Insights
January 10, 2017
The SEC barred Connecticut investment adviser John Rafal for hiding a referral fee from a client and then attempting to thwart the SEC’s investigation. He was also pay $577,297 in penalties. Raf...
January 2, 2017
VFG Securities Inc., a small broker-dealer, and its owner, Jason Vanclef, reached a settlement agreement with FINRA regarding allegations that he and the firm had customers overly concentrated in illi...
December 21, 2016
Many people follow the stock market as a hobby. Some of them invest in “ penny stocks ,” which are stocks that are not listed on exchanges like the NYSE or NASDAQ. Instead they are listed on the pink ...
December 21, 2016
FINRA dished out $14.4 million in fines to twelve firms for breaches pertaining to the retention of broker-dealers’ and clients’ electronic records, which the regulator says made the firms...
December 14, 2016
A “good” investment portfolio is diverse, consisting of securities in a variety of industries. Brokers and financial advisors may recommend that you invest in real estate, and one way to do that it th...
December 7, 2016
FINRA fined Morgan Stanley Smith Barney $1.5 million for technical failures, including a faulty website link that obstructed client’s from viewing fund prospectuses. [su_spacer size=”10...
December 6, 2016
FINRA fined Wells Fargo $1 million for failing to have instituted reasonable supervisory systems to watch advisors’ creation of consolidated reports for clients. The fine and settlement referenc...
December 2, 2016
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December 2, 2016
FINRA filed a complaint against Dawn Bennett for failing to testify in its investigation of possible fraud related to her clothing company. Bennett did not appear for testimony on four different occas...
November 18, 2016
FINRA fined Oppenheimer & Co. $3.4 Million for failures in reporting internal discipline, giving information in arbitration cases, and offering sales discounts to customers. [su_spacer size=”...
November 17, 2016
A recent article in TheStreet.com looked into a serious problem with FINRA arbitration panels – namely, that arbitrators often fail to disclose when they have a conflict of interest. Who did they inte...
November 7, 2016
The Ninth Circuit ruled an fake attorney who chaired a FINRA arbitration panel prevented Move Inc. from having a fair hearing regarding accusations Citigroup Global Markets Inc. mismanaged $131 millio...
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