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securities

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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 [...]

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 Investor.gov, 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 [...]

The responsibilities of the U.S. Securities and Exchange Commission

By | November 1st, 2019|Categories: Investors|Tags: , , , , , |

Click here to read our post about the history and mission of the SEC. The SEC breaks down its responsibilities into five major categories on its website: “Interpret and enforce federal securities laws;” “Issue new rules and amend existing rules;” “Oversee the inspection of securities firms, brokers, investment advisers, and ratings agencies;” “Oversee the inspection [...]

The history and mission of the U.S. Securities and Exchange

By | November 1st, 2019|Categories: General Legal Information|Tags: , , , , |

Say “Wall Street” to anyone and you’ll probably hear the words “money,” “stocks,” “brokers,” and even “greed” as a response. To those who don’t interact with the stock market, investing and purchasing stock can seem like a lawless wild west. Thankfully, the U.S. Securities and Exchange Commission exists to protect Americans and give investors a [...]

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 2

By | October 16th, 2019|Categories: Uncategorized|Tags: , , , , |

For investors, brokers and firms who are more flexible and looking for a faster solution, FINRA also provides mediation between two disputing parties. Mediation is an informal process where a “trained, impartial mediator facilities negotiations between disputing parties, helping them find a mutually acceptable solution,” according to FINRA. For a mediation to be successful, both [...]