SEC Chief Gary Gensler said he has instructed staff to consider potential rule proposals to address risks associated with complex exchange-traded products.
Jerry Rice resigned from Raymond James’ independent broker unit in 2019 after the firm initiated a review into alleged conflicts of interest related to undisclosed gifts from a client.
The award is the first in a Yield Enhancement Strategy case where the claimants won the full amount damages they had requested, their lawyer said.
Scott G. Madison, a 19-year industry veteran, was discharged from Merrill in February after the firm investigated if he had improperly obtained pandemic relief funds meant for small businesses.
Marcus Boggs, a former Merrill Lynch broker who admitted to stealing more than $3 million from clients for luxury hotel stays and expensive meals, was ordered on Thursday to serve three and a half years in prison and two years of supervised release.
Giordan Marc Zaro, who had already been expelled from Merrill for sending confidential information to a personal email address, also attempted to lift customer account data, the regulator said.
The Chicago-based business development officer claimed $19,000 in vendor expenses for an RIA client that wasn’t eligible for reimbursement, Finra said.
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.
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.
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.