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FINRA Reports Disciplinary Actions Against 13 Firms, 24 Individuals
May 16, 2019
by Howard Haykin
In Disciplinary and Other FINRA Actions for May 2019, FINRA reported cases (AWC's) involving 13 member firms and 24 associated persons. FINRA also reported 1 complaint against 2 individuals. Financialish will analyze some of the closed or settled cases in upcoming posts.
FIRMS' CASES. In cases involving member firms, fines ranged up to $400K and restitutions ranged up to $422,000.
- 1 firm was prohibited for 12 months from directly or indirectly receiving any penny stocks in any form.
- 3 firms were sanctioned for transactions involving non-traditional ETFs.
- 2 firms were sanctioned for transactions involving mutual funds.
INDIVIDUALS' CASES. In cases involving individuals, fines ranged from $0K to $40K, disgorgements or restitutions ranged up to $84K, and suspensions ranged from 15 days to 21 months.
- 9 individuals were barred, 6 of which for refusing / failing to cooperate with FINRA investigations.
- Cases involving Failure to Supervise: AWC #’s 2016049050801; 2015047215402; 2017055847401.
- Cases involving Unauthorized Discretion: AWC #’s 2018060156201; 2018057927801; 2017055847401.
