BROWSE BY TOPIC
- Bad Brokers
- Compliance Concepts
- Investor Protection
- Investments - Unsuitable
- Investments - Strategies
- Wall Street News
- Investments - Private
- Rules & Regulations
- Bad Advisors
- Boiler Rooms
- Terminations/Cost Cutting
- General News
- Donald Trump & Co.
- Big Banks
- Regulatory Sanctions
Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- 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
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
Broker Deleted Customer Records from Firm Database
by Howard Haykin
All told, 322 customer telephone numbers were removed. A high school prank? Hardly. This individual, with 20 years’ experience with 7 firms, had displayed a recent pattern of violative conduct.
- After having no disclosures on his CRD records from 1994 through 2010, this broker …
- In April 2011, was U5’d for his “failure to meet personal financial obligations;”
- From 2012 through 2015, disclosed 9 judgments/liens – most of which were tax-related;
- In June 2016, was sanctioned by FINRA for willfully failing to amend his Form U4.
Through his violative conduct, the broker caused or committed violations of FINRA Rules 4511(a) (Books and Records) and 2010 (Standards of Commercial Honor and Principles of Trade).
FINANCIALISH TAKE AWAYS. FINRA sanctions the broker with a $5K fine and a 3-month suspension.
Those sanctions just don’t seem large enough to provide a deterrent to future violations by this individual – notwithstanding the fact that he hasn’t been associated with another broker-dealer since July 2016. Keep in mind, the broker acted ‘with malice and forethought’, which should count for something.
This case was reported in FINRA Disciplinary Actions for August 2018.
For details on either case, go to ... FINRA Disciplinary Actions Online, and refer to Case #2016051407501.