FINRA
UBS Says Investor in “Called” ETNs Can’t Arbitrate Loss
UBS asks court to invalidate fraud arbitration claim from 73-year-old retiree about leveraged ETRACS notes redeemed at a loss because he bought them through a Morgan Stanley account.
Finra Suspends Ex-LPL Broker Who Helped Bring Pro Soccer to Kentucky
Broker allegedly failed to properly disclose fundraising for a minor league professional soccer club in Louisville that has since won championships.
Another Retired Merrill Vet Loses Retirement Plan Stock-Loss Claim
Arbitrators rule that Charles Ross waited too long to make his claim that Merrill owes him for the collapse in the value of company shares he owned.
Finra Hits High-Turnover Broker with Excessive Trading Sanction
New Jersey broker cost three customers more than $540,000 in trading losses in just over two years, generating turnover rates as high as 60 and cost-to-equity ratios that reached 147%.
Former Wells Broker Seeks to Vacate Order to Repay $256,000 Loan Balance
Michigan advisor claims arbitrator’s failure to initially disclose relation with Wells Fargo’s lawyers deprived him of due process.
Credit Suisse Wins $3.5 Mln from U.S. Brokers Who Claimed Hiring Fraud
Brokers claimed they were “fraudulently induced” to join Credit Suisse months before it shut down its U.S. business are ordered to repay $3.5 million of promissory note balances.
Merrill to Pay $7.2 Million for Mutual Fund Overcharges
Settles with Finra by agreeing to reimburse customers for failing to give fee rebates and sales charge waivers on mutual fund sales over six years.
Stifel to Pay $3.6 Million for Unsuitable UIT “Switching” Sales
The Financial Industry Regulatory Authority’s crackdown on allegedly shoddy sales of Unit Investment Trusts hit Stifel Nicolaus on Thursday, which agreed to pay more than $3.6 million for issues related to premature UIT rollovers.
Former Merrill Complex Manager Loses Stock-Loss Claim
Arbitrators say Long Island advisor waited too long to file claims for damages over the value of Merrill stock and options that plummeted because of alleged financial-crisis fraud.
Ex-Merrill Broker Suspended over Undisclosed “Esports” Gaming Business
Finra fined and suspended a Michigan broker for 21-months for failing to notify the firm he was running a video gaming “esports” franchise along with a Merrill client.
Finra Fines SunTrust for Unsuitable ETF Sales Practices
Bank-owned broker dealer agrees to $634,000 settlement Finra over failure to supervise sale of non-traditional Exchange Traded Funds meant to be held no longer than a single day.
