Recent Posts in Failure to Supervise Category
Posted on Apr 14, 2013 By Michael Edmiston
When an investor grants "discretionary authority" to a broker to trade the investor's account using only the broker's own judgment, the grant of authority must be in writing and ...
Continue reading "Once Granted, Permission to Trade with Discretion Can Be Problematic" »
Posted on Mar 24, 2013 By Michael Edmiston
According to Nathaniel Popper of The New York Times, investment firm LPL Financial has ratcheted up a sequence of problems with multiple securities regulators LPL is not unique nor alone in its ...
Continue reading "LPL Financial Firm Under Fire and On Radar with Several Securities Regulators" »
Posted on Feb 1, 2013 By Michael Edmiston
FINRA suspended Henry John Dellaquila until December 3, 2013 for allegedly selling $1.37 million in variable annuities to 13 customers from January 2006 through November 2010 without his employing ...
Continue reading "Henry John Dellaquila Fined $55,000 and Suspended for Unauthorized Variable Annuity Transactions" »
Posted on Dec 15, 2012 By Michael Edmiston
The Massachusetts Securities Division filed a complaint against LPL Financial, LLC, accusing the firm of inadequate training, improper sales practices, including sales made in violation and in excess ...
Continue reading "Massachusetts Securities Regulators Sue LPL Financial over Nontraded REIT Sales" »
Posted on Dec 6, 2012 By Michael Edmiston
The Financial Industry Regulatory Authority censured Wedbush Securities, Inc. of Los Angeles, California, fining the firm $375,000 for what FINRA deemed was a failure to supervise employees and ...
Continue reading "Wedbush Securities Fined $375,000; Richard Anthony Lanni and Ronald Edward Vogel Fined and Suspended for Poor Supervisory Systems Related to Variable Annuities" »
Posted on Oct 20, 2012 By Michael Edmiston
The Financial Industry Regulatory Authority has fined Fidelity Brokerage Services, LLC and Fidelity Investments Institutional Services Company, Inc. $375,000 for providing misleading sales and ...
Continue reading "Fidelity Brokerage Fined $375,000 for Misleading Advertising, Supervisory Failures Related to Mutual Fund Sales" »
Posted on Oct 12, 2012 By Michael Edmiston
The Financial Industry Regulatory Authority censured and fined United Planners Financial Services of America, headquartered in Scottsdale, Arizona, $200,000 and its Chief Compliance Officer Douglas ...
Continue reading "United Planners & CCO Douglas Hall Fined for Lack of Supervision with respect to Variable Annuities" »
Posted on Aug 13, 2012 By Michael Edmiston
The Financial Industry Regulatory Authority (FINRA) suspended broker-dealer Michael Laurence Digaetano of West Lake Village, California, and fined him $5,000 for allegedly failing to reasonably ...
Continue reading "FINRA Fines & Suspends Broker Michael Laurence Digaetano for Failure to Supervise" »
Posted on Aug 11, 2012 By Michael Edmiston
The Financial Industry Regulatory Authority (FINRA) fined registered principal Christipher Lynn Belonge $54,819 and suspended Belonge until September 6, 2012 for failure to supervise representatives ...
Continue reading "Christipher Lynn Belonge Fined Over $50,000 & Suspended for Inadequate Supervision Resulting in Significant Investment Losses" »
Posted on Jun 24, 2012 By Michael Edmiston
The Financial Industry and Regulatory Authority (FINRA) has fined UVEST Financial Services Group, Inc. $230,000 and ordered the firm to provide remediation to customers after overcharging investors a ...
Continue reading "UVEST Financial Fined, Forced to Pay Remediation After Overcharging Customer" »