Former securities representative suspended and fined for allegedly failing to disclose a felony charge on Form U4
FINRA Rule 1122 FINRA Rule 2010
Securities representative suspended and fined for allegedly using an inappropriate representative code for some trades
FINRA Rule 2010 FINRA Rule 4511
Former securities representative barred for allegedly refusing to produce information and documents and to provide on-the-record testimony
FINRA Rule 2010 FINRA Rule 8210
Former products representative suspended and fined for alleged participation in undisclosed outside business activity
The communications disseminated by the representative to the public in connection with this activity also contained statements that were unwarranted, promissory, and/or misleading.
FINRA Rule 2010 FINRA Rule 2210
Former securities representative suspended and fined for allegedly submitting personal expenses for reimbursement as business expenses
Expenses that were personal in nature were charged to the representative’s corporate credit card in addition to legitimate business expenses.
FINRA Rule 2010
Former securities representative suspended and fined for allegedly accepting a gift from a customer
FINRA Rule 2010
FINRA’s disciplinary action against CEO of Southern Trust Securities upheld by the SEC
The SEC agreed with FINRA that “the undisputed facts in the record show” a failure to comply with requests for information and testimony, that these failures constitute a violation of FINRA Rules 2010 and 8210 and that these were applied in a manner consistent with the purposes of the Exchange Act.
(This is a SEC Decision and not an AWC)
FINRA Rule 2010 FINRA Rule 8210
RBC Capital Markets censured and fined for allegedly reporting orders using the incorrect capacity code
3,202,178 orders were incorrectly marked due to a coding error. 8,423,855 orders were reported using an inaccurate capacity code because changes to agreements with the relevant market centers did not lead to corresponding updates in the firm’s own order management system. The order memoranda also included the incorrect capacity as a result, which was deemed to be a recordkeeping violation by FINRA.
Exchange Act § 17(a) Exchange Act Rule 17a-3 FINRA Rule 2010 FINRA Rule 4511 FINRA Rule 7230A FINRA Rule 7230B FINRA Rule 7330
RBC CMA censured and fined for allegedly reporting orders using the incorrect capacity code
1,554, 311,898 orders were reported using an inaccurate capacity code. The firm updated its agreements with the relevant market centers to which the orders were routed, but did not make corresponding updates to its own order management system, which led to the reporting relying on outdated information. The order memoranda also included the incorrect capacity as a result, which was deemed to be a recordkeeping violation by FINRA.
Exchange Act § 17(a) Exchange Act Rule 17a-3 FINRA Rule 2010 FINRA Rule 4511 FINRA Rule 7230A FINRA Rule 7230B FINRA Rule 7330
ChoiceTrade censured and fined for alleged negligent dissemination of promotional materials
The slides, articles and videos were prepared by a third party previously barred by the SEC / NASD and contained material misstatements and omitted facts about the business. The CEO of ChoiceTrade was also suspended and fined for the alleged rule violations.
FINRA Rule 2010 Securities Act Section 17(a)(2) Securities Act Section 17(a)(3)
| Unless otherwise noted all respondents accepted and consented to FINRA’s findings without admitting or denying them. |