Finra
Finra Suspends Sales Assistant Who Completed Boss’s Tasks
Oregon woman who signed broker’s name on documents requiring his signature draws two-month suspension and $5,000 fine.
Ex-UBS Broker Seeks to Vacate $1.1 Million Arbitration Award
Florida advisor argues that an arbitrator’s quick designation shift to public from non-publication arbitrator invalidates the October promissory notes decision.
Ex-Wells Fargo Broker Wins $750K, More Than Triple His Core Comp Claim
New York City advisor who was shifted from a Wells bank branch to a brokerage office accused the bank of confiscating his and a partner’s deferred comp, growth award and lost opportunity costs.
Finra Names Names of Firms, Brokers Who Owe Arbitration Money
New website lists those who have not paid customer awards, including those who cite bankruptcy as reason for their delinquency.
Arbitrator Wipes Old Complaints from Record of ‘One of Florida’s Largest Brokers’
Unusually swift expungement award to UBS advisor in Boca Raton reflects recanting of complaint from one former customer and confused testimony from another.
First Republic Ordered to Pay Broker $1 Million for ‘Unwarranted’ Termination
Arbitrators also order bank to forgive New York broker’s promissory note and change wording on regulatory filings to show that it unjustly fired him.
Ex-Merrill Broker Who Borrowed from Client to Go Indie Gets Finra Suspension
Virginia advisor timely repaid a $250,000 loan he used to remodel his “breakaway” office while at the wirehouse, but lost his job and has been sanctioned for failing to receive Merrill approval.
Firms Score Points for Putting Employees on Heightened Supervision
Brokerage firms are boosting monitoring programs amid increasing pressure from regulators to identify problem brokers.
Finra Ends Probe of Bank Product Sales with No Enforcement Referrals
Sweep of cross-selling practices at 14 broker-dealers found “weaknesses” in promotional, training and compensation practices but nothing requiring punishment.
Wells Advisors Found Liable for Punitive Damages in Customer Fraud Complaint
Former North Dakota resident who followed her broker from A.G. Edwards to Wells and a third firm wins $360,800 in damages, legal and hearing fees.
Finra Suspends Do-It-Yourself Broker Over Unauthorized E-Mails
Independent broker in California who allegedly conducted customer business via personal e-mail for more than four years and created incomplete account performance summaries on Excel is barred and fined.
