News Releases & Statements

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The ASPIRA Association and the FINRA Investor Education Foundation Partner with National Media Groups to Launch "ASPIRA y Aprende a Invertir," a Latino Community Wealth Development Campaign
WASHINGTON - The ASPIRA Association and the FINRA Investor Education Foundation, along with media partners, today launched a national communications campaign titled "ASPIRA y Aprende a Invertir" targeted to the Latino community to promote the importance of investing.
Citigroup Pays $1.5 Million for Supervisory Failures Related to Elaborate Scheme to Misappropriate Millions in Trust Funds Belonging to Cemeteries Located in Michigan and Tennessee
WASHINGTON - The Financial Industry Regulatory Authority (FINRA) announced today that it has imposed a monetary sanction of $1.5 million against Citigroup Global Markets Inc. for supervisory violations relating to its handling of trust funds belonging to cemeteries in Michigan and Tennessee.
FINRA to Propose Expanding Registration to Firms' Back Offices
WASHINGTON - The Financial Industry Regulatory Authority (FINRA) today issued a Regulatory Notice soliciting comments on a rule proposal designed to enhance oversight of broker-dealers' "back-office" operations by expanding registration requirements to individuals engaging in, or supervising, activities related to sales and trading support, and handling of customer assets.
FINRA Fines Piper Jaffray $700,000 for Email Retention Violations, Related Disclosure, Supervisory and Reporting Violations
WASHINGTON – The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Piper Jaffray & Co. $700,000 for violations related to its failure to retain approximately 4.3 million emails from November 2002 through December 2008.
FINRA Fines Deutsche Bank Securities, National Financial Services a Total of $925,000 for Systemic Short Sale Violations
Washington, DC - The Financial Industry Regulatory Authority (FINRA) announced today that it has fined two broker-dealers a total of $925,000 for executing numerous short sale orders in violation of Regulation SHO and for related supervisory violations.
Florida Broker Barred for Selling Phony Financial Products, Taking More Than $1.9 Million From Clients
Washington, DC - The Financial Industry Regulatory Authority (FINRA) announced today that it has permanently barred Ponte Vedra Beach, FL, registered representative Michael J. DiMare
FINRA Orders Westpark Capital to Pay $400,000 for Failing to Supervise Brokers with Histories of Disciplinary Actions, Customer Complaints Who Churned Accounts, Engaged in Unauthorized and Unsuitable Trading
Washington, DC — The Financial Industry Regulatory Authority (FINRA) announced today that it has ordered Los Angeles-based Westpark Capital, Inc. to pay a total of $400,000 for supervisory system failures, and has suspended two officers for failing to supervise brokers in two now-closed Long Island branches who churned customer accounts and engaged in unauthorized and unsuitable trading in multiple accounts.
FINRA to Perform NYSE Regulation’s Market Oversight Functions
NEW YORK and WASHINGTON, DC, May 4, 2010 – NYSE Euronext (NYSE: NYX) and the Financial Industry Regulatory Authority (FINRA) today announced that they have agreed that FINRA will assume responsibility for performing the market surveillance and enforcement functions currently conducted by NYSE Regulation. The agreement is subject to review by the Securities and Exchange Commission.
FINRA Proposes Expanding Arbitrator Selection Lists
Washington, DC - The Financial Industry Regulatory Authority (FINRA) today said it intends to increase the number of arbitrators available for selection when parties pick arbitration panels, to 10 from the current eight, for each type of arbitrator on a three-member panel - public chair-qualified, public and non-public.
FINRA Bars Prestige Financial Head Trader/Compliance Officer Who Scammed Customers Through Fraudulent Trading Scheme
Washington, DC – The Financial Industry Regulatory Authority (FINRA) announced today that it has permanently barred Tod Bretton, former Chief Compliance Officer and Head Trader for Prestige Financial, Inc.