Securities representative suspended and fined for alleged excessive trading in a customer account
The representative exercised de facto control over the account and recommended high frequency in-and-out trading even when the price of the securities did not materially change.
A restitution of $13,415 plus interest has also been ordered.
FINRA Rule 2010
FINRA Rule 2111
G.research censured and fined for allegedly failing to disclose disciplinary histories in Form CRS
The firm and four of its control affiliates had prior reportable legal or disciplinary histories. But the firm failed to respond affirmatively to confirm this in Form CRS.
Because the firm’s WSPs contained no provisions relating to the Form CRS, the firm failed to establish and maintain a supervisory system reasonably designed to ensure compliance with the requirements connected to this form.
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
Former securities representative suspended and fined for allegedly falsifying customer signatures
The representative electronically signed the names of 16 customers, with their permission, on 63 documents. The transactions were authorized and none of the customers complained.
FINRA Rule 2010
FINRA Rule 4511
Former securities representative suspended and fined for allegedly participating in private securities transactions not authorized by the firm
The representative also opened and held two outside brokerage accounts without disclosing this to the firm.
FINRA Rule 2010
FINRA Rule 3210
FINRA Rule 3280
Former firm associate barred for refusing to appear for on-the-record testimony
FINRA Rule 2010
FINRA Rule 8210
Former products representative suspended and fined for allegedly engaging in an outside business activity that exceeded the scope of his prior notice of it to the firm
The representative’s engagement in the business activity was authorized subject to a restriction on the acceptance of compensation for referrals made. The representative nevertheless received commission for referrals to a company he had a partnership agreement with.
In addition the representative also held a beneficial interest in six outside brokerage accounts opened and maintained by his spouse.
FINRA Rule 2010
FINRA Rule 3210
FINRA Rule 3270
Products representative suspended and fined for allegedly failing to amend Form U4 to disclose misdemeanor theft charges
The representative had pled ‘nolo contendere’ to the charges in question.
FINRA Rule 1122
FINRA Rule 2010
Former 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 18 hours of insurance continuing education on his behalf.
FINRA Rule 2010
Former securities representative suspended and fined for allegedly making investment recommendations to customers that were unsuitable given their investment profile and risk tolerance
The representative also made recommendations to three customers that were not in their best interest.
FINRA Rule 2010
SEA 1934 Rule 15l-1
SEC Reg BI
ACP Securities censured and fined for allegedly not disclosing in Form CRS that one of its associated persons had a disciplinary history
The associated individual in question had a disciplinary history “including for using a non-firm-approved communications platform to communicate with a customer regarding firm business.”
FINRA Rule 2010
SEA 1934 Rule 17a-14
| Unless otherwise noted all respondents accepted and consented to FINRA’s findings without admitting or denying them. |
