BROWSE BY TOPIC
- Bad Brokers
- Compliance Concepts
- Investor Protection
- Investments - Unsuitable
- Investments - Strategies
- Investments - Private
- Features/Scandals
- Companies
- Technology/Internet
- Rules & Regulations
- Crimes
- Investments
- Bad Advisors
- Boiler Rooms
- Hirings/Transitions
- Terminations/Cost Cutting
- Regulators
- Wall Street News
- General News
- Donald Trump & Co.
- Lawsuits/Arbitrations
- Regulatory Sanctions
- Big Banks
- People
TRENDING TAGS
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
ABOUT FINANCIALISH
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.
SUBSCRIBE FOR
NEWSLETTERS & ALERTS
FOLLOW US
Rent-A-FinOp/COO Slapped for Amending Her Own Form U5
by Howard Haykin
An individual who ‘rents out her services’ as FinOp and CCO to numerous broker-dealers agreed to settle FINRA charges that, without authorization from her member firm, she accessed its Central Registration Depository (CRD) account using her own User ID and amended its Form U5 filing regarding her termination from the firm. For her violative conduct, she must pay a $5K fine, serve a one-month suspension and complete 10 hours of continuing education.
FINRA FINDINGS. The individual, who holds 4 principal licenses - Series 27 and 28 (FinOp), Series 4 (Options) and Series 24 (General Securities) - has 22 years’ experience with 31 firms. (So she knows her way around the system).
From May 23, 2016 through August 23, 2017, while registered with Noble Capital, this individual served as the Firm's Chief Compliance Officer ("CCO"). In that capacity, she was authorized to access the Firm's CRD account to make required disclosures. On August 23, 2017, Noble Capital filed a Form U5 terminating the individual’s registration with the Firm.
After reviewing the U5 filing, the individual asked the firm to amend the language in its filing – a request the firm denied. The following day, the individual (who still had access to the firm’s CRD account), logged onto the Firm's CRD account using her own User ID and amended her Form U5. Among other things, she changed the reason for her termination from "permitted to resign" to "voluntary," and changed the termination explanation.
Although the revised termination explanation was not false, the firm had not approved it or otherwise authorized this individual to access its CRD account. Five months later, however, Noble Capital filed an amended Form U5, which changed the reason for the individual’s termination to "other," and included the following termination explanation: "Firm no longer able to accommodate employee's request to work from remote location."
This case was reported in FINRA Disciplinary Actions for May 2018.
For details on this case, go to ... FINRA Disciplinary Actions Online, and refer to Case #2017055369201.
