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Regulatory Sanctions

FINRA Reports Disciplinary Actions Against 8 Firms, 42 Individuals

January 16, 2019

In Disciplinary and Other FINRA Actions for January 2019, FINRA reported cases (AWC's) involving 8 member firms and 42 associated persons. FINRA also reported complaints against 2 firms 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 $400K and restitutions ranged up to $890K. The largest cases involved: (i) sales of multi-class mutual funds or variable annuities; and, (ii) close outs of fails to deliver.

INDIVIDUALS' CASES.    In cases involving individuals, fines ranged from $4K to $70K, disgorgements or restitutions ranged up to $125K, and suspensions ranged up to 18 months. Nine individuals were barred for refusing or failing to cooperate with FINRA investigations, while 14 individuals were barred for more egregious violative conduct.


Among the topics covered in cases involving individuals:


Converting Customer Funds:  AWC #'s ... 016052434001;  2017055910201;  2018058953201.
Converting Firm Funds:  AWC #s ... 2017054093801;  2016050741702;  2017055921701;  2016052411501.
Using Personal Email, Text Messaging:  AWC #'s ... 2017052960801;  2017053436101.
Exercising Unauthorized Discretion:  AWC #'s ... 2015043584402;  2017055321601;  2015044086401.