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FINRA

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SEC collects $4.3 billion in fiscal year 2019

By | November 13th, 2019|Categories: FINRA|Tags: , , |

The U.S. Securities and Exchange Commission’s Division of Enforcement announced on November 6, 2019 that it ordered more than $4.3 billion in disgorgement and penalties for the 2019 fiscal year. The SEC also reports returning approximately $1.2 billion to harmed investors through enforcement actions. “Across a broad array of cases, the Enforcement staff has continued [...]

Brokers to be tested by FINRA for Regulation Best Interest “preparedness reviews”

By | November 12th, 2019|Categories: FINRA|Tags: , , , , |

Brokers and firms should be familiar with the Regulation Best Interest (RBI) plan, implemented by the U.S. Securities and Exchange Commission (SEC). Firms have until June 30, 2020 to comply with RBI. Here’s a checklist to make sure your firm is compliant. Brokers who haven’t looked at the checklist may want to take a quick [...]

Broker banned by FINRA for reportedly cheating on exams

By | November 4th, 2019|Categories: FINRA|Tags: , , , , |

Brokers-to-be who are looking to break into day trading may want to be a little more inconspicuous if they cheat on tests, or not cheat at all. The Financial Industry Regulatory Authority claims Andrew Yoro cheated on the Series 7 examination by “consulting study materials during unscheduled breaks and then changing some of his answers.” [...]

What brokers need to know about Form CRS Relationship Summary

By | November 4th, 2019|Categories: FINRA|Tags: , , , |

By June 30, 2020, brokers and firms will be required to issue a Form CRS Relationship Summary to customers. The Form CRS by the Financial Industry Regulatory Authority will require brokers and firms to tell clients how they’re monitoring investments, what services are offered, fees, costs, potential conflicts and other vital information needed to make [...]

Law office agrees to pay $65 million in allegations over Ponzi scheme

By | October 31st, 2019|Categories: FINRA, Ponzi|Tags: , , , |

Greenberg Traurig LLP has agreed to pay $65 million to settle accusations of its involvement in a $7 billion Ponzi scheme, according to a report. Law360.com reports Greenberg Traurig is linked to a Ponzi scheme ran by R. Allen Stanford, who was sentenced in June 2012 to 110 years in prison after being convicted of [...]

Brokers accused of taking advantage of elderly client, barred by FINRA

By | October 28th, 2019|Categories: FINRA|Tags: , , , |

Two brokers accused of taking advantage of a 79-year-old client who doctors believe was suffering from Alzheimer’s disease are to be barred from the securities industry by the Financial Industry Regulatory Authority (FINRA). FINRA says Ami Forte and Charles Lawrence exploited their customer by “engaging in quantitatively unsuitable trading” that generated “more than $9 million [...]

Greenberg Traurig pays $65 million in Ponzi suit

By | October 24th, 2019|Categories: FINRA|Tags: , , |

Greenberg Traurig LLP has agreed to pay $65 million to settle accusations of its involvement in a $7 billion Ponzi scheme, according to a report. Law360.com reports Greenberg Traurig is linked to a Ponzi scheme ran by R. Allen Stanford, who was sentenced in June 2012 to 110 years in prison after being convicted of [...]

FINRA protects investors, brokers in the securities industry – Part 1

By | October 14th, 2019|Categories: Arbitration, FINRA, Mediation|Tags: , , , , |

If you invest money in America and work with a broker or a firm, there’s a good chance you may have heard of FINRA.   The Financial Industry Regulatory Authority defines itself as a “not-for-profit organization that – working under the supervision of the SEC – actively engages with and provides essential tools for investors, member [...]

A Few Minutes with FINRA: Small Firm Advisory Committee Recap

By | September 24th, 2018|Categories: FINRA, Investors|Tags: , , , , , , , |

The Small Firm Advisory Committee (“SFAC”) was formed in 1998. Currently, the SFAC chair is Wendy Lanton, of Lantern Investments. The purpose of the SFAC is to relay issues of interest and concern to the FINRA Board of Governors. Also, the SFAC reviews new and amended FINRA proposed rules and offers comments and guidance to [...]

What Is FINRA?

By | January 27th, 2017|Categories: Arbitration, FINRA, Mediation|Tags: , , , , , , |

FINRA is the Financial Industry Regulatory Authority. According to FINRA’s website, “FINRA provides the first line of oversight for broker-dealers and the first line of defense for investors by virtue of its comprehensive oversight program. FINRA regulates both the firms and professionals selling securities in the United States and the U.S. securities markets. In this [...]