Product and securities representative suspended and fined for allegedly falsifying representative codes for 586 trades in Morgan Stanley’s order entry system

Codes shared with a retired representative and correctly prepopulated by the firm’s systems were altered under the mistaken belief that this was done with the retired representative’s approval. A higher commission was paid to the product and securities representative as a result of these code changes and the retired representative received less than was due to him under a joint production agreement between the parties. Morgan Stanley was forced to pay restitution to the retired representative to make him whole after the loss sustained as a result of the code changes.

FINRA Rule 2010
FINRA Rul3 4511

Honor, Townsend & Kent censured and fined for alleged supervision failures

The firm’s department responsible for reviewing and approving outside business requests allegedly did not handle the request in question in a timely fashion and did not effectively communicate its decision refusing it to the requester.

FINRA Rule 2010
FINRA Rule 2330
FINRA Rule 3110
NASD Rule 3010

Securities representative suspended for allegedly preparing inaccurate customer contact notes in previous role

FINRA Rule 2010

BrokerBank and its majority owner charged for allegedly permitting an unregistered individual to engage in securities sales

The individual in question also allegedly conducted business on the firm’s behalf whilst statutorily disqualified as a result of a previous FINRA investigation. That investigation had resulted in a suspension because of the exercise of discretion in customer accounts without their prior authorization. (This is a complaint and not an AWC)

FINRA Rule 1210
FINRA Rule 2010
NASD Rule 1031