Former top Merrill Lynch adviser barred from securities industry by FINRA

By | November 25th, 2019|Categories: Uncategorized|Tags: , , |

A former top Merrill Lynch adviser is suspended from the securities industry for 18 months by the Financial Industry Regulatory Authority. Bruce K. Lee agreed to the suspension and the $15,000 fine issued on October 23, 2019, according to FINRA’s Broker Check. “Without admitting or denying the findings, Lee consented to the sanctions and to [...]

Broker made millions off of elderly in Ponzi scheme says SEC and FINRA

By | November 20th, 2019|Categories: FINRA, Ponzi|Tags: , , |

A former broker accused of running a Ponzi scheme targeting elderly investors is banned from the securities industry by the U.S. Securities and Exchange Commission. James Booth of Norwalk, Connecticut was arrested on September 30, 2019 after the U.S. Department of Justice and the SEC said he raised approximately $4.9 million from nearly 40 investors. [...]

FINRA hits Merrill Lynch, Raymond James with $12 million in fines for 529 plans

By | November 15th, 2019|Categories: FINRA|Tags: , , |

Customers who incurred excess fees on their 529 plans through Merrill Lynch, Pierce, Fenner & Smith, Raymond James & Associates, Inc., and Raymond James Financial Services, Inc. will receive approximately $12 million in restitution. The move comes after the Financial Industry Regulatory Authority announced on November 6, 2019, that the firms Merrill Lynch and Raymond [...]

Firms to be tested on cyber security readiness November 2019

By | November 14th, 2019|Categories: FINRA|Tags: , , , |

Are brokers and firms prepared against a cyber-attack? The Securities Industry and Financial Markets Association (SIFMA) will test how well firms can survive data hacks, bad data and more. CNBC reports SIFMA will likely test firms in the securities industry this fall to see if how workers respond to online attacks. The test is known [...]

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 [...]

Lessons from World Investor Week

By | November 6th, 2019|Categories: Uncategorized|Tags: , , , |

World Investor Week may have come and gone, but that doesn’t mean the valuable lessons taught during the week are a thing of the past. The week was held September 30 to October 1 as an effort to “raise awareness about the importance of investor education and protection,” according to, a division of the [...]

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. 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 [...]