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NASAA Releases Annual Enforcement Report – Registered Members Top Enforcement Actions

The North American Securities Administrators Association (NASAA) has just released its yearly Enforcement Report. Although NASAA is an international association of all state, provincial and territorial securities regulators in the United States, Canada, and Mexico, the annual report is focused on US jurisdictions. According to data included in…
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SEC Accuses Two NYC Brokers of Defrauding Customers

The SEC has accused two former Alexander Capital LP brokers, William Gennity and Rocco Roveccio of engaging in unlawful trading and deception that caused their customers to lose hundreds of thousands of dollars, while they earned a comparable amount in fees. Gennity and Roveccio both worked at Alexander…
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FINRA VOWS TO LIMIT EXPUNGEMENTS – Rules and Realities

“Arbitrators have a unique, distinct role in ensuring that customer dispute information is expunged from the CRD system only when it has no meaningful investor protection or regulatory value.” FINRA (September, 2017) In a new push for closer scrutiny over expungements, FINRA has just updated its Notice to Arbitrators…
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FINRA Censures and Fines New York Firm $750,000 Over Its Role In Death Put Scheme

FINRA announced it has just fined C.L. King & Associates $750,000. According to the Regulatory Authority´s decision, the broker-dealer has negligently made “material misrepresentations and omissions to issuers in connection with the firm’s redemptions of debt securities on behalf of a hedge fund customer.” This was allegedly done…
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Dishonest Trader Must Disclose Commodity Law Violations in Public Communications

Once in a while, regulators and courts take actions that have no precedent, but which may influence justice over time. That is the case of a recent ruling from a Florida federal judge, who ordered a defendant to disclose that he had “violated commodity laws” whenever he writes…
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FINRA CEO Cook Grilled by Congress on FINRA’s Financial Conduct

During a recent Financial Services Subcommittee oversight hearing, both Democrat and Republican lawmakers raised concerns before FINRA CEO Robert Cook. Some of the issues discussed were the Regulatory Authority’s standing as a private entity and its handling of fine proceeds, which hit a record $173 million in 2016….
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