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FINRA Reports Disciplinary Actions Against 4 Firms, 27 Individuals
by Howard Haykin
In Disciplinary and Other FINRA Actions for March 2019, FINRA reported cases (AWC's) involving 4 member firms and 27 associated persons. FINRA also reported complaints against 1 firm and 7 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 $125K and in one case $305K in restitutions were ordered. The largest case involved early exchanges of Unit Investment Trusts.
INDIVIDUALS' CASES. In cases involving individuals, fines ranged from $3.5K to $20K, disgorgements or restitutions ranged up to $130K, and suspensions ranged up to 12 months. Seven individuals were barred for refusing / failing to cooperate with FINRA investigations, while 3 individuals were barred for more egregious violative conduct.
Among the topics covered in cases involving individuals:
- Misrepresentations or Omissions: AWC #'s ... 2017055262601; 2015043646501.
- Forgery: AWC #s ... 2017054419802; 2018057636001; 2018057513901.
- Unauthorized Discretion: AWC #'s ... 2017054919301; 2017056098601; 2017055797701; 2017056676201.
