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Enforcement

The latest regulatory, disciplinary and criminal actions.

Tom Buck
2/14/19 | Enforcement, News | Merrill Lynch | 16 Comments

Tom Buck, Merrill’s Former Top Indiana Broker, Gets 40 Months in Prison

Finra-Fines-Kestra-For-Mutual-Fund-Share-Class-Sale-Violations

Finra Fines Kestra for Mutual Fund Share-Class Sale Violations

2/14/19 | Enforcement, News

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.

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Finra-Bars-Broker-For-Gaming-Merrills-Mutual-Fund-Share-Order-System
Merrill Lynch

Finra Bars Broker for Gaming Merrill’s Mutual Fund Share Order System

2/6/19 | Enforcement, News | 2 Comments

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.

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Woodbridge-Owner-Ordered-To-Pay-1-Billion-For-Ponzi-Scheme-

Woodbridge, Owner Ordered to Pay $1 Billion for Ponzi Scheme

1/28/19 | Enforcement, News

Court approves SEC settlement stemming from $1.2 billion fraud involving more than 8,000 retail investors nationwide.

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Finra-Orders-New-Jersey-Firm-To-Pay-470K-For-Uit-Violations
Hennion and Walsh

Finra Orders New Jersey Firm to Pay $470K for UIT Violations

1/24/19 | Enforcement, News | 1 Comment

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.

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Finra-Slams-Indiana-Independent-Firm-Over-Variable-Annuity-Practices

Finra Slams Indiana Independent Firm Over Variable Annuity Practices

1/11/19 | Enforcement, News | 1 Comment

CFD Investments, which promotes its “christian culture,” agrees to pay $125,000 for failing to supervise sales of products comprising 41% of its revenue.

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Edward-Jones-Wins-11-Of-Damages-Sought-From-Breakaway-Broker-
Edward Jones

Edward Jones Wins 11% of Damages Sought from Breakaway Broker

1/10/19 | Enforcement, News | 11 Comments

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.

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Former-Morgan-Stanley-Brokers-Seek-To-Revive-Class-Action-Discrimination-Claims
Morgan Stanley

Former Morgan Stanley Brokers Seek to Revive Class-Action Discrimination Claims

1/9/19 | Enforcement, News

Morgan Stanley responds that they have exhausted their attempts to prove racial bias in account distribution, teaming and other areas.

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Ex-Morgan-Stanley-Broker-Loses-Bid-To-Nullify-2-6-Mln-Note-Balance
Morgan Stanley

Ex-Morgan Stanley Broker Loses Bid to Nullify $2.6 Mln Note Balance

1/7/19 | Enforcement, News | 1 Comment

Boca Raton broker who asked arbitrators for $5 million in wrongful termination claim instead is ordered to pay off his forgivable loan balance.

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Judge-Denies-Wells-Bid-To-Quash-Brokers-Overtime-Claims
Wells Fargo

Judge Denies Wells’ Bid to Quash Brokers’ Overtime Claims

1/4/19 | Enforcement, News

Three former brokers can bring a class-action claim for overtime pay they allegedly earned as trainees in a non-Finra forum.

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Asante Samuel
Morgan Stanley

Lottery Winner, NFL Star Win $4.2 Mln Arb Award from Morgan Stanley

12/28/18 | Enforcement, News

Panel finds firm liable for negligent supervision of former broker who solicited investments from Asante Samuel and James Groves in nightclubs.

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Year in Review Top Regulatory Stories of 2018

Year in Review: Top Regulatory Stories of 2018

12/28/18 | Enforcement, News

Top 5 regulatory stories, ranked by page views, in 2018

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