Washington, DC — A Financial Industry Regulatory Authority (FINRA) Hearing Panel issued a decision that imposed a 90-day suspension, a concurrent 10-day suspension, and a $12,500 fine against Scott Mathis, Chairman and CEO of New York's Investprivate, Inc. (now known as DPEC Capital, Inc.), for failing to disclose tax liens and two customer complaints on his Form U4s. Mathis and Investprivate were originally charged by FINRA with securities fraud, but those charges were later withdrawn.
News Releases & Statements
Washington, D.C. - The Financial Industry Regulatory Authority (FINRA), in coordination with the Securities and Exchange Commission (SEC) and other regulatory authorities, has been monitoring the U.S. broker-dealer subsidiaries of Bear Stearns & Co. Inc. These broker dealers (Bear, Stearns & Co Inc., Bear, Stearns Securities Corp., Bear Wagner Specialists LLC) remain in compliance with the SEC's and FINRA's capital rules.
Washington, DC - The Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) today announced the dates and locations of 14 regional CCOutreach BD seminars that will be held throughout the country in 2008. The announcement was made today at the inaugural event of the CCOutreach BD program, a national seminar at SEC headquarters here.
Washington, D.C. - The Financial Industry Regulatory Authority (FINRA) announced today that it has fined and suspended 16 current and former registered representatives of State Farm VP Management of Bloomington, IL, for misconduct involving FINRA's Continuing Education requirements for registered representatives.
Washington, DC - FINRA announced today that it has settled cases against five firms for mutual fund sales and supervisory violations - including improper sales of Class B and Class C mutual fund shares and failure to have supervisory systems designed to provide all eligible investors with the opportunity to purchase Class A mutual fund shares at net asset value (NAV) through NAV transfer programs.
Washington, DC - The Financial Industry Regulatory Authority (FINRA) announced today that Oppenheimer & Co. will pay a fine of $250,000 for supervisory and other failures in connection with improper market timing of mutual fund shares from January through September 2003. The firm will also pay $4.25 million in restitution to more than 60 mutual fund companies.
Washington, D.C.—The Financial Industry Regulatory Authority (FINRA) Investor Education Foundation announced today it awarded 25 grants in 2007 totaling $6,379,849 for new educational programs and research projects intended to improve the quality and accessibility of financial information to the public. The FINRA Investor Education Foundation also spent more than $3.1 million on direct programming in 2007 and earmarked an additional $5.5 million to support programs in 2008.
The Financial Industry Regulatory Authority (FINRA) today announced it has charged registered representative John Edward Mullins, of Margate, NJ, with misappropriating almost $400,000 from a 97-year-old nursing home resident who was a Mullins' client for more than 20 years, as well as from her charitable foundation. The customer has recently passed away. Broker Kathleen Maria Mullins, John Mullins' wife, was also charged with wrongdoing.
Washington, D.C. — The Securities and Exchange Commission (SEC), the North American Securities Administrators Association (NASAA), and the Financial Industry Regulatory Authority (FINRA) today announced a new initiative as part of securities regulators' efforts to protect senior investors. The goal of the initiative is to identify effective practices used by financial services firms in dealing with senior investors, and to provide information about these practices publicly.
Washington, D.C. — The Financial Industry Regulatory Authority (FINRA) announced today that as part of its ongoing efforts to curb abuses in the sale of variable annuities, it has fined Banc One Securities Corporation (BOSC) of Chicago $225,000 for making unsuitable sales of deferred variable annuities to 23 customers and for having inadequate systems and procedures governing annuity exchanges. Twenty-one of the 23 customers were over 70 years old.