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Broker-Dealer CEO Sanctioned for Excessive Markups
The CEO of a broker-dealer in Lackawaxen, PA, agreed to a $40K fine and 5-month suspension (as a principal) to settle FINRA charges he personally failed to supervise commissions and mark-ups applied to customer transactions. Aided by his failure, his member firm willfully applied excessive and fraudulent markups to customer purchases of penny stocks.
FINRA goes further, stating that Principal Isolano was directly liable for these overcharges, and that he engaged in a fraudulent markup scheme. As his member firm's CEO, Isolano failed to reasonably enforce its supervisory pols and procedures re: markups and prop trading - in that he knew a markup was assessed on customer transactions and, yet, failed to take steps to ensure such markup was fair and reasonable or in compliance with the firm’s supervisory procedures.
2011.
This is FINRA Case #2007007253803. [Disc. Actions for February]
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