Washington, DC - The Financial Industry Regulatory Authority (FINRA) announced today that it has filed a complaint against David Lerner & Associates, Inc. (DLA), of Syosset, NY, charging the firm with soliciting investors to purchase shares in Apple REIT Ten, a non-traded $2 billion Real Estate Investment Trust (REIT), without conducting a reasonable investigation to determine whether it was suitable for investors, and with providing misleading information
News Releases & Statements
WASHINGTON — The Financial Industry Regulatory Authority issued a new Investor Alert — Stock-Based Loan Programs: What Investors Need to Know — to educate investors about non-recourse stock-based loan programs, including the risks and rewards of these loans.
WASHINGTON - The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Credit Suisse Securities (USA) LLC $4.5 million, and Merrill Lynch $3 million for misrepresenting delinquency data and inadequate supervision in connection with the issuance of residential subprime mortgage securitizations (RMBS).
WASHINGTON - The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Nuveen Investments, LLC, of Chicago, $3 million for creating misleading marketing materials used in sales of auction rate preferred securities (ARPS).
WASHINGTON - The Financial Industry Regulatory Authority (FINRA) today announced the launch of the FINRA Disciplinary Actions Online database, a web-based searchable system that makes its disciplinary actions accessible via its website at www.finra.org.
WASHINGTON - The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Wells Fargo Advisors, LLC of St. Louis, $1 million for its failure to deliver prospectuses in a timely manner to customers
FINRA Alert Warns of Japan Earthquake Related Investment Scams
WASHINGTON - The Financial Industry Regulatory Authority (FINRA) today announced that a former registered representative, Michael Hendry, has been barred from the securities industry for engaging in insider trading and for failing to respond truthfully to questioning by investigators in FINRA's Office of Fraud Detection and Market Intelligence (OFDMI).
WASHINGTON - The Financial Industry Regulatory Authority (FINRA) announced today that it has suspended indefinitely Pinnacle Partners Financial Corporation, of San Antonio, TX, and its President, Brian K. Alfaro, for failure to comply with a FINRA Temporary Cease and Desist Order prohibiting their fraudulent misrepresentations.
WASHINGTON - The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Jefferies & Company, Inc. $1.5 million for failing to disclose additional compensation received and conflicts in connection with the sale of auction rate securities (ARS).