Operations principal suspended and fined for allegedly sharing commissions with a unregistered person
Two payments, totalling $9,375, stemming from two securities transactions commissions were paid to an individual who the principal knew had previously been barred by FINRA from associating with any FINRA member in any capacity.
In addition the principal failed to properly record the firms expenses on the firm’s general ledger, and prepared inaccurate monthly FOCUS reports.
FINRA Rule 2010
FINRA Rule 2040
FINRA Rule 4511
SEA 1934 Rule 17a-3
Former products representative barred for failing to produce information and documents
FINRA Rule 2010
FINRA Rule 8210
Cantor Fitzgerald censured and fined for allegedly failing to meet its best execution obligations for certain customer orders
Because the firm used a manual processs on occasion, it did not execute orders received from customers at another broker-dealer at the better prices in an OTC Link message that had been received.
A total of 2,395 orders in OTC securities were not executed at prices that were as favorable as possible under prevailing market conditions.
The firm’s supervisory system was not reasonably designed to achieve compliance with its best execution obligations for customer orders in OTC securities.
A restitutionary payment of $51,214.16 plus interest has also been ordered.
FINRA Rule 2010
FINRA Rule 3110
FINRA Rule 5310
Product representative suspended and fined for allegedly falsely certifying that he had personally completed the continuing education required to hold an insurance license
Another person had completed 15 hours of insurance continuing education on his behalf.
FINRA Rule 2010
FINRA Rule 2111
FINRA Rule 3110
Securities representative suspended and fined for allegedly engaging in outside business without authorization
FINRA Rule 2010
FINRA Rule 3270
Former securities representative suspended and fined for allegedly excessively trading in a customer’s account
The trading was excessive and unsuitable given the customer’s investment profile.
A restitutionary payment of $35,950 plus interest has been ordered.
FINRA Rule 2010
FINRA Rule 2111
Product representative suspended and fined for allegedly falsely certifying that he had personally completed the continuing education required to hold an insurance license
Another person had completed 15 hours of insurance continuing education on his behalf.
FINRA Rule 2010
Former securities representative suspended and fined for opening an outside securities account without authorization
FINRA Rule 2010
FINRA Rule 3210
Former contracts representative suspended and fined for allegedly breaching communications with the public content standards
The representative sent emails containing unwarranted predictions and projections of future performance to at least 20 customers.
FINRA Rule 2010
FINRA Rule 2210
Barclays capital censured and fined for alleged failures connected to fingerprinting and screening non-registered associated persons
The firm failed to fingerprint and screen any individuals based in foreign locations. In addition the firm failed to fingerprint another 1,663 US based individuals.
The firm’s supervisory system was not reasonably designed to ensure compliance with mandatory fingerprinting and screening rules. And its WSPs lacked any procedures to determine whether any employees were exempt from the fingerprinting requirements.
In addition the firm also failed to make and keep current the fingerprint records that were required.
This case is discussed in a more detailed GRIP article.
FINRA Rule 2010
FINRA Rule 3110
FINRA Rule 4511
FINRA Notice to Members 05-39
SEA 1934 Rule 17a-3
SEA 1934 Rule 17f-2
Former securities principal suspended and fined for alleged excessive trading in a customer’s account
A restitutionary payment of $35,950 plus interest has been ordered.
FINRA Rule 2010
FINRA Rule 2111
Products principal suspended and fined for allegedly falsely certifying that he had personally completed the continuing education required to hold an insurance license
Another person had completed 15 hours of insurance continuing education on his behalf.
FINRA Rule 2010
Products principal suspended and fined for allegedly falsely certifying that he had personally completed the continuing education required to hold an insurance license
Another person had completed 15 hours of insurance continuing education on his behalf.
FINRA Rule 2010
| Unless otherwise noted all respondents accepted and consented to FINRA’s findings without admitting or denying them. |
