Archive

FINRA Investigation Defenses, Process & Rule 8210 Realities

With the increase in FINRA enforcement activity in the last year, we hear daily from concerned RAs and other financial industry professionals – this post is intended to decode the basics of the process and…
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LPL’s Bonds Learns 3240 No Borrowing From Customers Lesson

FINRA’s Department of Enforcement recently made public a Letter of Acceptance, Waiver and Consent (AWC) by which former LPL broker Mark Tyler Bonds agreed to a one month suspension and a $5,000 fine to resolve…
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Barclays Reaches $97 Million Settlement with SEC

Barclays Capital has reached a $97 million settlement with the Securities and Exchange Commission to resolve allegations that its Wealth and Investment Management Americas (WIMA) unit overcharged clients by $50 million between 2010 and 2015….
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Albany Investment Firm Agrees to Pay Tribe $3.4 Million Over Fraudulent Sale of Non-Traded REITs and BDCs

Purshe Kaplan Sterling Investments (PKS) of Albany, New York, recently agreed to pay $3.4 million to a Native American tribe to resolve allegations that one of its brokers, Gopi Krishna Vungarala, took millions of dollars…
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FINRA Settles Complaint Over Undisclosed Tax Liens Over $1 MIllion

Kevin Richard Graetz, a former broker from New York, recently settled a FINRA complaint relating to his alleged failure to report $1 Million in tax liens over the course of seven years. FINRA requires registered…
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Broker Denied FINRA Expungement after Settlement – Tightening Rules and the Need for Legal Representation

Michael James Malone, a FINRA arbitrator in Detroit, recently denied an expungement request from broker Kathie Lee Foreman. Foreman was seeking expungement of a customer complaint in connection with “unsuitable” investments allegedly leading to the,…
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AML Regulators Target Capital One’s Check Cashing Businesses

Check cashing businesses are a major focus of anti-money laundering rules and regulations. Investors recently learned that federal and New York prosecutors are currently investigating Capital One Financial Corp.’s anti-money laundering program and “certain check…
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FINRA’s Revised Sanction Guidelines

Last April, FINRA announced that it had revised the sanction guidelines that apply when there has been a violation of a FINRA rule. Professionals in the industry whose activities are regulated by FINRA need to…
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SEC Loses in Its Own Court – Charges Dismissed in Radiant Systems Insider Trading Case

The SEC is not used to losing a case in-house, but that is precisely what happened on April 18th, when Judge James Grimes dismissed the insider trading allegations against Charles L. Hill of Atlanta. Hill…
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FINRA Fines TD Bank Unit over Failure to Review Emails

A unit of TD Bank, a US subsidiary of Canada’s Toronto-Dominion Bank, has agreed to pay a $125,000 fine to resolve allegations that it failed to record the required review of 3.1 million emails. FINRA…
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