FINRA
YOLO? Finra Raps Ex-Wells Broker Who Sought Pandemic Loan to Fund His Online Trading Account
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.
Texas Broker Suspended As Finra Sharpens Focus on Outside Activities
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.
Morgan Stanley Broker Wins Expungement of Claim Filed by ‘Demanding’ HNW Client
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.
Ex-Merrill Broker Wins Expungement of Termination Notice After 2019 Move to Stifel
Merrill had settled an underlying claim for $19,503 and asked the arbitrator to deny the broker’s expungement request.
UBS Broker Wins Expungement of 6 Puerto Rico Bonds Disputes, but 19 Remain on Record
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 Ordered to Pay $530K Over Supervisory Failures at Broker-Dealer
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.
Finra Bars Ex-Schwab Recruiter Over Expenses, Outside Consulting Biz
The Chicago-based business development officer claimed $19,000 in vendor expenses for an RIA client that wasn’t eligible for reimbursement, Finra said.
Ex-J.P. Morgan Brokers Push for $4-Mln Settlement with Grandmother in Schottenstein Case
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.
Finra Slams Robinhood with Record $70 Million Settlement over Supervisory Failures
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.
Cetera to Pay $125K for Customer Privacy Issues Tied to Recruiting
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.
Finra Fines Climbed 44%; Exec Pay Stays Flat
CEO and President Robert Cook’s total pay dipped slightly to $3.12 million in the pandemic year while the regulator also said it collected $17.5 million more in fines and posted a net profit of $19.8 million
