Academy Securities censured and fined for alleged problems with MSRB Form G-37 submissions
The firm made late submissions of 14 Form G-37 reports and filed eight reports that “failed to disclose 60 municipal underwritings for which the firm acted in a managerial capacity”.
In addition, between April 2018 and January 2023, the firm did not have an adequate supervisory system in place to comply with the requirements of MSRB Rule G-37.
MSRB Rule G-27
Former securities representative suspended and fined for allegedly borrowing from customers without approval from his employer
FINRA Rule 2010 FINRA Rule 3240
Securities representative suspended and fined for allegedly forging customer signatures
The representative falsified the electronic signatures of eight customers on 12 documents with their permission. He falsified the signatures of two customers, without their permission, on six documents. Every customer but one subsequently provided a physical signature on the same forms. In addition the electronic signature of another representative was forged on four of the documents.
FINRA Rule 2010 FINRA Rule 4511
Products representative suspended and fined for allegedly falsely certifying that she had personally completed the continuing education required to hold an insurance license
Another person had completed 15 hours of insurance continuing education on her behalf.
FINRA Rule 2010
Securities representative suspended and fined for alleged negligent misrepresentation about fund performance
The investments recommended by the representative were illiquid and so unsuitable given the nature of the customers’ investment profiles.
The representative “or his assistants acting at his direction” falsified the net worth, liquid net worth, risk tolerance, liquidity needs, annual income and their status as investors of the customers in order to obviate firm policy and enable the inappropriate investments.
Note that this is a complaint and not an AWC.
FINRA Rule 2010 FINRA Rule 2111 FINRA Rule 4511 NASD NTM 03-71
Securities principal suspended and fined for allegedly permitting registered representatives to falsify his signature
The representatives electronically signed the principal’s name on over 100 documents. The documents “included required records of the firm, including new account applications and account update forms”.
FINRA Rule 2010 FINRA Rule 4511
| Unless otherwise noted all respondents accepted and consented to FINRA’s findings without admitting or denying them. |