FINRA has significantly increased transparency in mortgage-backed securities issued by Fannie Mae, Freddie Mac and Ginnie Mae.
If you’re shopping for an advisory practice, it’s probably not a good idea to bankroll the venture with client money, as former Raymond James rep David Albert Urovsky has learned.
FINRA has fined two firms a total of $2.15 million and ordered them to pay more than $3 million in restitution to customers for losses incurred from unsuitable sales of floating-rate bank loan funds.
FINRA has fined LPL Financial LLC (LPL) $7.5 million for 35 separate, significant email system failures, which prevented LPL from accessing hundreds of millions of emails and reviewing tens of millions of other emails.
The North American Securities Administrators Association has filed an amicus brief supporting FINRA’s efforts to overturn a decision by a FINRA hearing panel that allowed Charles Schwab & Company to prevent its customers from participating in class-action lawsuits.
FINRA also fined and suspended four executives involved.
FINRA has withdrawn its proposed rule with the SEC that would have required advisors using social media to post a link to BrokerCheck on social media sites.
The firm was also ordered to pay more than $323,000 in restitution, plus interest, to customers who did not receive best execution for their trades in non-convertible preferred securities.
The U.S. self-regulatory organization FINRA has imposed a $5,000 fine on George Lincon of EKN Financial Services, Inc, for guaranteeing a customer against investment losses, reports Bill Singer of Forbes.com. FINRA asserts Lincon’s guarantee was in violation of FINRA Rule 2010 and 2150, which, among other restrictions, prohibit against such measures on the grounds that […]
FINRA has barred broker Jeffrey Rubin of Lighthouse Point, Florida, from the securities industry.