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- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
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- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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FINRA: Supervisor Opened Branch Facilities to Unregistered Person
A Registered Supervisor in New Jersey agreed to be fined $5,000, barred from serving in a principal capacity, and suspended one month for failing to supervise an RR. According to FINRA, Richard Barber - who, over the past 23 years, had worked for Wells Fargo, AG Edwards, and Morgan Stanley DW - failed to reasonably supervise the activities of an RR who entered transactions at the direction of an unregistered individual.
FINRA further charged Barber with facilitating this misconduct by giving the unregistered individual unfettered access to a branch office and supplying him with a work station, including a desk, phone and Internet access. These decisions also violated his member firm’s WSP's re:, among other things, delegation of duties, suitability reviews and reviews for concentrated positions. [Case #2008015310801, FINRA Disciplinary Actions for October]
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