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.
J.P. Morgan Bank Broker Cleared of Coronavirus Crash Claim
Arbitration panel OKs expungement of complaint that no advisor called a client to discuss his managed account when markets were tanking early this year.
Morgan Stanley Parts Ways with $5-Mln Broker in Miami
Broker specializing in Latin American clients is the latest to have run into trouble over alleged unapproved outside investments.
Finra Hits Another Veteran Broker Over UIT Sales
Regulator’s crackdown on unsuitable short-term trading of UITs hits former Stifel broker, now with Wells Fargo, who agreed to a $10,000 fine and three-month suspension.
Commonwealth Ordered to Pay $125,000 to NASCAR Champ Kyle Busch
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.
Finra Fines, Suspends Broker Who Sold Customer Data After Resigning
Former J.P. Morgan broker and manager sold names and account values of some customers to another firm’s rep for $7,500.
Finra Suspends Ex-Wells Broker in Texas Who Tried to Evade Cash Reports
Industry veteran ‘structured’ cash deposits and withdrawals of more than $60,000 in sub-$10,000 increments to avoid federal reporting requirements, Finra said.
Wells Clearing Unit Fined $300K for Sending Wrong REIT Valuations
Complaint from elderly customer about inconsistent statement values triggered investigation of clearing firm’s procedures, Finra said.
