FINRA has sanctioned former registered representative Thomas A. Rapp for engaging in undisclosed outside business and private securities transactions while associated with M Holdings. The enforcement action stems from a Letter of Acceptance, Waiver and Consent (AWC) Rapp submitted under FINRA Rule 9216, resolving the matter without admitting or denying FINRA’s findings.
B. Riley Financial Inc. continues to draw regulatory attention, with the firm recently disclosing that FINRA has launched a cause examination into its wealth management division. According to AdvisorHub, the firm revealed the inquiry in a filing with the U.S. Securities and Exchange Commission.
FINRA has suspended a former Raymond James advisor for three months and ordered him to pay over $23,000 in fines and disgorgement for executing unauthorized trades in an elderly client’s account.
FINRA released a statement this week addressing misconceptions surrounding its proposed updates to the rules governing outside business activities by associated persons of broker-dealers.
FINRA has fined and suspended former Wells Fargo financial advisor Jarrett Thomas after he executed a $50,000 transaction for an elderly client despite being informed that she was no longer capable of managing her finances.
FINRA has suspended former TD Securities representative Kate Yumi Lam for 12 months and fined her $10,000 for improperly charging personal commuting and meal expenses to the firm's account.
FINRA has fined and censured independent broker-dealer Sanctuary Wealth Management $150,000 for failing to establish an adequate anti-money laundering (AML) program to detect and report suspicious transactions.
The Financial Industry Regulatory Authority (“FINRA”) has submitted a proposed rule change to the SEC aimed at speeding up arbitration proceedings for parties who are elderly or suffering from serious health conditions.
Stifel Financial’s retail broker-dealer must pay nearly $133 million in damages following a FINRA arbitration tied to Miami-based advisors' structured note strategy.
The Financial Industry Regulatory Authority (FINRA) has barred a 21-year industry veteran for engaging in unapproved private securities transactions totaling $11 million.
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Several industry associations are urging the U.S. Senate to pass the Financial Exploitation Prevention Act, legislation that would allow mutual fund companies and their transfer agents to delay redemptions when they reasonably suspect elder financial abuse.
A UBS report signals that credit stress likely will intensify next year as borrowers confront inflation, elevated interest costs, and softening consumer conditions.
A series of lawsuits, congressional findings, and high-profile corporate collapses has reignited long-standing concerns about the audit industry’s ability to confront fraud, as reported by Bloomberg Law.
