Enforcement
SEC to Consider New Rules for Leveraged and Inverse ETFs: Gensler
SEC Chief Gary Gensler said he has instructed staff to consider potential rule proposals to address risks associated with complex exchange-traded products.
51-Year Industry Vet Dinged for Receiving $477k Gift from Elderly Client
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.
UBS Ordered to Pay Houston Investor $358K in ‘YES’ Case
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.
Finra Suspends Trump’s Former Personal Banker
Rosemary Vrablic was sidelined in August and faces an industry bar for refusing to respond to the regulator’s request for information.
Former Million-Dollar Merrill Broker Barred For Not Cooperating in Covid Relief Loan Probe
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.
Ex-Merrill Chicago Broker Sentenced to 3.5 Years over $3-Mln Fraud
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.
Fired Merrill Broker Absconded with Client Info in a Duffel Bag: Finra
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.
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.
Finra Dings Ex-Morgan Stanley Broker in Los Angeles over Expense Lapse
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 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.
