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FINRA Fined Firm: Relatively Small But So Unnecessary
July 29, 2011
Philadelphia-based Grant Williams L.P. settled with FINRA and agreed to pay a $20K fine. FINRA found that, from January 2009 through November 2009, the firm made material changes in its business operations, and did so without first filing an application and obtaining FINRA approval.
The firm increased the number of its registered reps from 35 to 63. That's 80% over the number of representatives provided for in its membership agreement. The firm also increased the number of its registered and non-registered branch offices from 15 to 32. That amounts to 113% over the number of branch offices provided for in the membership agreement.
Some may view the incident as a cost of doing business - particularly if the actions needed to happen ASAP, or immediately - which the firm determined would not have been possible if they filed with FINRA. If the violations were for some other reason, it frankly is a little hard to understand why firm principals didn't try to comply and avoid an unnecessary fine.This is FINRA Case #2009016225201. [Disciplinary Action for July]
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