FINRA August 2015 Disciplinary Actions: Part II

Home » Blog » FINRA August 2015 Disciplinary Actions: Part II

FINRA August 2015 Disciplinary Actions: Part II

Newbridge Securities Corporation of Fort Lauderdale, Florida submitted a letter of acceptance, waiver, and consent that censured the firm, fined it $22,500, and mandated that it change its written supervisory procedures. According to FINRA’s findings, Newbridge failed to report information pertaining to municipal securities transactions for clients to a real-time transaction reporting system within fifteen minutes of the trade time and failed to report the correct trade time on the memoranda of brokerage orders. The findings also showed that the firm’s supervisory system did not provide for supervision reasonably designed to achieve compliance with respect to certain applicable securities laws and regulations.

Prospera Financial Services, Inc. of Dallas, Texas submitted a letter of acceptance, waiver, and consent that censured the firm, fined it $12,500 and mandated that it change its written supervisory procedures. FINRA found that the firm failed to transmit reportable order events to the Order Audit Trail System on 140 business days. Further, the firm’s supervisory system did not provide for supervision reasonably designed to achieve compliance with respect to the applicable securities laws and regulations or FINRA rules.

Stifel, Nicolaus & Company, Inc. of Saint Louis, Missouri submitted a letter of acceptance, waiver, and consent that censured the firm, fined it $40,000, and mandated that it change its written supervisory procedures. According to FINRA’s findings, the firm failed to report the right symbol showing whether transactions were a buy, sell, or cross, as well as incorrectly appended a price-override modifier to last sale reports of transactions that were reported to the FINRA/Nasdaq Trade Reporting Facility. FINRA’s findings claim that Stifel Nicolaus’s supervisory system did not provide for supervision reasonably designed to achieve compliance with respect to the applicable securities laws and regulations or FINRA rules regarding trade reporting.

Raymond Dickie Adcock of Cabot, Arkansas submitted a letter of acceptance, waiver, and consent that barred him from association with any FINRA member in any way. FINRA found that Adcock, while working as a registered representative for a member firm, misappropriated $10,000 in proceeds generated from a private placement offering done by an unregistered investment adviser. FINRA further found that Adcock misappropriated the funds by drafting a $10,000 check, made payable to cash, from the unregistered adviser’s bank account and converted the funds for his personal use.

If you or someone you know has lost money as a result of an investment or Ponzi scheme, please contact Richard Frankowski at 888-741-7503 to discuss your potential legal remedies or complete the contact form.

Free Case Evaluation

Call 888-741-7503 now or fill out the form above
to receive a free confidential consultation.
disclaimer
disclaimer-mob
TEXT US888.741.7503