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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
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NEWSLETTERS & ALERTS
It's Christmas: What Not to Give Your Broker
by Howard Haykin
Take the case of a broker who worked for LPL Financial and then for Voya Financial Advisors. Over a 7-year period, this broker received more than $70,000 in monetary gifts from her elderly customer. [WOW - what form of service did this broker provide to deserve such generosity?]
Apart from the amount - which is a problem - this broker knew she violated both firms’ gift policies by accepting the cash gifts. And As punishment for her actions, FINRA, the securities regulator, suspended the broker for 4 months; no fine was assessed in consideration of the broker’s financial status.
ELDERLY CUSTOMERS BEWARE. FINRA looks out for elderly customers, who often need protection not only from unscrupulous brokers but from themselves. Large and unusual gifts from elderly customers will raise the following concerns:
- Was the customer fully aware of his/her actions?
- What was the customer’s mentally capabilities when the gift or gifts were made?
- Did the broker purposely take advantage of the customer?
Elderly customers and their caregivers or financial watchdogs are cautioned to respect the industry’s rules – for the protection of both the customer and the broker.
[For further details on this case, click on … FINRA Case #201705447340.]
[For further guidance, click on … 13 Gifts That Could Get You in Big Trouble With FINRA.]