Broker who allegedly traded in non-discretionary account for two years after customer died agrees to nearly $27,000 in fines and restitution, says he believes customer pre-approved his trading strategy.
Independent firm Cambridge Investment agrees to return $3.1 million to investors in failed options fund and to pay $400,000 fine, while Merrill assents to $450,000 for weak walls between exchange-traded note traders and marketers to retail investors.
Finra also fined the Iowa-based broker $5,000 for trying to settle the claim without his firm’s knowledge.
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.
Former R.J. Reynolds CEO is the latest wealthy investor to lose claim over options strategy managed by a UBS team that went awry and his broker wins claim expungement, but another panel orders UBS to pay $1 million to two clients of a Nebraska broker.
Former brokers claim that the “arbitration process broke down” over the five weeks of virtual hearings and arbitrators “exceeded their powers” in failing to postpone hearings, according to a federal court filing.
2021 firm examination priorities add array of climate-related and disclosure issues to traditional focus on sales practices involving high-risk securities.
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 censures and fines independent broker-dealer for encouraging recruited advisors to give nonpublic data on their customers to outside vendor that prepared account opening transfer documents.
The filing appeared on the record for a California broker and managing director who is part of Morgan Stanley’s Sports and Entertainment Group.