Finra
Finra Fines LPL $6.5 Million over Broad Supervisory Failures
The nation’s largest independent broker-dealer failed to maintain proper supervision of record retention, fingerprinting and screening of associated persons, consolidated reports.
Wirehouse Brokers Who Took Client Data Fired by New Firms, Sanctioned by Finra
Former UBS and Morgan Stanley brokers are fined and suspended by regulator over client privacy violations after losing their new posts at Wells Fargo and Raymond James.
Forgetting to Discuss Capital Gains with Clients Can Be Costly
Wells Fargo and a broker now with Raymond James are ordered to pay almost $170,000 for failing to disclose the “significant and unnecessary” tax impact of recommendation to sell out a stock position.
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.
