|
The SEC and FINRA Advise Investors to Proceed With Caution Concerning Non-Traded REITs
|
|
December 30, 2011 @ 2:42 pm |
Stock market volatility and low interest rates these days have caused more than a few investors to contemplate alternative investments, and one possibility is the Real Estate Investment Trust (REIT).
Concern over the clarity of these investments has led the Office of Investor Education and Advocacy of the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) to issue alerts recently explaining the ins-and-outs of REITS, especially those REITS that are not publicly tra...
Read Full Article
|
|
Wells Fargo Fined $2 Million for Selling Unsuitable Securities to Elderly Customers
|
|
December 20, 2011 @ 2:47 pm |
Wells Fargo Investments LLC has been fined $2 million for failure to supervise the conduct of one of its brokers who sold unsuitable reverse convertible securities to elderly customers, the Financial Industry Regulatory Authority, or FINRA, announced on Dec. 15. The firm was also censured.
The fine also covered Wells Fargo’s also failure to provide sales charge discounts to eligible customers on unit investment trust transactions, or UITs, FINRA said.
A subsidiary of Wells Fargo Bank, Wells Fargo Investments LLC changed its n...
Read Full Article
|
|
Wachovia Successor to Pay $148 Million to Settle Charges of Fraud and Bid Rigging
|
|
December 14, 2011 @ 3:45 pm |
Wells Fargo Bank, N.A., successor by merger to Wachovia Bank N.A., has agreed to pay $46 million to settle charges brought by the Securities and Exchange Commission that Wachovia fraudulently rigged bids in municipal bond reinvestment transactions in 25 states and Puerto Rico.
The payment consists of a $25 million penalty and disgorgement of almost $14 million, plus prejudgment interest of about $7.3 million.
Wachovia merged with Wells Fargo in March 2010. As successor to Wachovia, Wells Fargo also signed agreements with the Justice ...
Read Full Article
|
|
Stockbroker Agrees to Pay Restitution and Disgorgement for Churning and Unsuitable Trading
|
|
December 9, 2011 @ 9:44 am |
Charles B. Rowley III, a stockbroker with Boston-based Detwiler Fenton & Co., has been sanctioned by the Financial Industry Regulatory Authority, or FINRA, for engaging in churning and unsuitable trading in the accounts of two customers.
Rowley agreed to pay restitution of roughly $24,000 plus interest to one of the customers pursuant to a Letter of Acceptance, Waiver and Consent, or AWC, that settled the alleged violations without Rowley either admitting or denying the findings.
In addi...
Read Full Article
|
|
Former Citigroup Global Operations Manager Fined for Failure to Supervise
|
|
December 6, 2011 @ 10:07 am |
Patricia E. Collantes, the former operations manager at the Palo Alto, Calif., office of Citigroup Global Markets Inc., has been fined and suspended by the Financial Industry Regulatory Authority, or FINRA, for her failure to supervise a sales assistant who misappropriated almost $750,000 from customers.
Collantes agreed last month to an $8,000 fine and a suspension from associating with any FINRA member in a principal capacity for four months. Collantes signed a Letter of Acceptance Waiver and Consent, or ...
Read Full Article
|
|
|
 RSS Subscription
|
How to Be an Informed Investor: Protect Your Money from Schemes, Scams & Frauds
|
Reading between the Lies: How to detect fraud and avoid becoming a victim of Wall Street's next scandal.
|
|
