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Recent Posts in Failure to Supervise Category

181 results found. Viewing page 1 of 8. Go to page 1 2 3 4 5 6 7 8   Next

Unauthorized Trading, Suitability, and Customer Abuse Complaints Catch Up to Wedbush's William Mark Heiden of Southern California

With 14 customer disputes and millions paid in settlements since 2015 surrounding allegations of unsuitable recommendations, unauthorized trading, overconcentration, abuse of margin, fraud, elder ...
Continue reading "Unauthorized Trading, Suitability, and Customer Abuse Complaints Catch Up to Wedbush's William Mark Heiden of Southern California" »

LPL Financial Sues Barred Ex-Broker Christopher Lossing over $292,000 Theft it Inadvertently Aided

Shortly after FINRA barred former LPL Financial broker Christopher Joseph Lossing for failing to cooperate with its investigation, we're learning why Lossing was in trouble to begin with, as LPL ...
Continue reading "LPL Financial Sues Barred Ex-Broker Christopher Lossing over $292,000 Theft it Inadvertently Aided" »

Cetera Advisor Networks Fined $1.4 Million for Broker Koehler's Unsuitable Churning and Excessive Mutual Fund Trading

FINRA fined El Segundo, CA-headquartered Cetera Advisor Networks $1.4 million for a handful of violations and failures regarding broker Mark Charles Koehler's unsuitable and excessive trading of ...
Continue reading "Cetera Advisor Networks Fined $1.4 Million for Broker Koehler's Unsuitable Churning and Excessive Mutual Fund Trading" »

SEC's Latest Los Angeles Complaint Charges 11 More in Woodbridge Ponzi Scheme

FINRA-registered brokers Alan Harold New co-owner of Synergy Investment Services and Jeffrey L Wendel, formerly of Center Street Securities and Wendel Investment Network headline a list of 11 ...
Continue reading "SEC's Latest Los Angeles Complaint Charges 11 More in Woodbridge Ponzi Scheme" »

Robert Torcivia Disciplined Over Beneficiary Designations, Inheriting Money from Clients

FINRA fined and suspended former Ameriprise Financial Services and Moors & Cabot, Inc broker Robert Charles Torcivia for improperly accepting and failing to disclose fiduciary and beneficiary ...
Continue reading "Robert Torcivia Disciplined Over Beneficiary Designations, Inheriting Money from Clients" »

Lincoln Investment Planning Sanctioned for Failing to Apply Sales Charge Discounts to Eligible Retirement Customers

FINRA censured and sanctioned Lincoln Investment Planning, LLC for failing to apply available sales charge waivers to eligible retirement accounts and charitable organizations from 2011 through June ...
Continue reading "Lincoln Investment Planning Sanctioned for Failing to Apply Sales Charge Discounts to Eligible Retirement Customers" »

Merrill Lynch to Pay $8.9 Million to SEC for Failing to Disclose Conflict of Interest

The SEC censured Merrill Lynch and ordered the firm pay $8.9 million in fines, disgorgment and penalties after finding the firm violated the Advisers Act by failing to disclose a key conflict of ...
Continue reading "Merrill Lynch to Pay $8.9 Million to SEC for Failing to Disclose Conflict of Interest" »

SEC Issues Ameriprise Financial Cease-and-Desist Order over Failure to Detect Misappropriation and Fraud

The Securities and Exchange Commission instituted cease-and-desist proceedings against Ameriprise Financial Services, finding that the firm failed to adopt and implement policies and procedures to ...
Continue reading "SEC Issues Ameriprise Financial Cease-and-Desist Order over Failure to Detect Misappropriation and Fraud" »

StockCross Financial Services, LA Broker Peter Cunningham Accused of Fraudulent, Unethical UIT Trading Practices

Founded in Boston and now based in Beverly Hills, California, StockCross Financial Services and its Los Angeles-based broker Peter Edward Cunningham stand accused of causing losses in customer ...
Continue reading "StockCross Financial Services, LA Broker Peter Cunningham Accused of Fraudulent, Unethical UIT Trading Practices" »

Compliance Officer Claims Retaliation in Firing from Purshe Kaplan Sterling After Reporting Alt Investment Red Flags to FINRA

Former Purshe Kaplan Sterling Investments, Inc. compliance officer Toni Caiazzo Neff filed a lawsuit against her former employer, claiming that Purshe Kaplan fired her after she contacted a senior ...
Continue reading "Compliance Officer Claims Retaliation in Firing from Purshe Kaplan Sterling After Reporting Alt Investment Red Flags to FINRA" »

National Planning Corp, Investment Centers of America, SII Investments and IFC Holdings Fined $1.7 Million, Ordered to Pay $6 Million in Restitution for Variable Annuity Sales Misconduct

FINRA fined four firms—National Planning Corporation, Investment Centers of America, SII Investments, and IFC Holdings aka INVEST Financial Corporation—a total of $1.7 million and ordered ...
Continue reading "National Planning Corp, Investment Centers of America, SII Investments and IFC Holdings Fined $1.7 Million, Ordered to Pay $6 Million in Restitution for Variable Annuity Sales Misconduct" »

FINRA Fines Royal Alliance, FSC, SagePoint Financial, and Woodbury $1 Million for Variable Annuity Supervision Violations

FINRA fined Royal Alliance Associates, FSC Securities Corporation, SagePoint Financial, and Woodbury Financial a total of $1 million for failing to establish and maintain adequate supervisory systems ...
Continue reading "FINRA Fines Royal Alliance, FSC, SagePoint Financial, and Woodbury $1 Million for Variable Annuity Supervision Violations" »

Cetera Financial Fined $200,000 for Failing to Supervise Broker Who Misused Elderly Client's Funds

FINRA fined Cetera Financial Specialists $200,000 for supervisory deficiencies concerning its broker Alex P Anderson, whom FINRA previously barred for purportedly abusing his Power of Attorney ...
Continue reading "Cetera Financial Fined $200,000 for Failing to Supervise Broker Who Misused Elderly Client's Funds" »

Massachusetts to Investigate Private Placement Sales & Related Practices at 10 Firms

Massachusetts Secretary of the Commonwealth and chief securities regulator William Galvin announced a state investigation of private placement sales and related sales practices at 10 broker-dealers ...
Continue reading "Massachusetts to Investigate Private Placement Sales & Related Practices at 10 Firms" »

Kyusun Kim Barred for Unsuitable Recommendations of REITs and Alt Investments in Elderly Investors' Retirement Accounts

FINRA barred former Independent Financial Group and Sandlapper Securities, broker Kyusun Kim for unsuitably recommending that a number of elderly and retiring customers liquidate their 401(k) and ...
Continue reading "Kyusun Kim Barred for Unsuitable Recommendations of REITs and Alt Investments in Elderly Investors' Retirement Accounts" »

Online Investment Firm Betterment Fined $400,000 for Violating Customer Protection Rule

FINRA fined MTG LLC aka Betterment Securities $400,000 for robo-advisor branch Betterment LLC's failure to comply with FINRA and SEC rules, including the Customer Protection Rule that requires ...
Continue reading "Online Investment Firm Betterment Fined $400,000 for Violating Customer Protection Rule" »

Fifth Third Securities to Pay $6 Million for Variable Annuity Suitability and Disclosure Failures

FINRA fined Fifth Third Securities $4 million and ordered $2 million in restitution for suitability and related failures pertaining to the firm's variable annuity (VA) business. According to ...
Continue reading "Fifth Third Securities to Pay $6 Million for Variable Annuity Suitability and Disclosure Failures" »

Troubled LPL Financial to Pay $26 Million for Selling Unregistered, Non-Exempt Securities

LPL Financial reached settlement with the North American State Securities Administrators Association (NASAA) to pay nearly $26 million in fines and penalties for selling unregistered securities not ...
Continue reading "Troubled LPL Financial to Pay $26 Million for Selling Unregistered, Non-Exempt Securities" »

FBI Arrests Ex-Ameriprise Broker Li Lin Hsu for Fraud, Stealing from Clients

FBI agents arrested former Ameriprise Financial Services representative Li Lin Hsu of Diamond Bar, California and charged her with mail fraud, wire fraud, obstruction of justice, and money laundering. ...
Continue reading "FBI Arrests Ex-Ameriprise Broker Li Lin Hsu for Fraud, Stealing from Clients" »

Park Avenue Securities Fined $300,000 in Variable Annuities Supervision Investigation

FINRA censured and fined Park Avenue Securities $300,000 for failing to adequately supervise variable annuity (VA) exchanges, including VA contracts and multi-share class VAs, finding that the ...
Continue reading "Park Avenue Securities Fined $300,000 in Variable Annuities Supervision Investigation" »

Wells Fargo Wealth Management Investigated for Unsuitable Investments, Self-Dealing

With Wells Fargo's credit card and savings divisions already disciplined by the Federal Reserve over a fake account scandal during which the bank opened bogus accounts on behalf of its customers, ...
Continue reading "Wells Fargo Wealth Management Investigated for Unsuitable Investments, Self-Dealing" »

SEC Charges Wedbush Securities with Failing to Supervise Timary Delorme in Penny Stock Market Manipulation Scheme

Having issued southern California broker Timary Ann Delorme aka Timary Kennally Koller a cease-and-desist order and ordering $50,000 in civil penalties for her involvement in Izak Zirk Engelbrecht aka ...
Continue reading "SEC Charges Wedbush Securities with Failing to Supervise Timary Delorme in Penny Stock Market Manipulation Scheme" »

Saddled with Settlements, Kevin Yang Sanctioned for Unauthorized Discretion at Morgan Stanley

FINRA fined and suspended Kevin Chiagan Yang, formerly of Morgan Stanley's Pasadena, CA branch, for exercising discretion without written authorization. The disciplinary action follows several ...
Continue reading "Saddled with Settlements, Kevin Yang Sanctioned for Unauthorized Discretion at Morgan Stanley" »

DOJ Orders Review of Wells Fargo Advisors' Sales Practices and Recommendations

Wells Fargo began an investigation into potentially inappropriate referrals and recommendations after the Department of Justice ordered the firm to conduct a review of its sales practices, including ...
Continue reading "DOJ Orders Review of Wells Fargo Advisors' Sales Practices and Recommendations" »

Credit Suisse Execs Had Secretaries Complete Training for Them, Records Show

The latest wrinkle in the VelocityShares Daily Inverse VIX Short-Term exchange traded note's fall from grace concerns its issuer, Credit Suisse, and regulatory filings that several firm executives ...
Continue reading "Credit Suisse Execs Had Secretaries Complete Training for Them, Records Show" »
181 results found. Viewing page 1 of 8. Go to page 1 2 3 4 5 6 7 8   Next
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