Independent broker-dealer LPL Financial announced an agreement this week to pay $3.2 million in response to penalties for the improper sales of non-traded real estate trusts and leveraged electrically traded funds (ETFs.)
The Financial Industry Regulatory Authority (FINRA) announced today that it permanently barred seven former registered representatives from the securities industry after discovering that five of them migrated from one expelled firm to another high-risk firm, known as “cockroaching.”An investigation conducted by the regulator concluded that five of these seven individuals migrated to Global Arena together from HFP Capital Markets when it was expelled in 2014.David Awad, Peter Snetzko, Michael Tannen, James Torres and Alex Wildermuth left HFP when it was expelled after repeated claims of misr
The Financial Industry Regulatory Authority (FINRA) recently announced that Well Fargo Advisors has agreed to pay a $500,000 fine for the unsuitable sale of structured products known as “structured repackaged asset-backed trust securities” (STRATS.) In addition to the fine, Wells Fargo was ordered to pay $242,000 in restitution to 66 customers who lost money in these transactions.
The Financial Industry Regulatory Authority (FINRA) announced yesterday a $950,000 fine against New York-based broker-dealer Aegis Capital, Corp., for the improper sale of billions of shares in unregistered penny stocks. The firm was also accused of failure to supervise anti-money laundering procedures for the scheme, which helped seven customers illegally offload five unregistered microcap stocks.
Boston-based independent financial advisory firm LPL has settled with Massachusetts Securities Regulator William Galvin for $250,000 after the firm allegedly allowed its brokers to incorporate false senior-specific titles on their business cards without satisfying the necessary qualifications. The settlement, which includes a censure and a cease-and-desist order, was finalized after reports that the firm approved at least one broker’s business card on several occasions.