Former securities representative barred for allegedly refusing to provide information or documents
FINRA Rule 2010 FINRA Rule 8210
Former securities representative suspended and fined for allegedly participating in an private securities transaction without employer approval
FINRA Rule 2010 FINRA Rule 3280
Former securities representative barred for allegedly refusing to produce information or documents and to appear for on-the-record testimony
FINRA Rule 2010 FINRA Rule 8210
HSBC Securities (USA) censured and fined for alleged disclosure inaccuracies
Issues with the data feeds the firm used to generate conflicts disclosures in research reports led to inaccuracies in those reports, including, for the most part, disclosures of conflicts of interest that did not exist.
HSBC did not have procedures or processes in place to ensure that the data feeds were accurate and complete and was unable to detect the data feed problems, which led to the disclosure inaccuracies spanning nine years of operations and thousands of equity and debt research reports.
FINRA Rule 2010 FINRA Rule 2241 FINRA Rule 2242 FINRA Rule 3110 NASD Rule 3010
Former shares and contracts representative barred for allegedly refusing to provide information or documents
FINRA Rule 2010 FINRA Rule 8210
Former securities representative suspended and fined for alleged unsuitable investment recommendations
The representative recommended highly speculative alternative investments that involved a high degree of risk of loss and were therefore unsuitable in light of the customers’ investment profiles.
FINRA Rule 2010 FINRA Rule 2111
Former securities representative suspended for an alleged unauthorized business transaction with a customer
In addition the representative failed to amend Form U4 to disclose the felony charges against him.
FINRA Rule 1122 FINRA Rule 2010 FINRA By-Laws Article V, Section 2(c)
Former securities representative suspended and fined for allegedly exercising discretionary authority in a customer’s account
Although the customer understood the trading was happening they did not provide prior written authorization for the representative to exercise discretion.
FINRA Rule 2010 FINRA Rule 3260 FINRA Rule 4511
Securities representative suspended for alleged exception report review failings
As a result of his unreasonable review practices, including the frequent closing out of exception reports without evidence that the flagged trades were suitable, the fact that numerous accounts were being excessively traded went unnoticed. The excessive trading involved 12 accounts and resulted in customers having to pay $663,463 in commissions, fees and margin interest.
FINRA Rule 2010 FINRA Rule 3110
Former securities representative suspended for alleged Reg BI failings
The representative recommended a series of transactions to customers that constituted excessive trading in light of their investment profiles and were therefore not in their best interest.
FINRA Rule 2010 Reg BI Rule 15l-1
| Unless otherwise noted all respondents accepted and consented to FINRA’s findings without admitting or denying them. |