The latest regulatory, disciplinary and criminal actions.
Hybrid broker and advisory firm that manages $1.5 billion agreed to pay $242,000 for putting advisory clients into 12b-1 share classes and for steering them to a custodian that was paying the firm for the referrals.
Miami broker helped his father-in-law execute a $200 million fraud that earlier led Raymond James to more than $165 million of regulatory settlements.
A former Morgan Stanley broker plans to plead guilty for trading on secret tips about pending mergers that were leaked by a Bank of America Corp. consultant, prosecutors said.
New York City broker gamed MetLife Securities’ “Co-Op Marketing Program” by altering personal American Express card transactions.
Says broker with 27 years of experience had since 2011 given Wells Fargo Advisors, Morgan Stanley and FSC Securities inaccurate birth dates that impeded their obligation to maintain accurate books and records.
Former LPL advisor traded in and out of 20 fund families depriving a customer of breakpoint discounts and doubling his commissions over two years, Finra says.
Individual fine and suspension comes on the heels of state action against a California broker-dealer.
California man allegedly sold non-traded REITs and structured notes to Mom-and-Pop investors over eight years and inflated their net worths to avoid firm’s account concentration limits.
Terry L. McCoy, the firm’s former Palm Harbor branch manager, failed to take action despite multiple red flags and compliance alerts pointing to elder abuse, Finra said.
Finra suspends ex-Morgan Stanley CSA in Texas who used blank forms and forged customer signatures to facilitate loan requests and former LPL broker in Ohio who reimbursed a customer for money-losing options trades.