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Regulatory Sanctions

FINRA Reports Disciplinary Actions Against 12 Firms, 48 Individuals

September 19, 2019

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.