The Financial Industry Regulatory Authority (FINRA) has ordered Merrill Lynch to pay a $950,000 fine for allegedly failing to detect flaws in its fraud detection systems, which allowed two advisors to misappropriate $6 million. Both advisors received prison sentences.
The Financial Industry Regulatory Authority (FINRA) has fined RBC Wealth Management $1 million over its alleged failure to monitor client accounts for overallocation in high-yield or “junk” bonds.
The Financial Industry Regulatory Authority (FINRA) has completed an expansive 5-year sweep of Unit Investment Trust (UIT) sales, which has prompted six firms to pay $16.8 million in restitution payments as well as $6.6 million in fines.
The Financial Industry Regulatory Authority (FINRA) has barred a former Morgan Stanley advisor for allegedly misappropriating at least $61,000 from a client credit line for his personal use and for refusing to cooperate with FINRA’s investigation.
The Financial Industry Regulatory Authority (FINRA) has issued a one-year suspension and $12,500 fine to an Ohio-based advisor, William LeBoeuf, who worked at Merrill Lynch and Cetera Advisor Networks when the violations occurred.
The Financial Industry Regulatory Authority (FINRA) has issued a $7,500 fine and suspended a former North Carolina Edward Jones advisor for six months after the advisor allegedly executed nearly 800 trades without obtaining client consent or authorization.
The Financial Industry Regulatory Authority (FINRA) may permit remote participation in arbitration proceedings moving forward, according to FINRA chief executive Robert Cook.
After agreeing to a settlement with the Financial Industry Regulatory Authority (FINRA), Aegis Capital will pay $1.7 million in restitution to clients as well as a $1.1 million fine after the firm allegedly failed to oversee advisors who orchestrated potentially unsuitable trades.
Edward D. Jones & Co.’s bid to restrict a former advisor from bringing his clients to his new firm has resulted in a substantial arbitration loss.
The Financial Industry Regulatory Authority (FINRA) has barred a former Wells Fargo advisor who allegedly conducted a Ponzi scheme.
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Apex Clearing, the clearing arm of Apex Fintech Solutions, has agreed to pay $3.2 million to settle FINRA allegations that it failed to ensure customers received compensation for lending their securities.
A recent congressional hearing examined potential reforms to the accredited investor definition, a critical threshold determining who can participate in private market investments.
GPB Capital Holdings investors have not received returns on their investments since 2018. According to InvestmentNews, after years of litigation, a court-appointed receiver has submitted a plan to return funds to the 17,000 investors who purchased $1.8 billion in GPB limited partnerships.
