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Regulatory Sanctions

FINRA Reports Disciplinary Actions Against 4 Firms, 40 Individuals

April 15, 2019

by Howard Haykin


In Disciplinary and Other FINRA Actions for April 2019, FINRA reported cases (AWC's) involving 4 member firms and 40 associated persons. FINRA also reported 5 complaints against 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 $225K and restitutions ranged up to $1.9 million.

  • One firm was suspended from engaging in private securities offerings for one year.
  • Another firm was barred from facilitating stock loans or block trading.
  • The largest monetary sanctions involved sales of Mutual Funds.



INDIVIDUALS' CASES.    In cases involving individuals, fines ranged from $5K to $73K, disgorgements or restitutions ranged up to $33K, and suspensions ranged from 15 days to 18 months. One individual was suspended from serving as a principal for 24 months.

  • Twenty-one (21) individuals were barred, 8 of which for refusing / failing to cooperate with FINRA investigations.
  • One individual was barred from ever serving in a principal or supervisory capacity.



Among the topics covered in cases involving individuals:

  • Failure to Supervise:  AWC #'s ... 2016048912703;  2013037522501;  2015047215401;  2015044823501;  2017052426601.
  • Private Securities Transactions:  AWC #'s ... 2018058504901;  2018057766401;  2018059666301;  2018058498401.