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Blog Posts in March, 2016

Alfred Chan Fined & Suspended for Unauthorized Indexed Annuities Sales, REIT Risk Disclosure Failures

FINRA suspended northern California broker Alfred Kai Kwong Chan and fined him $10,000 for improperly selling over 100 indexed annuities valued at $2.5 million without properly disclosing the sales to ...
Continue reading "Alfred Chan Fined & Suspended for Unauthorized Indexed Annuities Sales, REIT Risk Disclosure Failures" »

Coburn & Meredith Fined $75k, Ordered to Pay $203k in Restitution for Failing to Apply UIT Sales Charge Discounts

FINRA censured and fined Coburn & Meredith, Inc. $75,000 for failing to apply sales charge discounts to eligible customer purchases of unit investment trusts ("UITs") from 2009-2014. ...
Continue reading "Coburn & Meredith Fined $75k, Ordered to Pay $203k in Restitution for Failing to Apply UIT Sales Charge Discounts" »

Facing Possible Discipline, Scottsdale Capital Advisors Sues FINRA Over Enforcement Authority

Almost one year after FINRA first filed a complaint against Scottsdale Capital Advisors alleging $1.7 million in illegal microcap stock sales and wires, Scottsdale Capital Advisors is attempting to ...
Continue reading "Facing Possible Discipline, Scottsdale Capital Advisors Sues FINRA Over Enforcement Authority" »

Wedbush Securities Fined $675,000 for Supervisory Violations in 'Chronic' ETF Delivery Failures, Short Sales

FINRA and NASDAQ jointly censured and fined Wedbush Securities, Inc. $675,000 for supervisory failures related to redemption and trading of leveraged exchange-traded funds ("ETFs"), which ...
Continue reading "Wedbush Securities Fined $675,000 for Supervisory Violations in 'Chronic' ETF Delivery Failures, Short Sales" »

Risky, Unsuitable Investments in Poorly Performing Energy, Oil and Gas Ventures May Lead to FINRA Claims

Investors who lost money in oil and gas investments gone awry may be contemplating—or be wise to start preparing—complaints and arbitration claims with FINRA, according to a new Investment ...
Continue reading "Risky, Unsuitable Investments in Poorly Performing Energy, Oil and Gas Ventures May Lead to FINRA Claims" »

UBS Preparing Sales of High-Yield CoCo Bonds, A Risky Debt That Can Bail Out Banks At Expense of Investors

Primarily a foreign endeavor, so-called CoCo bonds may be immigrating to the United States with news that UBS Group AG is considering selling CoCos domestically. With much higher coupons—up to ...
Continue reading "UBS Preparing Sales of High-Yield CoCo Bonds, A Risky Debt That Can Bail Out Banks At Expense of Investors" »

William Brown Fined & Suspended for Improper Discretionary Trading Without Authorization

FINRA suspended and fined William Walton Brown of Encino, California $10,000, plus restitution for executing discretion in a customer's account without prior written authorization and without firm ...
Continue reading "William Brown Fined & Suspended for Improper Discretionary Trading Without Authorization" »

Charged with Fraud, Ex-JPMorgan's Michael Oppenheim Sentenced to Five Years for Stealing $20 Million from Clients

Former JPMorgan Chase & Co. broker Michael Oppenheim, charged with multiple counts of fraud over allegations that he stole $20 million from customers—and schemed to cover it up—reached ...
Continue reading "Charged with Fraud, Ex-JPMorgan's Michael Oppenheim Sentenced to Five Years for Stealing $20 Million from Clients" »

FINRA Fines RBC Capital $300k for Failing to Disclose Reps' Unsatisfied Liens and Judgments

FINRA censured and fined RBC Capital Markets, LLC $300,000 for failing to update industry forms to reflect its representatives' unsatisfied liens and judgments. The regulator also charged RBC with ...
Continue reading "FINRA Fines RBC Capital $300k for Failing to Disclose Reps' Unsatisfied Liens and Judgments" »

Bahram Mirhashemi Barred for Churning, Excessive Trading & Unsuitable Sales to Elderly Clients Resulting in Losses

FINRA barred former Accelerated Capital Group (Irvine, California) broker Bahram Mirhashemi for churning and making excessive and unauthorized trades in customer accounts, including those belonging to ...
Continue reading "Bahram Mirhashemi Barred for Churning, Excessive Trading & Unsuitable Sales to Elderly Clients Resulting in Losses" »

David Escarcega Barred for Fraudulent Statements, Unsuitable Debenture Sales to Elderly Clients

FINRA barred former Center Street Securities broker David Joseph Escarcega for making fraudulent misrepresentations, materially false and misleading statements and unsuitable recommendations to ...
Continue reading "David Escarcega Barred for Fraudulent Statements, Unsuitable Debenture Sales to Elderly Clients" »

Quest Capital Strategies Fined for Mutual Fund Supervisory Failures, Including Monitoring for Double-Charging Customers

FINRA fined Quest Capital Strategies, Inc. of Lake Forest, California for a series of supervisory and compliance failures related to the firm's mutual fund share class operation. In its decision ...
Continue reading "Quest Capital Strategies Fined for Mutual Fund Supervisory Failures, Including Monitoring for Double-Charging Customers" »

7% of Financial Advisers Industry-Wide Cited for Misconduct, Including 20% of Oppenheimer's Advisers

A recent industry-wide study of financial advisers found that seven percent of all advisers have been disciplined for misconduct, such as trading in customer accounts without permission or making ...
Continue reading "7% of Financial Advisers Industry-Wide Cited for Misconduct, Including 20% of Oppenheimer's Advisers" »

Former MetLife & Prudential Broker Winston Turner Accused of Variable Annuity Fraud and/or Deception

FINRA filed a complaint against former MetLife Inc. and Pruco Securities broker Winston Wade Turner, accusing Turner of employing "a device, scheme or artifice to defraud" by inducing ...
Continue reading "Former MetLife & Prudential Broker Winston Turner Accused of Variable Annuity Fraud and/or Deception" »

Goldman Sachs Places Luke Thornburn on Leave for Unapproved Outside Business Activity

Goldman Sachs placed financial adviser Luke Thornburn on administrative leave for his "Make Christianity Great Again" hat business, which the firm says Thornburn did not seek approval for ...
Continue reading "Goldman Sachs Places Luke Thornburn on Leave for Unapproved Outside Business Activity" »
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