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Enforcement

The latest headlines in wealth management.

Dining expense
2/26/21 | Enforcement, News | FINRA, Morgan Stanley | 2 Comments

Finra Dings Ex-Morgan Stanley Broker in Los Angeles over Expense Lapse

Judge rules
FINRA, Wells Fargo

Finra Bars Ex-Wells Broker Who Raised $3.5-Mln For Software Company

2/22/21 | Enforcement, News | 2 Comments

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.

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Arizona, Enforcement, Finra, Wells Fargo Advisors
Father Son Financial Advisors
FINRA

Runs in the Family: Finra Suspends Broker Who Helped His Barred Father See Clients

2/19/21 | News

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.

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Cambridge Investment Research, Enforcement, Finra, Indiana, Transamerica
Inherited accounts
FINRA

Finra Bars Morgan Stanley Veteran Fired over Inherited Accounts

2/17/21 | News | 7 Comments

Broker who was discharged after 23 years for failing to share account credits with retired advisor gets lifetime bar from regulator.

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Enforcement, Finra, Inherited Accounts, Morgan Stanley, Retired Advisor, Sales Practices
Finra sign
FINRA, Kestra, Waddell & Reed

Finra Sidelines Two Brokers who Took Client Info to New Firms

2/16/21 | Advisor Moves, News

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.

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Advisor Moves, Enforcement, Finra, Kestra Financial, Lincoln Financial, Waddell & Reed
Advisor fraud
FINRA, Northwestern Mutual

Finra Suspends Former NJ Broker Who Borrowed from Clients to Pay Debts

2/1/21 | Enforcement, News

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.

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broker, Enforcement, Finra, New Jersey, Northwestern Mutual, Rule 2010
Finra ruling
FINRA, Merrill Lynch

Arbitrator Grants Ex-Merrill Bank Broker’s Expungement, Calls Firing ‘Reckless’

2/1/21 | Enforcement, News | 9 Comments

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.

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Client Associate, Defamation, Employment Law, Enforcement, Finra, Merrill Lynch
Finra sign
FINRA, Merrill Lynch

Finra Bars Ex-Merrill Broker Kenahan After Record NH Settlement

1/25/21 | News | 2 Comments

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.

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Charles Kenahan, Enforcement, Finra, Merrill Lynch, New Hampshire, Settlement
FINRA, Morgan Stanley, Wells Fargo

Wells Fargo Recoups $2.5 Million from New Jersey Duo

1/22/21 | Enforcement, News | 1 Comment

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.

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Arbitration, Enforcement, Finra, Morgan Stanley, Promissory Note, Wells Fargo

Tony Sirianni Podcast Banner

CORONACRASH NEWS

  • Fed to End Covid-19 Capital Break It Gave Wall Street Banks

    Fed to End Covid-19 Capital Break It Gave Wall Street Banks

    Mar 19, 2021
  • Credit Suisse Replaces U.S. Exec, Halts Bonuses as Clients Fume

    Credit Suisse Replaces U.S. Exec, Halts Bonuses as Clients Fume

    Mar 18, 2021
  • Firing of Billion-Dollar Broker Sends Warning on Work-from-Home Compliance

    Firing of Billion-Dollar Broker Sends Warning on Work-from-Home Compliance

    Mar 12, 2021
  • Big U.S. Banks’ Vows to Halt Job Cuts End as Virus Endures

    Big U.S. Banks’ Vows to Halt Job Cuts End as Virus Endures

    Feb 26, 2021
  • Raymond James Executive: We’re Open to Flexible Work Arrangements for Advisors

    Raymond James Executive: We’re Open to Flexible Work Arrangements for Advisors

    Feb 25, 2021

NEWS

  • Banks Bet on Wealthy Clients Who Got Even Richer During Pandemic

    Banks Bet on Wealthy Clients Who Got Even Richer During Pandemic

    Apr 19, 2021
  • Merrill Recruits Citi Private Banker in SF, Loses Teams to Janney, Sanctuary

    Merrill Recruits Citi Private Banker in SF, Loses Teams to Janney, Sanctuary

    Apr 19, 2021
  • First Republic Hires $4.6-Mln Morgan Stanley Team in NYC

    First Republic Hires $4.6-Mln Morgan Stanley Team in NYC

    Apr 19, 2021
  • Morgan Stanley Joins Bank Bond Bonanza With Three-Part Sale

    Morgan Stanley Joins Bank Bond Bonanza With Three-Part Sale

    Apr 19, 2021
  • This Week’s Top 5: Merrill Targets Seasoned Brokers in Key Markets, J.P. Morgan Advisors Replaces CEO, and More

    This Week’s Top 5: Merrill Targets Seasoned Brokers in Key Markets, J.P. Morgan Advisors Replaces CEO, and More

    Apr 17, 2021

Recruiting Winners: 2020 Year in Review

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