Washington, DC - The Financial Industry Regulatory Authority (FINRA) announced today that it has fined five broker-dealers a total of $385,000 for the illegal sale of more than 8 billion shares of penny stock on behalf of their customers.
News Releases & Statements
Washington, DC - The Financial Industry Regulatory Authority (FINRA) announced today that it has settled charges with two additional firms relating to the sale of auction rate securities (ARS) that became illiquid when auctions froze in February 2008 - HSBC Securities (USA) and US Bancorp Investments, Inc.
Washington, D.C. - The Financial Industry Regulatory Authority (FINRA) today announced the publication of guidance for FINRA-registered firms about their obligations regarding customer suitability, disclosures and other requirements for selling private placements to customers, an area where recent examinations and enforcement actions have revealed a significant lack of regulatory compliance.
Washington, D.C. - The Financial Industry Regulatory Authority (FINRA) announced today that it has filed a complaint against McGinn, Smith & Co., Inc., of Albany, NY, and its President and part owner, David L. Smith, charging them with securities fraud in the sale of tens of millions of dollars in unregistered securities.
Washington, DC - The Financial Industry Regulatory Authority (FINRA) announced today that it has fined D.A. Davidson & Co., of Great Falls, MT, $375,000 for its failure to protect confidential customer information by allowing an international crime group to improperly access and hack the confidential information of approximately 192,000 customers.
Washington, DC - The Financial Industry Regulatory Authority (FINRA) announced today that it has filed a complaint against Morgan Keegan & Company, Inc., charging the firm with marketing and selling seven affiliated bond funds to investors using false and misleading sales materials - costing investors well over $1 billion.
Washington, D.C. - In its first enforcement action involving a broker-dealer stock borrow program, the Financial Industry Regulatory Authority (FINRA) announced today that it has fined Citigroup Global Markets, Inc. $650,000 for disclosure and supervisory violations relating to the operation of its Direct Borrow Program (DBP).
Washington, DC - The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Scottrade, Inc. $200,000 for violating pattern day trading margin rules and for extending credit to customers in violation of federal securities laws and banking regulations.
Washington, DC — The Financial Industry Regulatory Authority (FINRA) announced today that it has permanently barred Kirkland, WA, broker Rhonda Lee Breard from the securities industry for defrauding at least 38 clients of at least $8 million through a scheme that involved converting client funds to her personal use while sending falsified account statements to her customers.
FINRA Continues Nationwide Initiative Investigating Broker-Dealers Engaged in Private Placements