The latest regulatory, disciplinary and criminal actions.
Jeb Bashaw, a Houston-based independent broker with a history of litigation against LPL, receives four-month suspension, fine and a requirement to retake the Series 7 exam for borrowing $200,000 from a customer who was a “longtime friend.”
Advisor in Puerto Rico admitted to having misused Axa’s FedEx account but refused to participate in routine Finra probe of his dismissal.
Plaintiffs claiming they were charged excessive execution and clearing fees in self-directed fee-based accounts say they have reached a settlement.
The fine is tied to a broader $26 million settlement the independent broker-dealer reached last year with state securities regulators.
Since September, Edelman has filed for temporary restraining orders and/or Finra arbitration damages against at least three advisors who jumped to rival firms.
Regulatory notice reminds member firms they must provide “timely and complete answers” and “reasonable contact information” about brokers who leave the industry or who join rivals.
Texas broker sold a partnership to clients that bought life policy of a terminally ill individual, violating firm and Finra rules, and resulting in $1 million loss to investors.
Dallas judge turns down request for a restraining order against two advisers producing more than $2 million who jumped a week ago to Steward Partners.
Chicago-area broker who owed more than $505,000 on four promissory notes gets bill reduced by almost one-third after his lawyer argued that UBS system for collecting the debt violated Illinois wage laws.
SEC says 79 investment advisers who self-reported selling expensive mutual fund share classes have settled charges.
South Carolina broker who retired a year ago must decide whether to take $17,600 and continue in the Former Advisor Program or $131,820 and forego future payments, arbitration panel rules.