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Regulatory Sanctions

FINRA Reports Disciplinary Actions Against 13 Firms, 27 Individuals

February 15, 2019

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 $40Kdisgorgements 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.