FINRA
Finra Hits D.A. Davidson Over Muni Disclosures, IAA on Product Sales
Montana brokerage firm to pay $85,000 for inaccurate information on muni distributions while small Florida indie firm is slammed for failing to supervise broker who sold “non-traditional” products such as inverse-return exchange-traded products.
Finra Suspends Broker Who Let a Client Direct Trades in Husband’s Account
Palo Alto, California-based broker agrees to three-month suspension for letting a customer move money from her husband’s IRA to a jointly-held bank account.
Finra Panel Rebukes Frivolous Customer Claim Against RayJay Broker
Arbitrators grant expungement of unsuitability claim that they found “devoid of any facts,” “meritless” and of “unwarranted harm to the financial advisor.”
Broker Impersonated Client as a Favor, Loses Job, Gets Finra Sanction
Independent broker with 38 years of experience says client pressured him for help in getting annuity company to reduce monthly withdrawals.
Indiana Judge’s Denial of “Retaliatory” Edward Jones Filing Makes Waves
Strongly worded decision about what constitutes “solicitation” could be useful for brokers in other jurisdictions, lawyers say.
Finra Raps Ex-Morgan Stanley Broker over Unauthorized Trades
Michigan broker with almost 50 years of industry experience accepted a three-month suspension and $5,000 fine for making over a hundred trades without permission, according to the regulator.
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.
Fired Merrill Broker Wins $3.75 Million Defamation Award
Arbitration panel orders Merrill to compensate a Minnesota advisor it fired after his longtime partner was charged with bank fraud and recommended cleansing of his regulatory records.
Broker Accuses UBS of Skimming Fees on Separately Managed Accounts
Veteran advisor said he and other FAs were not credited for portion of wrap fees brokers believed were paid to external managers.
J.P. Morgan Advisor’s Wrongful Termination Claim Revived on Appeal
A divided court panel in California ruled that Finra arbitrators violated procedure by refusing to delay hearings to accommodate the broker’s paternal leave schedule.
RayJay Liable for $3.2 Mln over Broker’s Oil-Gas MLP Sales–Arbitrators
Firm must pay 27 customers but a Louisiana branch manager can expunge failure-to-supervise claims because he had “insufficient” tools for monitoring “excessive levels of concentration,” arbitrators say.
