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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
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- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
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- 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
FINRA Reports Disciplinary Actions Against 12 Firms, 48 Individuals
by Howard Haykin
In Disciplinary and Other FINRA Actions for September 2019, FINRA reported cases (AWC's) involving 12 member firms and 48 associated persons. FINRA also reported 5 complaints against 3 firms and 6 individuals. Financialish will be analyzing some of the closed or settled cases in upcoming posts.
FIRMS' CASES. In cases involving member firms, fines ranged up to $473K and ordered restitutions ranged up to $641K. In addition, one firm was given a 30-day suspension, while another was expelled.
- 2 firms were sanctioned for inappropriate mutual fund transactions.
- 2 firms were sanctioned for trade reporting violations.
INDIVIDUALS' CASES. In cases involving individuals, fines ranged from $0K to $20K, disgorgements or restitutions ranged up to $56K, and suspensions ranged from 10 days to 2 years.
- 20 Individuals were Barred, 16 of which for refusing / failing to cooperate with FINRA investigations.
- 8 Cases involved Unauthorized Use of Discretionary Authority: including AWC #’s 2017053182001; 2017055439501; 2017053375801.
- 5 Cases involved Failure to Update Forms U4: including AWC #’s 2018058322401; 2018057708002; 2018057626102.
- 2 Cases involved Privately-Settled Customer Complaints: AWC #’s 2018060051801; 2019061700301.