BROWSE BY TOPIC
- Investments - Private
- Investments - Strategies
- Investments - Unsuitable
- Investor Protection
- Regulatory Sanctions
- Rules & Regulations
- Bad Advisors
- Bad Brokers
- Boiler Rooms
- Wall Street News
- Terminations/Cost Cutting
- Compliance Concepts
- General News
- Donald Trump & Co.
- Big Banks
Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
NEWSLETTERS & ALERTS
How Best to File a Customer Complaint
by Howard Haykin
The broker violated securities rules by “settling a customer complaint away from the firm.” Needless to say this was a bad decision by a broker who had 22 years' experience and was well aware of industry rules and company policies. The broker compounded his violative behavior by only telling his firm, Morgan Stanley, about the complaint - but not about his personal payments to the customer.
And the broker paid big-time for his error. He lost his job with Morgan Stanley, was fined $5,000, and was suspended 15 days from the industry. The broker also had a permanent black mark on his industry records - a soiled reputation for the world to see.
NOT AN ISOLATED INSTANCE. Despite the risk of hefty fines, brokers frequently settle customer complaints away from their brokerage firms. Around the same time, another broker was caught paying her customer $1,019 to settle a verbal complaint about surrender fees on an annuity policy. Though the settlement payout involved a much smaller amount, this 2nd broker received the same onerous fines and penalties as the first broker.
[For further details, click on ... FINRA Case #2019061700301.]