Former securities representative suspended and fined for allegedly receiving and sharing exam content
FINRA Rule 2010
Former securities representative suspended and fined for alleged violations of Reg BI
The representative exercised discretionary authority in four retail customer accounts to purchase and sell securities without considering the comparative costs of these transactions and subjecting the customers to $37,757.54 in unnecessary sales charges as a result.
In addition the representative engaged in discretionary trading in at least seven customer accounts without obtaining the requisite written authorization.
FINRA Rule 2010 FINRA Rule 3260 SEA 1934 Rule 15l-1 SEC Reg BI
Piper Sandler censured and fined for allegedly permitting an associated person to engage in activities for which they were not qualified
The firm’s supervisory system and WSPs were not reasonably designed to ensure compliance with MSRB rules and also that an associated person’s responsibilities aligned with that person’s municipal securities qualifications.
MSRB Rule G-2 MSRB Rule G-3 MSRB Rule G-27
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 FINRA Rule 8210
Former products representative barred for allegedly refusing to appear for on-the-record testimony
FINRA Rule 2010 FINRA Rule 8210
The Jeffery Matthews Financial Group censured and fined for alleged Reg BI failings
The firm failed to establish and maintain written WSPs and procedures reasonably designed to achieve compliance with Reg BI. The firm’s WSPs contained a section titled Reg BI, but this did not contain any relevant policies or procedures.
The firm’s Reg BI training program was also inadequate as it focused on suitability rather than on the requirements of the regulation.
In addition the firm failed to establish WSPs that would enable it to comply with its form CRS obligations. Although the firm’s WSPs acknowledged the need to deliver Form CRS to all retail customers, they “did not prescribe any specific procedures for preparing, filing, or updating” the form.
FINRA Rule 2010 FINRA Rule 3110 MSRB Rule G-27 SEA 1934 Rule 15l-1 SEA 1934 Rule 17a-14 SEC Reg BI
Former securities representative barred for allegedly refusing to appear for on-the-record testimony
FINRA Rule 2010 FINRA Rule 8210
Former securities representative suspended for allegedly borrowing funds from customers without prior notice to or written approval from his firm
The representative did not repay the loans, which totalled $100,000.
FINRA Rule 2010 FINRA Rule 3240
| Unless otherwise noted all respondents accepted and consented to FINRA’s findings without admitting or denying them. |
