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Recent Posts in Restitution Category

26 results found. Viewing page 1 of 2. Go to page 1 2   Next

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" »

Omer Ozeren Sanctioned for Unauthorized Use of Discretion and Faulty ETF Recommendations

FINRA fined, suspended, and ordered former ACE Diversified Capital of Los Angeles representative Omer Ozeren to pay restitution to clients whose accounts he allegedly traded on a discretionary basis ...
Continue reading "Omer Ozeren Sanctioned for Unauthorized Use of Discretion and Faulty ETF Recommendations" »

Investors Capital Corporation Censured After 8 Years of Overcharging Customers for Mutual Fund Transactions

FINRA sanctioned Investors Capital Corporation for disadvantaging certain retirement plan and charity customers that were eligible for mutual fund sales charge waivers by failing to waive applicable ...
Continue reading "Investors Capital Corporation Censured After 8 Years of Overcharging Customers for Mutual Fund Transactions" »

Questar to Pay $800,000 for Overcharging Retirement Plan & Charitable Organization Customers

FINRA cited Questar Capital Corp for overcharging clients in failing to apply available sales charge waivers to eligible retirement accounts and charitable organizations, namely in transactions ...
Continue reading "Questar to Pay $800,000 for Overcharging Retirement Plan & Charitable Organization Customers" »

Morgan Stanley Ordered to Pay Over $13 Million for Unit Investment Trust (UIT) Supervisory Failures

FINRA sanctioned Morgan Stanley Smith Barney and ordered the firm to pay over $13 million—$3.25 million in fines and an additional $9.78 million in restitution to over 3,000 customers—for ...
Continue reading "Morgan Stanley Ordered to Pay Over $13 Million for Unit Investment Trust (UIT) Supervisory Failures" »

Mehran 'Ron' Tazhibi Sanctioned for Unsuitable Speculative Bond Recommendation to Retired Clients

FINRA suspended former Citigroup Global Markets, Merrill Lynch, and Fidelity Brokerage Services rep Mehran Tazhibi aka Ron Tazhibi of Northern California for unsuitably recommending that two retirees ...
Continue reading "Mehran 'Ron' Tazhibi Sanctioned for Unsuitable Speculative Bond Recommendation to Retired Clients" »

Excessive REIT, BDC Sales Charges Caused by Conflict-of-Interest Fraud Nets Purshe Kaplan Sterling Investments $3.4 Million Restitution Order, $750,000 Fine

FINRA ordered Purshe Kaplan Sterling Investments to pay $3.4 million in restitution to a Native American tribe that paid excessive sales charges on fraudulent non-traded real estate investment trust ...
Continue reading "Excessive REIT, BDC Sales Charges Caused by Conflict-of-Interest Fraud Nets Purshe Kaplan Sterling Investments $3.4 Million Restitution Order, $750,000 Fine" »

Eight Firms Fined $6.2 Million for Variable Annuity L-Share Supervisory Failures

FINRA fined eight firms a total of $6.2 million for failing to supervise sales of variable annuities (VAs). In addition to fining the firms, which include five broker-dealer subsidiaries of Cetera ...
Continue reading "Eight Firms Fined $6.2 Million for Variable Annuity L-Share Supervisory Failures" »

Stuart Dickinson Barred, Restitution Ordered for Recommending Customers Purchase the ATM Alliance Ponzi Scheme

FINRA barred former WFG Investments, Inc. broker Stuart Graham Dickinson for failing to conduct adequate due diligence on exchange-traded funds (ETFs) and a private placement securities offering, ...
Continue reading "Stuart Dickinson Barred, Restitution Ordered for Recommending Customers Purchase the ATM Alliance Ponzi Scheme" »

Oppenheimer & Co Sanctioned $2.9 Million for Unsuitable Complex ETF Trades Amongst Elderly Customers

FINRA fined Oppenheimer & Co. Inc. $2.25 million and ordered nearly $716k in restitution for four years' worth of unsuitable sales of leveraged, inverse, and inverse-leveraged Exchange-Traded ...
Continue reading "Oppenheimer & Co Sanctioned $2.9 Million for Unsuitable Complex ETF Trades Amongst Elderly Customers" »

David Miller Barred, Ordered to Pay $800k in Restitution for Unsuitable UIT Recommendations

FINRA barred former Huntington Investment Company broker David Michael Miller and ordered he pay $800,000 in disgorgment and restitution to customers, alleging that he recommended unsuitable Unit ...
Continue reading "David Miller Barred, Ordered to Pay $800k in Restitution for Unsuitable UIT Recommendations" »

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" »

Next Financial Group, Key Investment Services & Stephens, Inc. to Pay $1.2 Million in Fines and Restitution for Discount Failures

FINRA sanctioned three broker-dealers for failing to apply sales charge discounts for eligible volume purchases of unit investment trusts (UITs), doling out fines and orders of restitution totaling ...
Continue reading "Next Financial Group, Key Investment Services & Stephens, Inc. to Pay $1.2 Million in Fines and Restitution for Discount Failures" »

Barclays Capital Ordered to Pay $13.75 Million for Mutual Fund Suitability Violations

FINRA ordered Barclays Capital, Inc. to pay over $10 million in restitution and $3.75m in fines for a total of $13.75 million in sanctions over a series of mutual fund-related suitability violations ...
Continue reading "Barclays Capital Ordered to Pay $13.75 Million for Mutual Fund Suitability Violations" »

Fidelity Brokerage Services Ordered to Pay $1 Million for Supervisory Failures Related to Lisa Lewis' Elder Theft

FINRA ordered Fidelity Brokerage Services LLC to pay over $1 million for failing to follow up on red flags to detect or prevent theft from senior investors. Fidelity must pay a $500,000 fine and ...
Continue reading "Fidelity Brokerage Services Ordered to Pay $1 Million for Supervisory Failures Related to Lisa Lewis' Elder Theft" »

FINRA Orders 5 Firms to Pay $18 Million in Restitution for Overcharged Mutual Funds

FINRA ordered payment of over $18 million in restitution to customers overcharged for mutual fund transactions at five member firms: Edward D. Jones & Co., LP; Stifel Nicolaus & Company, Inc.; ...
Continue reading "FINRA Orders 5 Firms to Pay $18 Million in Restitution for Overcharged Mutual Funds" »

CFP Board Suspends Broker Michael T. Ryan of Santa Ana for Unauthorized Outside Business Activities

Following a FINRA suspension, fine and order of restitution imposed against former Newport Coast Securities and Securities America broker Michael Thomas Ryan of Santa Ana, California, the CFP Board ...
Continue reading "CFP Board Suspends Broker Michael T. Ryan of Santa Ana for Unauthorized Outside Business Activities" »

FINRA Sanctions LPL Financial $11.7 Million for Major Supervisory Failures in ETF, REIT and VA Products

In a decision citing 'widespread' supervisory failures, FINRA censured and ordered LPL Financial LLC to pay $11.7 million in fines and restitution for a series of supervisory failures across ...
Continue reading "FINRA Sanctions LPL Financial $11.7 Million for Major Supervisory Failures in ETF, REIT and VA Products" »

James Yiu Lee Sentenced to 6.5 Years in Prison, Ordered to Repay $10.5 Million in Fraudulent Scheme

The US District Court for the Southern District of California sentenced former La Jolla broker James Yiu Lee to 6.5 years in prison and ordered restitution in excess of $10.5 million for losses ...
Continue reading "James Yiu Lee Sentenced to 6.5 Years in Prison, Ordered to Repay $10.5 Million in Fraudulent Scheme" »

Larry M. Phillips Fined, Suspended, Restitution Ordered for Overcharging Customers

FINRA suspended Purshe Kaplan Sterling Investments broker Larry M. Phillips of Woodland Hills, California and ordered him to pay fines and restitutions totaling over $10,000 for overcharging certain ...
Continue reading "Larry M. Phillips Fined, Suspended, Restitution Ordered for Overcharging Customers" »

FINRA Fines RBC $1 Million, Orders $434,000 in Restitution for Reverse Convertible Failures

FINRA ordered RBC Capital Markets to pay over $1.4 million in fines and restitution to customers for a variety of supervisory failures that FINRA says resulted in several hundreds of sales of the ...
Continue reading "FINRA Fines RBC $1 Million, Orders $434,000 in Restitution for Reverse Convertible Failures" »

Former LPL Broker Blake Richards Ordered to Pay $2 Million for Defrauding Clients

The US District Court of the Northern District of Georgia ordered former LPL Financial LLC broker Blake Bancroft Richards to pay approximately $2 million in disgorgement and penalties to clients ...
Continue reading "Former LPL Broker Blake Richards Ordered to Pay $2 Million for Defrauding Clients" »

SEC Bars Convicted Fraudster Gurudeo Persaud for Investment Strategy Based on Astrology

Charged with fraud in 2012 and having pleaded guilty in 2013, the SEC barred financial adviser Gurudeo "Buddy" Persaud for "basing investment decisions on gravitational forces of the ...
Continue reading "SEC Bars Convicted Fraudster Gurudeo Persaud for Investment Strategy Based on Astrology" »

Edward D. Jones Fined $200K + $52,000 in Restitution for Improper ETF Sales

FINRA fined Edward D. Jones & Co. LP $200,000 and ordered $52,000 in restitution to a series of customers it says were improperly sold non-traditional exchange-traded funds ("ETFs"). ...
Continue reading "Edward D. Jones Fined $200K + $52,000 in Restitution for Improper ETF Sales" »
26 results found. Viewing page 1 of 2. Go to page 1 2   Next
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