William O’Neil Securities censured and fined for alleged supervisory failures
The firm failed to record or reasonably supervise two private securities transactions. It also did not disclose a number of non-securities-related outside business activities by its registered representatives.
FINRA By-Laws Article V, Section 2(c) FINRA Rule 2010 FINRA Rule 3110 FINRA Rule 3280
Arque Capital censured and fined for alleged net capital deficiencies
The net capital deficiencies led to the filing of inaccurate and untimely FOCUS reports as well as the keeping of inaccurate books and records. The firm’s CEO has also been suspended and fined for allegedly not disclosing tax liens in Form U4 as well as withholding employee payroll taxes to the US Treasury.
Exchange Act Section 15(c) Exchange Act Section 17(a) Exchange Act Rule 15c3-1 Exchange Act Rule 17a-3 Exchange Act Rule 17a-5 Exchange Act Rule 17a-11 FINRA By-Laws Article V, Section 2(c) FINRA Rule 1122 FINRA Rule 2010 FINRA Rule 4511
Securities representative suspended and fined for allegedly using inappropriate representative code for some trades
219 trades in accounts covered by an agreement with the estate of a retired representative were affected causing Morgan Stanley to maintain inaccurate trade confirmations.
FINRA Rule 2010 FINRA Rule 4511
Securities representative suspended and fined for allegedly improperly removing personal customer information from his employer
FINRA Rule 2010 FINRA Rule 8210
Former securities representative barred for allegedly refusing to appear for on-the-record testimony
FINRA Rule 2010 FINRA Rule 8210
Centaurus Financial and former securities representative censured and fined for alleged suitability obligation and supervisory failures
Higher cost investments were recommended to customers in order to earn selling commissions. The firm did not perform adequate suitability reviews and failed to effectively supervise the recommendations being made. A restitution of $388,962 was ordered.
FINRA Rule 2010 FINRA Rule 2111 FINRA Rule 3110
Former securities representative suspended and fined for alleged material misrepresentations in connection with Form 211 filings
10 foreign issuers were given the impression that Form 211 had been filed when this was not the case. The outcome of the Form 211 process was material to the firms because it was one of the requirements for applying for admission to the OTC markets. False and misleading information was provided to FINRA in connection with other Form 211 filings. Finally, the former securities representative also engaged in undisclosed outside business activity by assisting a friend with securing short-term loans from investors.
FINRA Rule 2010 FINRA Rule 3270
Brokers International Financial Services censured and fined for alleged failure to supervise outside brokerage accounts
Although the firm had procedures in place, these were neither adequate nor translated into practical action that might have detected potential violations. The firm has consented to undertakings requiring it to remediate the issues identified by FINRA.
FINRA Rule 2010 FINRA Rule 3110 FINRA Rule 3210
| Unless otherwise noted all respondents accepted and consented to FINRA’s findings without admitting or denying them. |