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Stories of Interest
- Canada's CIBC Completes $5Bn PrivateBancorp Buy
- Word ‘Women’ Literally Never Appears in U.S. Senate’s 142-Page Health-Care Bill
- Stephen Pierce, Goldman Sachs Global Head of Equity Markets, To Retire
- Al Gore 'Not Very Smart,’ But Became Filthy Rich Using Simple Investing Formula - Charlie Munger
- U.S. Regulators, Lawmakers Support Volcker Rule Revamp at Hearing
- Morgan Stanley Opts for Frankfurt as New EU Hub
- A New Risk for Goldman, Morgan Stanley in Stress Tests (subsc reqd)
- A Trump Bump for Law Firm of President’s Lawyer - Kasowitz Benson Torres
- JPMorgan, BofA, Goldman, Citi, Wells Fargo Pass Fed's Stress Test
- Blackstone Stock Still Trading at $31 - Its IPO Price From 10 Years Ago
- NJ Resident and NY-Based Global FX Club Charged with Solicitation Fraud, Misappropriation - CFTC
- Senate Republicans Release Plan to Replace Obamacare - The Details
- Berkshire Hathaway Throws $1.5Bn Lifeline to Canada's Home Capital
- Inside Nomura: Day in the Life of a Junior Banker
- Inside Travis Kalanick’s Resignation as Uber’s C.E.O.
- Creative Planning, KS Investment Firm, Spurring Change on Wall Street
- SEC Obtains Judgment Against Attorney Who Defrauded Escrow Clients
- SEC Files Fraud Charges Against Stock Promoters in Market Manipulation Scheme
- Power Lunches and Dinners in New York, London, Washington
- Banks to Cut $1.2Bn in Research Spending, Analyst Jobs - McKinsey
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NEWSLETTERS & ALERTS
Financialish ‘Hall of Shame’ - Broker-Dealer Induction Ceremony
By Howard Haykin
Today, Financialish.com introduces its “HALL OF SHAME,” featuring broker-dealers that we believe were complicit in the abuse of elderly customers.
A broker-dealer is eligible for election to the Financial Hall of Fame if it satisfies the following criteria:
- One or more of the firm’s registered representatives were named in a settled compliant that appeared in a FINRA Monthly Disciplinary Actions report.
- The complaint(s) involved one or more elderly customers of the firm.
- Such customer(s) suffered significant financial losses.
- The financial abuse was carried out over a relatively prolonged period.
- The firm failed to take timely action so as to prevent or deter the financial abuse - even though firm principals were aware, or should have been aware, of the financial abuses, given that typical or basic supervisory reviews would have raised numerous ‘red flags’.
- The firm escaped FINRA sanctions for its so-called ‘complicity’.
In making its determinations, Financialish took into consideration relevant settlement documentation – ‘Orders Accepting Offer of Settlement’ or ‘Letters of Acceptance, Waiver and Consent’ (AWCs) – as well as applicable FINRA BrokerCheck records.
MAY 2017 INDUCTEES:
K.C. WARD FINANCIAL. Registered rep Broker Craig Dima was charged with unauthorized and unsuitable trades, including the numerous sales and buybacks of the customer’s long-term holdings in Colgate-Palmolive stock.
BAY MUTUAL FINANCIAL. Registered rep Christopher Ariola was charged with unsuitable recommendations, loading up customer accounts with high risk gold and energy stocks.
CAMBRIDGE INVESTMENT RESEARCH. Registered rep Curtis Randle El was charged with unsuitable recommendations from February through September 2014, effecting short-term trades in Class A mutual fund shares and Unit Investment Trusts (UITs).
WELLS FARGO ADVISORS. Registered rep Matthew Maczko, was charged with excessive trading in customer accounts from 2009 to 2016.
FINANCIAL WEST GROUP. Registered rep Kelly Althar was charges with high volume trading in customer accounts from 2011 to 2014.
STIFEL, NICOLAUS. Registered rep Harold Pomeranz was charged with unsuitable short-term trading of Unit Investment Trusts (UITs).