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
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.
Washington, D.C. - The Financial Industry Regulatory Authority (FINRA) today announced that it has fined SMH Capital Inc. (f/k/a Sanders Morris Harris, Inc.) of Houston, TX, $450,000 for failing to adopt adequate supervisory procedures and systems designed to address its prime brokerage and soft dollar services to hedge funds. As a result, SMH made improper payments of $325,000 in soft dollars to
FINRA Fines 19 Firms a Total of $2.8 Million for Inaccurate Advertised Trade Volume Information
Washington, DC — The Financial Industry Regulatory Authority (FINRA) Investor Education Foundation and the American Library Association (ALA) today announced 13 grants, totaling more than $853,000, to public libraries and library networks across the country, giving millions of library patrons and their families greater access to unbiased investing information and resources.The grants are awarded
Washington, D.C. — The American Federation of State, County and Municipal Employees' (AFSCME) Training and Education Institute today announced the creation of Investor Education for Working Families, a ground-breaking program funded with a $692,180 grant from the Financial Industry Regulatory Authority Investor Education Foundation.The new program is designed to teach AFSCME members, who
The Financial Industry Regulatory Authority (FINRA) announced today that its Board of Governors approved a rule proposal that would impose expungement procedures requiring arbitrators to take specific steps, including issuing a written explanation, before recommending expungement of information related to arbitration cases from a registered person's Central Registration Depository (CRD) record.
The Financial Industry Regulatory Authority (FINRA) today announced that it has fined J.P. Morgan Securities, Inc. $500,000 for failing to disclose to the Municipal Securities Rulemaking Board (MSRB) that it had used consultants to obtain numerous municipal securities offerings and had made payments to consultants connected to particular offerings. FINRA is responsible for enforcing MSRB rules.
Washington, D.C. — The Financial Industry Regulatory Authority (FINRA) announced today that it has sanctioned Rafferty Capital Markets, LLC, of Garden City, NY for facilitating improper market timing practices and for failing to have an adequate supervisory system to prevent deceptive market timing and late trading, among other violations.FINRA ordered Rafferty Capital to refrain for 90 days from
Washington, D.C. — The Financial Industry Regulatory Authority (FINRA) announced today that it has censured and fined Wachovia Capital Markets, LLC $300,000 for violations of FINRA's research analyst conflict of interest disclosure rules."This case strikes at the heart of FINRA's research disclosure program, which was put into place in 2002 in part to combat incentives that could
