Products principal suspended and fined for allegedly engaging in outside business activity without providing written notice to his firm
FINRA Rule 2010 FINRA Rule 3270
Paulson Investment Company censured and fined for allegedly failing to file required information and documents in connection with public offerings
The firm failed to:
- file documents and information for two takedown offerings;
- file documents and information for five takedown offerings in a timely manner.
In addition the firm failed to disclose compensation in the form of commissions and warrants for acting as a placement agent for two private offerings.
The firm’s WSPs were not reasonably designed to ensure compliance with filing and disclosure requirements.
The firm has agreed to the imposition of an undertaking requiring it to certify in writing the remediation of the issues identified.
FINRA Rule 2010 FINRA Rule 3110 FINRA Rule 5110
Creand Securities censured and fined for allegedly failing to accurately calculate its customer reserve requirements
The firm did not maintain a sufficient balance in its reserve account as a result with deficiencies ranging from $1.3m to $13.4m.
As a result of the miscalculations the firm filed inaccurate FOCUS reports and its WSPs were not designed to ensure compliance with its regulatory obligations.
SEA 1934 Rule 15c3-3 SEA 1934 Rule 17a-3 SEA 1934 Rule 17a-4 SEA 1934 Rule 17a-5 FINRA Rule 2010 FINRA Rule 3110 FINRA Rule 4511
Securities representative suspended and fined for allegedly falsely certifying that he had personally completed the continuing education required to renew 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 provide on-the-record testimony
FINRA Rule 2010 FINRA Rule 8210
Securities Principal and Supervisor suspended and fined for an alleged Reg BI violation
The principal’s recommendations led to the client, who had a moderate risk profile, having 20% of her liquid net worth invested in a speculative, unrated debt security (GWG L Bond).
A disgorgement of $1,324.38 plus interest has also been ordered.
FINRA Rule 2010 Reg BI SEA 1934 Rule 15l-1
Former securities representative suspended and fined for allegedly failing to report a felony charge and a bankruptcy petition on Form U4
FINRA Rule 1122 FINRA Rule 2010
| Unless otherwise noted all respondents accepted and consented to FINRA’s findings without admitting or denying them. |
