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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
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NEWSLETTERS & ALERTS
Could Any of These Careers Been Saved?
by Howard Haykin
FINRA AWC #2018059950501. A Morgan Stanley broker was barred for refusing to cooperate with a FINRA investigation after he was ‘terminated for cause’ on charges “he may have incurred certain charges on a personal debit card issued through Morgan Stanley which he reported as fraudulent and for which he had been reimbursed.“ At the time of his discharge, this broker had been associated with that firm throughout his entire 13-year career.
FINRA AWC #2018059936201. A BBVA Securities broker was barred for refusing to cooperate with a FINRA investigation after he was ‘terminated for cause’ on charges he “violated the bank's Code of Conduct as relates to debiting funds from customer accounts without the customer's knowledge or permission. This activity did not involve the firm or any of the firm's customers.” No details were provided. At the time of his discharge, this broker had spent his 9-year career with that firm or its affiliates.
FINRA AWC #2018058108001. An HD Vest broker was barred by FINRA for refusing to cooperate with a FINRA investigation after she being named as a defendant in an "investment-related, consumer-initiated … civil litigation" in which it was alleged that she “misused and misappropriated claimants' funds in her capacity as bookkeeper and financial advisor.” While the customer sought $600,000 in damages, the dispute was settled for $1 million. At the time she was barred, the broker had been with HD Vest for 21 years, and the firm never terminated her.
FINRA AWC #2017054565801. An AXA Advisors broker was barred for refusing to cooperate with a FINRA investigation relating to his ‘for cause’ termination on charges he violated “Firm policy concerning personal use of the Firm's overnight delivery services. This was non-investment related and no clients were impacted.” According to the broker, he “unintentionally used the branch FedEx account for personal purposes instead of my own personal FedEx account. numbers mixed up and ended using AXA, not in compliance with company policies.” At the time of his discharge, this broker had been with AXA Advisors for 11 years. [REALLY? Terminated over office expense charges? There’s got to be more to this story.]
FINRA AWC #2017054358301. A Cantor Fitzgerald registered principal was barred for refusing to cooperate with a FINRA investigation after he was ‘terminated for cause’ on charges he “used company airline miles and received other benefits from travel providers without proper authorization.” At the time of his discharge, this individual had been associated with Cantor throughout his entire 21-year career.
FINRA AWC #2018057254501. A Cambridge Investment Research broker was barred for refusing to cooperate with a FINRA investigation after he was 'permitted to resign' due to his “failure to report a private securities transaction and settling a customer complaint.” According to FINRA, the broker induced a Firm customer to give him a $10,000 check to invest in a real estate venture - but he deposited that check into his personal bank account and the proceeds for his own personal use without the customer's knowledge or consent. One month later, the broker borrowed $30,000 from two Firm customers without the knowledge or approval of the Firm.
These cases were reported in FINRA Disciplinary Actions for June 2019.
For further details, click on the link to the respective FINRA AWC.