Former securities representative barred for allegedly refusing to appear for on-the-record testimony.
FINRA Rule 2010
FINRA Rule 8210
Former securities representative barred for allegedly falsely claiming that he had passed an exam
Passing the exam was a condition of the representative’s continuing employment at the firm.
The representative also submitted documents doctored to falsely reflect that he had passed the exam.
FINRA Rule 2010
FINRA Rule 8210
Moomoo Financial censured and fined for alleged infractions connected to finfluencers
The firm paid approximately 400 influencers to promote the firm on various social media platforms.
As a result of this social media campaign customers opened and funded more than 29,000 accounts.
FINRA found that the posts and communications by the influencers were not fair and balanced and contained promissory language including, for example, statements falsely suggesting investors were guaranteed not to incur losses.
The firm failed to review and approve the influencer posts and did not capture or preserve these as required. Even in instances where the firm did review the posts or communications it did not maintain records of such reviews.
Additionally the firm did not have in place a supervisory system reasonably designed to supervise retail communications posted by influencers on the firm’s behalf.
Finally the firm failed to provide initial and annual privacy notices to firm customers.
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 2210
FINRA Rule 2220
FINRA Rule 3110
FINRA Rule 4511
FINRA Regulatory Notice 10-06
FINRA Regulatory Notice 17-18
SEC Regulation S-P Rule 4
SEC Regulation S-P Rule 5
SEA 1934 Rule 17a-4
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 for allegedly recommending trades that were excessive and not in the customers’ best interest
FINRA Rule 2010
SEA 1934 Rule 15l-1
SEC Reg BI
Independent Financial Group censured and fined for allegedly failing to supervise registered representative’s recommendations to customers
The firm did not have in place a system reasonably designed to supervise 529 plan rollover recommendations by customers.
The policies and procedures as well as WSPs did not alert registered representative to the potential availability of Class A sales charge waivers or Class AR shares for such rollovers.
The firm did not offer training to representatives in connection with these alternative rollover options and failed to provide guidance and training to those supervising this activity.
The firm will pay a restitution to all customers to qualified for, but did not receive the applicable sales charge waivers or Class AR shares in connection with the rollovers
The firm has also agreed to continue to retain a third-party consultant to address and remediate these problems.
MSRB Rule G-27
SEA 1934 Rule 15l-1
SEC Reg BI
Former products representative barred for allegedly refusing to provide documents and information
FINRA Rule 2010
FINRA Rule 8210
Tastytrade censured and fined for allegedly failing to have in place a system to supervise outside securities accounts of employees
The firm required associated persons to disclose outside securities accounts and obtain compliance approval to trade in such accounts.
If such trading was approved the associated persons were required to put in place arrangements to provide the firm with accounts statements on at least a quarterly basis.
The firm’s WSPs failed to specify how the firm would document its review of these statements. And the firm failed to review, consistently and in a timely fashion, the trades documented in the statements.
FINRA Rule 2010
FINRA Rule 3110
FINRA Regulatory Notice 16-22
| Unless otherwise noted all respondents accepted and consented to FINRA’s findings without admitting or denying them. |
