The latest regulatory, disciplinary and criminal actions.
Continuing its pursuit of firms failing to offer eligible customers sales charge waivers, regulator orders independent brokerage to return $1.9 million to customers and pay $225,000 fine.
To circumvent household limits on Class B shares, a former broker in Chicago entered fictitious sell orders into firm’s electronic order system, regulator says.
Court approves SEC settlement stemming from $1.2 billion fraud involving more than 8,000 retail investors nationwide.
Muni bond firm Hennion & Walsh allowed brokers to recommend unsuitable switches among proprietary unit investment trusts that cost customers more than $300,000 of unnecessary sales charges, according to a consent letter.
CFD Investments, which promotes its “christian culture,” agrees to pay $125,000 for failing to supervise sales of products comprising 41% of its revenue.
Arbitration panel orders Ohio broker and Prospera Financial to pay Jones almost $25,000 for allegedly soliciting more than 1,000 Jones clients after his 16-year career with firm.
Morgan Stanley responds that they have exhausted their attempts to prove racial bias in account distribution, teaming and other areas.
Boca Raton broker who asked arbitrators for $5 million in wrongful termination claim instead is ordered to pay off his forgivable loan balance.
Three former brokers can bring a class-action claim for overtime pay they allegedly earned as trainees in a non-Finra forum.
Panel finds firm liable for negligent supervision of former broker who solicited investments from Asante Samuel and James Groves in nightclubs.