BROWSE BY TOPIC
Stories of Interest
- Credit Suisse Fully Compliant on Sanctions: CEO
- Ex-UBS Metals Trader Beats Spoofing Conspiracy Charge
- Investment Advisor, WCAS Management Corp, To Pay Nearly $800K Over Conflicts of Interest
- Altaba, fka Yahoo!, to Pay $35Mn for Failing to Disclose Massive Cybersecurity Breach - SEC
- SEC Formerly Bars Martin Shkreli from Industry
- HF Billionaire Steve Cohen Buying Into Fintech Start-Ups
- Deutsche Bank Is Weighing Massive Cuts in Its U.S. Cash Equities Unit
- Richard Jenrette, Co-Founder of DLJ Investment Bank, Dies at 89
- Goldman Sachs Makes First Hire in Cryptocurrency Markets Unit
- Special FINRA Election to Fill Large Firm Governor Vacancy
- Chicago-Based Investment Adviser Sentenced to 151 Months in Prison - SEC
- Dun & Bradstreet Hit With FCPA Violations - SEC
- SEC Charges Additional Defendant in Fraudulent ICO Scheme
- Warren Buffett Simply Blew it on Wells Fargo Stock: Dick Bove (Video)
- Barclays and Deutsche Bank to Lag U.S. Trading Peers
- NY AG Schneiderman Seeks to Close Loophole That Could Let Trump Pardons Block State Charges
- 'Fearless Girl' is Moving to NYSE After Year Staring Down 'Charging Bull'
- What's In Your Wallet - American Express Shares Soar After Earnings Release
- Deutsche Bank's Executive Departures Continue Following Change in CEO
- Reflections of an Economist Commissioner (SEC's Piwowar)
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
WWW: OSJ Supervisor Fails Daily Trade Reviews, Gets 6-Month Suspension
[Photo: by DullHunk (DuncanHull) / Flickr]
Rodney Bakken of Sun Prairie, WI, agreed to a $750 fine, a 6-month suspension and a 1-month principal’s suspension to settle FINRA charges that he failed to conduct reviews of transaction logs and order tickets in connection with his supervision of a detached branch office.
ABOUT THE RESPONDENT. Bakken entered the securities industry in March 2003 when he became registered as a General Securities Representative (Series 7) with Park Avenue Securities; he obtained his General Securities Principal (Series 24) license in 2006. Bakken had no prior disciplinary history.
FINRA’S SPECIFIC FINDINGS. From August 2010 through December 2013, Bakken served as an agency control officer for the firm’s parent insurance company and the OSJ supervisor for the detached branch office. As agency control officer, he had day-to-day supervision for the detached branch office. But he apparently failed to fulfill his supervisory responsibilities – as per the firm’s Written Supervisory Procedures (WSP’s), in the following ways:
- failed to receive transaction logs and order tickets daily;
- failed to compare order tickets with transaction log entries on a consistent basis – and thus failed to note the multiple times that orders were not recorded in the transaction log;
- failed to match trade confirmations with executed order tickets daily – and thus failed to detect the multiple times that trade confirmations were issued without a corresponding order ticket.
This case was reported in FINRA Disciplinary Actions for February 2017.
For details on this case, go to … FINRA Disciplinary Actions Online, and refer to Case #2014041510203.