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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
FINRA Reports Disciplinary Actions Against 13 Firms, 27 Individuals
In Disciplinary and Other FINRA Actions for February 2019, FINRA reported cases (AWC's) involving 13 member firms and 27 associated persons. FINRA also reported complaints against 4 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 $700K and restitutions ranged up to $690K.
- Four of the cases involved supervision that failed to addess violative conduct by associated persons.
- Two largest cases involved: (i) failures to respond to red flags involving unsuitable mutual funds transactions and stock trading; and, (ii) failure to comply with Rules 605 and 606 of Regulation NMS.
INDIVIDUALS' CASES. In cases involving individuals, fines ranged from $2.5K to $40K, disgorgements or restitutions ranged from $5K to 105K to 14.7Mn, and suspensions ranged up to 2 years. Eight individuals were barred for refusing or failing to cooperate with FINRA investigations, while 6 individuals were barred for more egregious violative conduct.
Among the topics covered in cases involving individuals:
- Converting Customer Funds: AWC #'s ... 2017056708001; 2015047303901; 2015047303901; 2016050205901.
- Inadequate Supervision: AWC #s ... 2015044939902; 2010025087302.
- Private Securities Transactions: AWC #'s ... 2017055306401; 2016051985601; 2015047303901; 2016049895201.