BROWSE BY TOPIC
Stories of Interest
- I Owned Bitcoin For a Weekend and Here's What I Learned
- SEC Appoints New Chair and Board Members to PCAOB
- FINRA, Georgetown Team Up to Deliver 'Certified Regulatory and Compliance Professional' Program
- FINRA Board Meeting - This Week's Agenda
- Statement on Cryptocurrencies and Initial Coin Offerings - SEC Chair Clayton
- Company Halts Initial Coin Offering Over SEC Registration Concerns
- Kevin O'Leary Explains One Big Thing People Don't Understand About Bitcoin (But Need To)
- CME Bitcoin Futures: A Better Way to Buy (or Short) Bitcoin?
- Address at ICI's 2017 Securities Law Developments Conference - SEC Commissioner Stein
- New York Pension Fund Seeks More Pay Disclosure from Wells Fargo
- Wells Fargo Sanctions Are on Ice Under Trump Official
- Josh Brown: Here's How to Buy Bitcoin, But Realize It Could Be One Giant Bubble
- Trump's New Tax Plan Could Cost Citigroup $20 Billion
- Morgan Stanley Fires Former Congressman Harold Ford Jr.
- Al Franken Will Resign Over Sexual Misconduct Allegations - His Full Resignation Speech
- Ex-NFL Player Gets 40 Years for Running $10Mn Fraud
- Bitcoin Blows Past $15K, Adding $2K in Under 12 Hours
- Financial Adviser Settles Charges for Defrauding Private Equity Fund Investors
- New Cross Market Equity Supervision Report Cards - FINRA Phone-In Workshop, WebEx Presentation
- Mueller Just Crossed Trump's Red Line, With Deutsche Bank Subpoena
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
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).