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WWW: Retail B/D Pays $300K for Not Updating Forms U4, U5 - FINRA
[Photo: by Duncan Hull (dunhunk) / Flickr]
Citizens Securities, a retail brokerage firm based in Dedham, MA, agreed to pay $300,000 to settle FINRA charges that it failed to timely disclose or update its associated persons’ Forms U4 and Forms U5 for: (i) customer complaints and settlements; and, (ii) disclosable events – e.g., outside business activities or bankruptcies - that employees had reported on their annual compliance questionnaires;
ABOUT THE FIRM. CSI employs approximately 1250 registered persons, and does not have any relevant disciplinary history.
FINRA’S FINDINGS. From January 2010 through June 2016, CSI allegedly failed to update on amend on a timely basis 45 customer complaints and 22 other reportable events to Forms U4 and U5. It was apparent to FINRA examiners that persons responsible for reviewing customer complaints had not been adequately trained to know when such complaints needed to be reported on associated persons’ Forms U4 and U5.
This case was reported in FINRA Disciplinary Actions for March 2017.
For details on this case, go to … FINRA Disciplinary Actions Online, and refer to Case# 2016047706701.
