Enforcement
Finra Bars Ex-Wells Broker Who Raised $3.5-Mln For Software Company
Scott W. Reed of Scottsdale, Arizona, allegedly made nearly $200,000 for soliciting and facilitating at least $3.5 million in unapproved investments in a software company.
Runs in the Family: Finra Suspends Broker Who Helped His Barred Father See Clients
Former Cambridge rep James A. Schumaker was accused of helping his father, barred from the industry in 2014, come into the office and meet with clients.
Finra Bars Morgan Stanley Veteran Fired over Inherited Accounts
Broker who was discharged after 23 years for failing to share account credits with retired advisor gets lifetime bar from regulator.
Finra Sidelines Two Brokers who Took Client Info to New Firms
The regulator fined and suspended a Lincoln Financial Advisors broker and a former International Assets Advisory broker who started his own registered investment advisory firm for alleged violations of client privacy rules.
Finra Suspends Former NJ Broker Who Borrowed from Clients to Pay Debts
Ex-broker Manish H. Shah accepted a 20-month suspension from the brokerage industry and a $15,000 fine for borrowing money from customers to buy another broker’s practice but using the money for personal expenses.
Arbitrator Grants Ex-Merrill Bank Broker’s Expungement, Calls Firing ‘Reckless’
A sole public arbitrator granted the former advisor’s request for expungement and said Merrill defamed the broker by not looking into the allegations behind a customer complaint before issuing the termination.
Finra Bars Ex-Merrill Broker Kenahan After Record NH Settlement
Former Boston broker agreed to the industry bar rather than cooperate with Finra’s investigation into his termination from Merrill, according to a letter of settlement.
Wells Fargo Recoups $2.5 Million from New Jersey Duo
Brokers who brought a ‘constructive discharge’ claim against the firm in 2017 have agreed to repay the balance on six promissory notes, according to an arbitration award.
