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Stockbroker Agrees to Pay Restitution and Disgorgement for Churning and Unsuitable Trading
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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...
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Former Citigroup Global Operations Manager Fined for Failure to Supervise
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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 ...
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FINRA and the SEC School Broker-Dealers on the Features of Effective Supervision
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December 5, 2011 @ 1:53 pm |
A National Examination Risk Alert was issued on Nov. 30 to inform broker-dealers how to develop effective policies and procedures for branch office inspections as a way to combat broker fraud, unsuitable investments and failures to supervise.
The alert was jointly issued by the Financial Industry Regulatory Authority, or FINRA, and the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations, or OCIE. The alert reminded firms of sup...
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Federal Judge Rejects Citigroup Settlement and SEC Cries Foul
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December 2, 2011 @ 11:34 am |
In an eloquent opinion that reaffirmed the truth-finding mission of the courts, Judge Jed S. Rakoff rejected the $285 million settlement agreement Citigroup reached with Securities and Exchange Commission, or SEC, to resolve charges that the giant bank had gamed the mortgage bond market.
The judge told the parties to prepare for trial on July 16, 2012.
The SEC alleged that Citigroup led investors to believe that the investments in a $1 billion mortgage-bond deal were independently sele...
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FINRA Orders $3.2 Million in Restitution from Broker-Dealers That Sold Private Placements
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December 1, 2011 @ 11:43 am |
Eight more broker-dealers and 10 individuals have been sanctioned by the Financial Industry Regulatory Authority, or FINRA, and ordered to pay restitution totaling more than $3.2 million for selling interests in allegedly fraudulent private placements without having a reasonable basis for recommending the securities.
FINRA announced its list of firms sanctioned on Nov. 29. The high-risk private placements were issued by Medical Capital Holdings Inc., Provident Royalties LLC, and DBSI Inc., all of which event...
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Scams & Swindles: Phishing, Spoofing, ID Theft, Nigerian Advance Schemes Investment Frauds: How to Recognize And Avoid Rip-Offs In The Internet Age
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How to Smell a Rat: The Five Signs of Financial Fraud (Fisher Investments Series)
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