News Releases & Statements

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FINRA Takes Sweeping Action to Protect Muni Bond Investors
Regulator Issues Investor Alert, Regulatory Notice, Launches Industry Sweeps
FINRA Fines ICAP $2.8 Million, Fines and Suspends Former Broker for Improper Communications with Other Interdealer Brokers About Customers' Brokerage Rate Negotiations in Wholesale CDS Market
Washington, D.C. - Financial Industry Regulatory Authority (FINRA) announced today that it has fined ICAP Corporates LLC, of Jersey City, $2.8 million and sanctioned a former broker for numerous improper communications with other interdealer brokerage firms about customers' proposed brokerage rate reductions in the wholesale credit default swap (CDS) market.
FINRA Fines Wachovia Securities $1.4 Million for Prospectus Delivery Failures, Related Supervisory Violations
Washington, D.C. - The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Wachovia Securities, LLC of St. Louis $1.4 million for its failure to deliver prospectuses and product descriptions to customers who purchased various investment products from July 2003 through December 2004 and for related supervisory failures.
FINRA Fines Raymond James, RBC Capital Markets Corporation, Stock Loan Trader for Improper Stock Loan Practices
Washington, D.C. - The Financial Industry Regulatory Authority (FINRA) announced today that as part of its in-depth investigation of stock loan practices in the industry, it has imposed a fine of $1 million against Raymond James & Associates, Inc. of St. Petersburg, FL, and a fine of $400,000 against RBC Capital Markets Corporation of New York, for various stock loan improprieties.
FINRA Launches Enhanced Investor Protection and Education Programs
Washington, DC - The Financial Industry Regulatory Authority (FINRA) announced today new initiatives aimed at protecting and educating investors.
FINRA Announces Four New Members of its Board of Governors
Washington, DC – The Financial Industry Regulatory Authority (FINRA) announced today that two new large-firm representatives have been elected to its Board of Governors, while a third new member has been appointed to its Independent Dealer/Insurance Affiliate seat.
FINRA Fines Three Firms Over $1.25 Million for Failing to Detect, Investigate and Report Suspicious Transactions in Penny Stocks
Washington, DC - The Financial Industry Regulatory Authority (FINRA) announced today that it has fined three broker-dealers - J.P. Turner & Co., of Atlanta, Park Financial Group, Inc., of Maitland, FL and Legent Clearing, LLC, of Omaha - for failing to implement reasonable anti-money laundering (AML) compliance programs, including the failure to detect, investigate and report instances of potentially suspicious transactions in low-priced stocks.
FINRA Charges Six Former Brookstreet Securities Brokers with Fraud in Connection with Retail Sales of Collateralized Mortgage Obligations
Washington, D.C. - The Financial Industry Regulatory Authority (FINRA) today announced charges against six brokers formerly associated with Brookstreet Securities Corporation, a now-defunct nationwide brokerage firm based in Irvine, CA, including fraud and making unsuitable recommendations to retail customers.
FINRA Expels Kirlin Securities, Bars co-CEO and Head Trader for Market Manipulation of Parent Company Stock
Washington, DC — FINRA today announced that its National Adjudicatory Council (NAC) has expelled Kirlin Securities of Syosset, NY
RD Capital Group and Firm President Ordered to Pay $1 Million in Fines, Restitution for Fraudulent Markups of U.S. Treasury STRIPS
Washington, D.C. - The Financial Industry Regulatory Authority (FINRA) announced today that it has ordered Ramon Luis Dominguez, President of RD Capital Group in Puerto Rico, to pay restitution of $950,000 plus interest to three customers victimized when Dominguez and the firm charged undisclosed, excessive and fraudulent markups on the sale of United States Treasury STRIPS.