The latest regulatory, disciplinary and criminal actions.
Enforcement
Finra Bars Ex-Merrill Complex Manager Over Expense Accounts
Ohio manager overstated the miles he had traveled while visiting branches in order to convert nearly $2,000, Finra said.
Ex-Merrill Broker Who Borrowed from Client to Go Indie Gets Finra Suspension
Virginia advisor timely repaid a $250,000 loan he used to remodel his “breakaway” office while at the wirehouse, but lost his job and has been sanctioned for failing to receive Merrill approval.
Finra Bars Wells Broker Whose Client Helped Him Qualify for Designation
Florida advisor shifted client assets to a bond account so he could maintain his status as an “international” financial advisor.
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.