Mike Abrams, a nationally ranked Silicon Valley-based wealth manager at Wells Fargo Advisors, was dismissed last week over “conduct” standards, according to a bank filing with regulators.
Broker, who was discharged in June for having an assistant complete mandatory training modules on his behalf, says he has learned his lesson.
Finra fines broker-dealer for failing to supervise advisors who unsuitably recommended VA sales to fund purchases of mutual and UITs that would generate additional commissions.
Finra fines Wells Fargo Advisors for failing to review customer accounts of now-barred brokers who concentrated them in speculative energy stocks.
Brokers who lost their jobs for reusing client signatures on approved transactions, in one case, and making discretionary trades with customers–but not firm–approval in two others, are fined by Finra.
Topeka, Kansas broker paid customer $2,500 to resolve a complaint that her account declined in value after the broker delayed in closing the account during the March market crash.
Finra fines wirehouse for failing to supervise now-barred Texas broker who encouraged customers to make hundreds of short-term bond and preferred trades that cost ten of them more than $900,000.
Broker who helped an individual trade stocks and options in a self-directed account at an outside firm is fined and suspended by Finra.
Interactive, the online trading firm that clears for more foreign financial firms than any broker-dealer, agrees to pay Finra, SEC and CFTC $38 million for “widespread failures” in its anti-money-laundering programs.
Continuing to prosecute sales violations involving short-term rollovers of unit investment trusts, Finra fines and suspends a 28-year broker in New Jersey.