Former products representative suspended for allegedly cheating during an exam
The representative possessed and accessed unauthorized materials during the exam.
FINRA Rule 1210.05 FINRA Rule 2010
Former securities representative and principal suspended and fined for allegedly engaging in activities requiring registration while unregistered and statutorily disqualified
The representative was statutorily disqualified following the affirmation of a decision finding that he had wilfully failed to disclose material information (tax liens) in his Form U4.
The representative associated with a firm while a membership continuance application was pending. During this time he was not registered with FINRA in any capacity, but conducted municipal securities business including “discussing and recommending transactions to customers, communicating with firm vendors about trade corrections, and logging on to the firm’s systems to effect trades on behalf of customers”.
FINRA Rule 1210 FINRA Rule 2010 FINRA By-Laws Article III Section 3 MSRB Rule G-2 MSRB Rule G-4
Former securities representative charged with allegedly recommending unsuitable investments and falsifying customer documents
The former representative also failed to respond to FINRA in a timely fashion and failed to produce information required in connection with another investigation.
This is a complaint and not an AWC.
FINRA Rule 2010 FINRA Rule 2111 FINRA Rule 4511 FINRA Rule 8210
UBS Financial Services censured and fined for allegedly failing to include an indicator when reporting municipal securities transactions
Because of a flaw in the logic of the firm’s electronic system for reporting transactions the firm did not include the Non-Transaction-Based Compensation (NTBC) indicator when reporting 91,059 municipal securities transactions to the MSRB RTRS. The firm did not have any supervisory reviews or written procedures connected to the NTBC indicator.
MSRB Rule G-14 MSRB Rule G-27
MMA Securities censured and fined for alleged failings connected with the outside business activities of its representatives
The firm’s supervisory procedures required the firm to review disclosed outside business activities (OBAs). However, the firm lacked procedures that would require it to evaluate whether the OBAs “should be characterized as outside securities activities” or that would require it to document its review and evaluation of the OBAs. At least 37 OBAs were approved without adequate evaluation and without the evaluation being documented.
The firm has agreed to the imposition of an undertaking requiring it to certify the remediation of the identified issues in writing.
FINRA Rule 2010 FINRA Rule 3110 FINRA Rule 3270.01 FINRA Rule 3280
Securities 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
Securities 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 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
Products 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 products representative barred for allegedly refusing to appear for on-the-record testimony
FINRA Rule 2010 FINRA Rule 8210
Former associated person suspended and fined for allegedly cheating during an exam
During two unscheduled breaks the associated person had access to his cell phone.
FINRA Rule 2010 FINRA Rule 8210
Former securities 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
Securities 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 investment banking representative suspended and fined for allegedly engaging in outside business activity without written notice to his firm
The representative continued with the business consulting work after the firm expressly rescinded its approval of this activity.
FINRA Rule 2010 FINRA Rule 3270
| Unless otherwise noted all respondents accepted and consented to FINRA’s findings without admitting or denying them. |