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Blog Posts in July, 2013

New Jersey Fines Morgan Stanley $100,000 for Improper ETF Sales to Investors

The New Jersey Bureau of Securities fined Morgan Stanley $100,000 after an investigation found that the firm allegedly sold exotic exchange-traded funds ("ETFs") to unwary customers, ...
Continue reading "New Jersey Fines Morgan Stanley $100,000 for Improper ETF Sales to Investors" »

SEC Lifts Ban on Hedge Fund Ads, Increases Private Placement and Hedge Fund Risk

The SEC lifted its ban on hedge fund and private equity firm advertising after Congress mandated that the Commission allow general solicitation of securities offerings in accordance with its Jumpstart ...
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Suitability, Recommendation Compliance and the Risk Tolerance Questionnaire Shortfall

Pursuant to FINRA regulations, including the newly revised "suitability" rule, brokers "must have a reasonable basis to believe that a recommendation [or]…investment ...
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FINRA's TRACE Program to Increase Transparency of Mortgage-Backed Securities Market

FINRA Monday announced an accelerated effort to "significantly" increase transparency in Fannie Mae-, Freddie Mac- and Ginnie-Mae issued mortgage-backed securities through the Trade ...
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Adorean Boleancu, Already Barred from FINRA, Indicted on Fraud Charges

Former Wells Fargo Advisors, LLC broker Adorean Boleancu of Napa, California was indicted on charges of check fraud and money laundering in San Francisco federal court, pleading not guilty and posting ...
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John Thornes Barred for Stealing $4.2 Million from Elderly Alzheimer's, Scholarship Accounts

Just two months after publishing a May complaint against Redland, California's John Thomas Thornes, president of Thornes & Associates Inc. Investment Services, FINRA barred Thornes for the ...
Continue reading "John Thornes Barred for Stealing $4.2 Million from Elderly Alzheimer's, Scholarship Accounts" »

Newedge USA, LLC Fined $9.5 Million for Supervisory and Bookkeeping Faults

FINRA joined with the New York Stock Exchange ("NYSE"), NASDAQ and several other exchanges in censuring and fining Newedge USA, LLC $9.5 million for failure to supervise client trading ...
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StateTrust Investments, Joseph Turnes Fined $1 Million, Ordered to Pay $353,000 in Restitution for Unfair Bond Prices

FINRA fined StateTrust Investments, Inc. and head trader Joseph Luis Turnes for charging unfair prices to customers in the firm's bond sales, failure to report transactions, making material ...
Continue reading "StateTrust Investments, Joseph Turnes Fined $1 Million, Ordered to Pay $353,000 in Restitution for Unfair Bond Prices" »

Frank John Tarazon Fined & Suspended for Improper Borrowing from Elderly Customer

FINRA suspended former ING Financial Partners, Inc. broker Frank John Tarazon of Oxnard, California and fined him $20,000 for borrowing several hundred-thousand dollars from an elderly customer while ...
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Arbitrators Order Wells Fargo to Pay $2.8 Million in Damages, Interest for Failure to Detect Fraud in Investor's Account

A FINRA securities arbitration panel ordered Wells Fargo Advisors LLC to pay $2.8 million to a family limited partnership after finding that the firm failed to detect a fraudulent scheme being ...
Continue reading "Arbitrators Order Wells Fargo to Pay $2.8 Million in Damages, Interest for Failure to Detect Fraud in Investor's Account" »

Massachusetts Investigation into REITs: Firms Targeting Seniors for High-Risk Products

Massachusetts issued subpoenas to a collection of high-profile firms including Charles Schwab, Fidelity Investments, Bank of America Corp's Merill Lynch, Morgan Stanley, UBS AG and Wells Fargo ...
Continue reading "Massachusetts Investigation into REITs: Firms Targeting Seniors for High-Risk Products" »

Atlas, Firstrade and WTF Fined $900,000 for Anti-Money Laundering Program Failures

The Financial Industry Regulatory Authority fined three member-firms a total of $900,000 for what it describes as a failure to "establish and implement adequate anti-money laundering ...
Continue reading "Atlas, Firstrade and WTF Fined $900,000 for Anti-Money Laundering Program Failures" »

Joseph John Antosh Jr. Barred for Failure to Cooperate with Investigation into IRA Beneficiary Switch

FINRA barred former Wells Fargo Advisors, LLC broker Joseph J. Antosh, Jr. for failure to provide on-the-record testimony related to allegations that he improperly modified the listed beneficiary of ...
Continue reading "Joseph John Antosh Jr. Barred for Failure to Cooperate with Investigation into IRA Beneficiary Switch" »

Richard Joseph Gobel Fined and Suspended for Discretionary Trading without Written Authorization

FINRA suspended former Wall Street Financial Group, Inc. broker Richard Joseph "Rick" Gobel and fined him $7,500 for failing to obtain written authorization from both customers and Wall ...
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Theresa I. Reyes Barred for Engaging a Customer's Business Credit Card Account without Authorization

FINRA barred former JPMorgan broker-dealer affiliate CISC registered representative, Theresa I. Reyes, of San Diego, CA, for allegedly repeatedly using her capacity as a JPMorgan personal banker in ...
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Kelly Ann Willey Barred After Directing Elderly Customer to Write Checks to Her Personally

FINRA barred former Waddell & Reed, Inc. broker Kelly Ann Willey for directing an elderly Waddell & Reed customer to write multiple checks totaling $1,200 to Willey personally. The checks were ...
Continue reading "Kelly Ann Willey Barred After Directing Elderly Customer to Write Checks to Her Personally" »

Forrest Nolan Jackson Barred for Selling Away of Notes Related to SEC Lawsuit Defendant

FINRA barred broker Forrest Nolan Jackson for selling away and failing to provide his firm prior written notice of outside business activities. The particular securities Jackson allegedly sold away ...
Continue reading "Forrest Nolan Jackson Barred for Selling Away of Notes Related to SEC Lawsuit Defendant" »
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