The latest regulatory, disciplinary and criminal actions.
Enforcement
SEC Fines Wisconsin RIA for Failing to Disclose Fee Conflicts
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.
SEC Bars and Fines Former Raymond James Manager in Ski Resort Case
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.
Ex-Morgan Stanley Broker to Plead Guilty in Insider-Trading Case
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.
Finra Bars Broker for Expensing ‘Phantom’ Client Events (Knicks, Kanye Concert, Steakhouses)
New York City broker gamed MetLife Securities’ “Co-Op Marketing Program” by altering personal American Express card transactions.
Finra Suspends South Carolina Broker Who Understated Her Age
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.
Finra Accuses Ohio Broker of Doubling Elderly Client’s Commissions
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.
Another Broker Gets Dinged over UIT Sales at Morgan Stanley
Individual fine and suspension comes on the heels of state action against a California broker-dealer.
Ex-LPL ‘Top’ Producer Barred for Third Time
Roger Zullo accepted an industry bar from the SEC for unsuitable variable annuity sales.
Finra Bars Broker Accused of Elder Ripoff and Coverup
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.
Finra Bars Ex-Morgan Stanley Manager Who Oversaw Ami Forte
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.
Brokers and Associates Slip Doing Apparent Solids for Customers
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.