Former securities representative barred for allegedly refusing to produce information and documents
FINRA Rule 2010 FINRA Rule 8210
Securities representative suspended and fined for allegedly engaging in excessive and unsuitable trading in two customer accounts
A restitution payment of $27,622 plus interest has also been ordered.
FINRA Rule 2010 FINRA Rule 2111
Securities representative charged for allegedly structuring cash transactions in order to avoid the filing of a currency transaction report by the financial institutions in question
(This is a complaint and not an AWC)
31 U.S.C. § 5313 31 U.S.C. § 5324 31 C.F.R. § 1010 FINRA Rule 2010
Open to the Public Investing censured and fined for alleged best execution rule breaches
The firm did not conduct reviews of its customers’ execution quality or compare its executions to those that could have been obtained from competing markets. The firm lacked an adequate system or procedures to ensure compliance with the best execution rules. In addition the firm failed to disclose its policies in connection with the receipt of payments for order flow and disseminated a number of misleading communications to customers.
Securities Exchange Act Rule 607 FINRA Rule 2010 FINRA Rule 2210 FINRA Rule 5310 FINRA Rule 5310.09
BGC Financial censured and fined for alleged mismarking of orders and supervisory system failures
The firm’s order management system aggregated the positions of two of its proprietary accounts as independent trading units, excluding them from the firm’s net position in securities as a result. The accounts in question did not qualify for independent treatment and so the exclusion from the firm’s net position calculations resulted in the firm mismarking trades. In addition the firm did not have adequate procedures in place to verify and ensure compliance with Regulation SHO.
Regulation SHO Rule 200 FINRA Rule 2010 FINRA Rule 3110 NASD rule 3010
Products representative suspended and fined for allegedly engaging in outside business activity not approved by his employer
FINRA Rule 2010 FINRA Rule 3270
Former securities representative suspended and fined for allegedly engaging in outside business activity not approved by his employer
FINRA Rule 2010 FINRA Rule 3270
Former securities representative barred for allegedly refusing to produce information and documents
FINRA Rule 2010 FINRA Rule 8210
Credit Suisse Securities censured and fined for allegedly submitting late and inaccurate TRACE reports
Approximately 9,000 reports were submitted late because of manual errors, omissions or amendments. Another 778,000 were submitted with inaccuracies stemming from coding errors. In addition the firm failed to notify FINRA of new issue offerings and was deemed to have a supervisory system that was not reasonably designed to achieve compliance with TRACE reporting rules.
FINRA Rule 2010 FINRA Rule 3110 FINRA Rule 6730 FINRA Rule 6760
| Unless otherwise noted all respondents accepted and consented to FINRA’s findings without admitting or denying them. |