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Citigroup Global Fined $3.5 Million for Bad Data on Mortgage-Backed Securities
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May 24, 2012 @ 8:21 am |
Citigroup Global Markets Inc. has agreed to be censured and to pay a fine of $3.5 million for posting inaccurate data on residential mortgage-backed securities on a website it maintains pursuant to federal regulations.
Despite possessing information that the data posted on its website was inaccurate, Citigroup Global did not correct the data it was presenting to investors. This was at least partially a result of the firm's failure to supervise, according to documents from the Financial Industry Regulatory Authority (FINRA).
The...
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Court Dismisses Charles Schwab Suit that Challenged FINRA on Class Action Waivers
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May 13, 2012 @ 3:43 pm |
A federal court in California dismissed a complaint filed by Charles Schwab Corp. that tried to block regulators from disciplining the brokerage firm for embedding a clause in its customer account agreements that precludes class-action lawsuits.
The Financial Industry Regulatory Authority (FINRA) alleged in a complaint filed in February with its Office of Hearing Officers that Schwab added a "Waiver of Class Action or Representative Action" to...
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Former Newbridge Securities Broker Suspended and Fined for Unsuitable Switching of Annuities
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May 10, 2012 @ 1:16 pm |
The Financial Industry Regulatory Authority (FINRA) has suspended Andrew J. Aragona, a former broker with Newbridge Securities Corp., from associating with any FINRA-registered firm in any capacity for one year for unsuitably recommending that an elderly customer switch variable annuity contracts.
Per a default decision entered May 2, Aragona was also fined $15,000, and ordered to disgorge the $123,500 he made in commissions from his unsuitable reco...
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Wells Fargo Brokerage Firms Fined for Failure to Supervise ETF Sales
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May 4, 2012 @ 3:27 pm |
A group of limited liability companies affiliated with Wells Fargo have agreed to pay a fine of $2.1 million to settle a disciplinary action brought by the Financial Industry Regulatory Authority (FINRA) for the companies' failure to supervise the sale of complex financial products known as non-traditional exchange-traded funds, as well as for making unsuitable recommendations of these funds.
The group of companies comprises Wells Fargo Advisors LLC, Wells Fargo Advisors Financial Network LLC and Wells Fargo Investments LLC, or collective...
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Morgan Stanley Fined $1.75 Million for Weak Supervision of ETF Sales
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May 3, 2012 @ 3:20 pm |
Morgan Stanley & Co. LLC has consented to be fined $1.75 million by the Financial Industry Regulatory Authority (FINRA) for its failure to supervise the sale of complex financial products known as non-traditional exchange-traded funds, as well as for making unsuitable recommendations of these funds.
In addition to the fine, Morgan Stanley consented to a censure, and to pay $604,584 in restitution to customers.
This firm not the only broker dealer to be fined for its shoddy supervision of sales of non-traditional ETFs. FINRA als...
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Serpent on the Rock
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Serpent on the Rock: Crime, Betrayal and the Terrible Secrets of Prudential Bache
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