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.
- Regulatory Sanctions
- Big Banks
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
Brokers Mortally Wounded by Shooting Blanks
by Howard Haykin
CASE ONE. A ProEquities broker ... with 30 years’ experience with 4 firms, agreed to a $5K fine and a 3-month suspension.
From 2013 through mid-2016, the broker maintained customer-signed but otherwise blank forms for approximately 130 clients to submit to ProEquities in connection with mutual fund exchanges. The pre-signed forms, which were Mutual Fund Investor Acknowledgements and Universal Switch Letters, were completed and submitted to the firm following execution of the transactions. The broker’s actions were in violation of ProEquities WSPs and he was promptly U5’d for his conduct. [April 2018, FINRA Case #2016050244501]
CASE TWO. An Edward Jones broker, with 5 years’ experience with 2 firms, agreed to a $5K fine and a 2-month suspension.
From June 2013 to June 2016, the broker used or permitted her office administrator to use customer-signed blank and incomplete forms, along with photocopied customer signatures, to open customer accounts, record customer financial information and authorize customer transactions. The broker or her office administrator then completed the forms and submitted them to Edward Jones as original documents. This violative conduct involved at least 15 customers and 40 documents over the 3-year period. [January 2018, FINRA Case #2016051104501]
For details on these cases, go to ... FINRA Disciplinary Actions Online, and refer to the respective AWC Number.