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23 Nov 2009, 1:20 pm
FINRA fined Terra Nova Financial, LLC, of Chicago, $400,000 for making more than $1 million in improper soft dollar payments to or on behalf of five hedge fund managers, without following its own policies to ensure the payments were proper.... [read post]
19 Mar 2009, 12:09 pm
A FINRA hearing panel fined Mutual Service Corporation (MSC) of West Palm Beach, FL, more than $1.5 million for failing to conduct timely reviews of variable annuity transactions, falsifying various books and records of the firm to make it appear... [read post]
23 Feb 2011, 9:39 am
The Ninth Circuit held that a FINRA rule that prohibited non-attorneys who have been banned from the securities industry from representing parties in securities arbitrations was impermissibly retroactive as applied to Richard Sacks, who was banned from the securities industry... [read post]
18 Mar 2010, 4:46 pm
FINRA announced today that it has expelled Provident Asset Management, LLC, a Dallas-based broker-dealer, for marketing a series of fraudulent private placements offered by its affiliate, Provident Royalties, LLC, in a massive Ponzi scheme. [read post]
30 Nov 2011, 1:21 pm
The SEC’s Office of Compliance Inspections and Examinations (OCIE) and FINRA today issued a Risk Alert and a Regulatory Notice on broker-dealer branch inspections, and offered suggestions to help securities industry firms better perform this key supervisory function. [read post]
7 Mar 2013, 12:35 pm
FINRA has barred Florida broker Jeffrey Rubin from the securities industry for making unsuitable recommendations to his customer, an NFL player, to invest in illiquid, high-risk securities issued in connection with a now-bankrupt casino in Alabama. [read post]
23 May 2011, 2:36 pm
FINRA announced today that it fined Nuveen Investments, LLC, of Chicago, $3 million for creating misleading marketing materials used in sales of auction rate preferred securities (ARPS). [read post]
28 Nov 2012, 12:52 pm
FINRA has filed a complaint against Roman Sledziejowski, President and owner of Brooklyn, NY-based brokerage firm TWS Financial, LLC, charging him with defrauding three customers of more than $4 million through a scheme, carried on primarily outside the securities firm,... [read post]
22 May 2012, 3:57 pm
FINRA announced today that it fined Citigroup Global Markets, Inc. $3.5 million for providing inaccurate mortgage performance information, supervisory failures and other violations in connection with subprime residential mortgage-backed securitizations (RMBS). [read post]
13 Sep 2010, 1:06 pm
FINRA announced that it has censured and fined New York-based Trillium Brokerage Services, LLC, $1 million for using an illicit high frequency trading strategy and related supervisory failures. [read post]
17 Mar 2009, 4:11 pm
FINRA announced today that it has imposed a $2 million fine against Citigroup Global Markets for the erroneous publication of non-bona fide quotations and transactions at and around the NASDAQ market opening on a Quadruple Witch Expiration Friday; systemic Order... [read post]
25 Aug 2010, 1:03 pm
FINRA fined Zions Direct, Inc. $225,000 for failing to disclose the potential conflict of interest created by the participation of its affiliate, Liquid Asset Management (LAM), in online CD auctions conducted by Zions involving certificates of deposit (CDs) issued by... [read post]
12 Apr 2010, 4:07 pm
FINRA announced that it has fined D.A. [read post]
12 Jul 2010, 2:08 pm
The SEC approved a proposed rule change (SR-FINRA-2010-022), filed by the Financial Industry Regulatory Authority to amend the Codes of Arbitration Procedure to increase the number of arbitrators on lists generated by the Neutral List Selection System. [read post]
30 Mar 2009, 4:08 pm
On March 16, A FINRA arbitration panel awarded claimants $30.6 million in compensatory damages (the full amount of claimant's claim), plus 9% interest, against Advest, Inc. and Merrill Lynch, one of the largest awards in a customer dispute. [read post]
27 Dec 2018, 10:50 am
After taking time to consider responses to its prior request for comments, FINRA's board has approved a new rule proposal to prohibit "compensated non-attorney representatives from practicing in the... [read post]
1 Mar 2010, 1:10 pm
March 1 marks a major expansion of the FINRA Trade Reporting and Compliance Engine (TRACE) – to include debt issued by federal government agencies, government corporations and government-sponsored enterprises (GSEs), as well as primary market transactions in new corporate debt... [read post]
15 Jul 2010, 1:06 pm
FINRA warned investors today about Internet-based Ponzi schemes called high-yield investment programs (HYIPs), which purport to offer returns of 20, 30, 100 percent or more per day. [read post]
3 Nov 2015, 6:00 pm
The Financial Industry Regulatory Authority (FINRA) has proposed new rules to combat the financial exploitation of senior citizens. [read post]
12 Apr 2011, 11:57 am
FINRA announced that it fined Santander Securities of Puerto Rico $2 million for deficiencies in its structured product business, including unsuitable sales of reverse convertible securities to retail customers, inadequate supervision of sales of structured products, inadequate supervision of accounts... [read post]
