The latest regulatory, disciplinary and criminal actions.
Enforcement
Jones Low-Balled Customer Damage Claims, Citi Overcharged for UITs—Finra
Edward Jones agreed to pay $40,000 for allegedly inaccurate U4 complaint reporting while Ciitigroup reaches $377,000 settlement on UIT sales abuses.
Fired UBS Broker Celebrates Expungement of Termination Notice
Finra arbitrators clear discharge notice from Virginia broker’s regulatory record after he and UBS settle firm’s claim for $811,000 balance on his promissory notes.
Wedbush to Pay $8.1 Million over Handling of ADRs
Los Angeles firm is the 11th to be sanctioned by the Securities and Exchange Commision over sales of “pre-released” shares of U.S.-listed foreign stocks.
Credit Suisse Doubles Down on Broker Litigation
Swiss bank appeals lower court’s refusal to vacate New York advisor’s big comp award and files two more vacature petitions in Georgia and New York.
Morgan Stanley Sues $177-Mln FA in Atlanta Who Jumped to RBC
Request for TRO claims 30-year veteran who tracked clients on his Rolodex illegally solicited customers before and after his departure.
Ex-Morgan Stanley Manager Ousted After Broker Arrest Clears His Record
Arbitrators absolve longtime wirehouse branch manager Jeffrey Crystal and five others of charges that they failed to supervise advisor who admitted stealing $5 million from clients.
Another Ex-Morgan Stanley Broker Sanctioned over UIT Sales
Finra suspends Tempe, Arizona, broker for three months and fines him $5,000 over 900 short-term rollover recommendations.
Morgan Stanley Wins TRO Against Texas Broker Who Jumped to RayJay
Twenty-three year wirehouse veteran in Dallas had posted a video on his new firm’s website over Memorial Day weekend promising former clients that he would be in touch with them.
Wall Street Broker Conflict Regulations Approved by Divided SEC
Wall Street’s main overseer approved new conflict-of-interest rules for brokers, a sweeping regulatory overhaul that has drawn criticism from investor advocates for being too lax.
E*Trade Continues Pursuit of California Broker Who Joined Morgan Stanley
Says it will appeal judge’s decision in May upholding employee’s right to practice his profession, despite claim that he used confidential information to attract customers to new firm.
Wells Broker Prevails Against Morgan Stanley’s Bid for Restraining Order
Judge challenges Morgan Stanley’s claim that an empty drawer proved that a California broker had illegally taken client information to his new firm.
