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FINRA Suspended PNC Supervisor for (Un)Supervision
A NJ-based Registered Principal working for PNC Investments, was sanctioned by FINRA for allegedly failing to supervise retail sales activities of registered reps. FINRA uncovered sales violations in the customer accounts of RR's who were supposedly supervised by Principal Lauren Tricia Cyrus, including: (i) unsuitable recommendations to customers; (ii) over-concentration of customers' liquid assets in preferred stocks and attendant risks.
FINRA, however, found no evidence that Ms. Cyrus provided reasonable and effective supervision of these RR's so as to prevent or detect their violations. For example, she failed to adequately review and follow-up on instances of over-concentrations of customers' liquid assets.
Ms. Cyrus was agreed to a $5K fine and 1 month suspension as a principal. This is FINRA Case #2009017388501. [Disciplinary Actions for July 2011]
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