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Regulatory Sanctions

FINRA Reports Disciplinary Actions Against 14 Firms, 51 Individuals

July 16, 2018

by Howard Haykin


In Disciplinary and Other FINRA Actions for June 2018, FINRA reported 14 cases (AWC's) involving member firms and 51 cases involving associated persons. Financialish will analyze some of the cases in upcoming posts. 


FIRM'S CASES.    Fines for these cases ranged from $5K to $550K. Among the topics covered in these cases are, the following:


  • Sales of Non-Traditional ETFs:  AWC #2015043362701; AWC #2016048934301.
  • Customer Trade Confirmations:  AWC #2014039653701.
  • Email Retention (WORM):  AWC #2016047872901.
  • AML (International Business):  AWC #2015046020002.
  • SEC Regulation S-P:  AWC #2014042979701.
  • S-T Trading in UITs:  AWC #2017052215401.


INDIVIDUAL'S CASES.    Twenty-four individuals were barred, which included 13 for refusing or failing to cooperate with FINRA investigations. Among the topics covered in the remaining 27 cases, are, the following:


  • Mutual Fund Switching:  AWC #2015045549301.
  • Conversion of Customer Funds:  AWC #2018058343001.
  • Impersonation of a Customer:  AWC #2015048332401.
  • False Expense Reports:  AWC #2017053816101.
  • Borrowing From Customers:  AWC #2016051931501; AWC #2017055404901.
  • Disclosure of Non-Public Customer Info:  AWC #2015046807002.
  • Willful Failure to Update Form U4:  AWC #2015044600801.


For details on any of these cases: