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.
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.
Arbitrators grant expungement of unsuitability claim that they found “devoid of any facts,” “meritless” and of “unwarranted harm to the financial advisor.”
Independent broker with 38 years of experience says client pressured him for help in getting annuity company to reduce monthly withdrawals.
Strongly worded decision about what constitutes “solicitation” could be useful for brokers in other jurisdictions, lawyers say.
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.
Firms settle charges from the Financial Industry Regulatory Authority that they sold more expensive classes of education savings plan investments when others were available.
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.
Veteran advisor said he and other FAs were not credited for portion of wrap fees brokers believed were paid to external managers.
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.
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.