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Jan 24, 2017

FINRA January 2017 Disciplinary Actions

By |January 24th, 2017|Alabama, Bonds, Broker Check, Churning, Conflict of Interest, Conspiracy, Failure To Supervise, Fiduciary Duties, FINRA, FINRA News, Fraud, Georgia, Hedge, Bond & Mutual Funds, Legal Matters, Master Limited Partnership, Misappropriated Funds, Misrepresentation and Fraud, Non Traded Real Estate Investment Trust, Ponzi Scheme, Press Releases & News, Private Placements, Pump-And-Dump, REIT, SEC, Securities Law Violations, Selling Away, Suitability, Variable Annuity|

FINRA takes disciplinary actions against firms and individuals for violations of FINRA rules; federal securities laws, rules, and regulations; and the rules of the Municipal Securities Rulemaking Board. Below are a number of penalties announced by the regulator in January 2017. If you have been a victim of any of the below behavior, you may [...]

Feb 23, 2016

FINRA Bars Broker For Market Manipulation

By |February 23rd, 2016|Conflict of Interest, Failure To Disclose, FINRA, FINRA News, Fraud, Misrepresentation and Fraud, Press Releases & News|

FINRA barred broker George Johnson from the securities industry for operating a manipulative trading scheme to artificially inflate the market price and trading volume for the common stock of IceWEB, Inc. FINRA additionally sanctioned Christoper Wynne, Johnson's supervisor, suspending him for two years in all capacities, barring him in a principal capacity, and fining him [...]

Aug 21, 2015

FINRA Investigates Conflicts In Broker Pay

By |August 21st, 2015|Conflict of Interest, FINRA, FINRA News, Press Releases & News|

FINRA is examining potential conflicts in interest regarding how firms compensate their brokers. In a targeted exam letter, FINRA asks firms about a number of compensation policies and practices, ranging from payout grids to recruiting incentives and mutual fund fees. Firms were also asked about compensation they get from product sponsors and how they promote [...]

Aug 18, 2015

RIA Fined $2.8M And Owner Barred From Securities Industry

By |August 18th, 2015|Conflict of Interest, Fraud, Hedge, Bond & Mutual Funds, Misrepresentation and Fraud, Ponzi Scheme, Press Releases & News, SEC, Securities Law Violations|

The SEC has fined a former registered investment adviser $2.8 million and barred its owner, Jacob Cooper, from the securities industry. Cooper, who is known as a "Main Street Madoff" by his ex-clients, is alleged to have defrauded investors by using a kickback scheme that caused about $44 million in losses. The owner of San Diego's [...]

Feb 20, 2015

After FINRA’s 2014 Enforcement Overhaul, Are Bigger Fines Coming?

By |February 20th, 2015|Conflict of Interest, Failure To Supervise, FINRA News, Press Releases & News, Securities Law Violations|

FINRA doubled its enforcement haul in 2014 by collecting about $134 million in sanctions, leading attorneys to wonder if the trend will lead to bigger fines in the future. During the past year, the regulatory authority hit big names, including Citigroup Inc., Morgan Stanley Smith Barney LLC, and Bank of America's Merrill Lynch unit, with [...]

Sep 4, 2014

Houston Financial Adviser Charged With Fraud

By |September 4th, 2014|Conflict of Interest, Misrepresentation and Fraud, Press Releases & News, Securities Law Violations, Suitability|

Earlier this week, the SEC charged a Houston financial adviser with fraud for failing to disclose to clients that it was profiting from a broker investing their money in mutual funds recommended by that broker. According to the SEC, Robare Group Ltd., a registered investment adviser that provides services for 350 separately managed accounts and [...]

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