The latest regulatory, disciplinary and criminal actions.
Enforcement
Finra Sanctions Ex-Oppenheimer Broker over UIT Trades
Fine and suspension against former advisor in Florida follows Oppenheimer’s agreement to pay Finra $4.7 million to settle charge of failing to supervise UIT sales.
Finra Suspends 25-Year Broker Who Took Shortcuts with Account Documents
Former Morgan Stanley broker in New Hampshire agreed to a $5,000 fine and three-month suspension for adding addresses and other rudimentary data to account forms previously signed by clients and a prospect.
Oppenheimer to Pay $4.7 Mln for UIT Rollover Violations
Firm failed to have procedures for ensuring that customers weren’t encouraged to redeem their unit investment trusts sales prematurely in order to generate commissions.
Credit Suisse to Pay $6.5 Mln for Direct Market-Access Violations
Finra and several exchanges say the Swiss bank failed to adequately review potentially manipulative activity by broker-dealers and other institutional clients.
J.P. Morgan, Schwab Win Orders Handcuffing Breakaway Brokers
J.P. Morgan Securities and Charles Schwab scored legal victories this week from departing brokers who were allegedly using firm-owned data to solicit former clients.
Merrill, Raymond James to Pay $12 Million for 529 Plan Sales Violations
Firms settle charges from the Financial Industry Regulatory Authority that they sold more expensive classes of education savings plan investments when others were available.
J.P. Morgan Seeks TRO Against Florida Broker Who Joined UBS
J.P. Morgan filed to block a bank-based broker in Florida who left three weeks ago from contacting clients about joining her at UBS Wealth Management USA.
Massachusetts Fines Morgan Stanley for Broker’s Excessive Trading
State imposes $200,000 penalty and orders $182,500 in restitution to clients for wirehouse’s failure to supervise a now-barred broker in Boston.
Judge Halts Fidelity Suit Against Fleeing Broker Who Claimed Retaliation
California advisor who joined an RIA claimed Fidelity filed a client-contact lawsuit against her and her new firm in retaliation for her complaint about a manager and the work environment.
Ex-LPL Broker Suspended over Undisclosed Nutritional Supplements Business
Lousianna broker violated industry and firm rules by not reporting his work for and ownership stake in a nutritional supplements company for four years, according to a letter of settlement.
Morgan Stanley and Jones Brokers Who Joined Wells Agree to TROs
Florida team that managed about $500 million at former firm stipulate they will not solicit their former customers for a year or until a Finra arbitration claim is resolved.
