by Ashley Spencer | Nov 25, 2019 | Uncategorized
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....
by Ashley Spencer | Nov 20, 2019 | FINRA, Ponzi
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...
by Ashley Spencer | Nov 15, 2019 | FINRA
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...
by Ashley Spencer | Nov 14, 2019 | FINRA
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...
by Ashley Spencer | Nov 12, 2019 | FINRA
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...
by Ashley Spencer | Nov 6, 2019 | Uncategorized
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...
by Ashley Spencer | Nov 4, 2019 | FINRA
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...
by Ashley Spencer | Nov 4, 2019 | FINRA
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...
by Ashley Spencer | Oct 31, 2019 | FINRA, Ponzi
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...
by Ashley Spencer | Oct 28, 2019 | FINRA
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...
