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To Fight Fraud, FINRA Urges Members to Enhance Supervision Regarding Senior Citizens
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November 17, 2011 @ 9:06 am |
The Financial Industry Regulatory Authority (FINRA) issued a regulatory notice this month that contained the results of a survey of retail broker-dealer firms regarding the use and oversight of senior designations in an effort to better understand their approach to a vulnerable segment of the population.
One area of particular focus was the use of certifications and designations that imply expertise, certification, training or specialty in advising senior investors.
Vulnerable c...
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SEC Filed Record Number of Enforcement Actions in Fiscal Year 2011
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November 14, 2011 @ 3:13 pm |
The Securities and Exchange Commission, or SEC, announced last week that it filed a record 735 enforcement actions in the fiscal year that ended Sept. 30.
The enforcement actions often involved highly complex financial products and transactions. They also dealt with market practices, including those related to the 2007 to 2008 financial crisis, according to information released by the SEC. Insider trading also led to numerous actions.
In fact, more enforcement actions were instigated in fiscal year 2011 t...
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Morgan Stanley Fined $1 Million for Excessive Markups and Markdowns and Failure to Supervise
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November 11, 2011 @ 11:03 am |
Morgan Stanley & Co. Inc., and its subsidiary Morgan Stanley Smith Barney LLC, have been fined $1 million and censured by the Financial Industry Regulatory Authority, or FINRA, for excessive markups and markdowns that were charged to customers on corporate and municipal bond transactions.
The firm was also ordered to $371,475 in restitution plus interest to the customers.
In addition, FINRA found that Morgan Stanley’s supervisory system was not reasonably designed to achieve compliance with securities laws and regul...
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His Reputation at Stake, Expert Joins Fight Over $9.2 Million Arbitration Award
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November 10, 2011 @ 3:11 pm |
Ratcheting up the drama surrounding a $9.2 million arbitration award levied against Morgan Keegan & Co. Inc. for securities fraud, an expert witness for the plaintiffs has moved to expunge all references to him in an opinion issued by a federal court that vacated the award, and laid waste to the expert’s reputation in the process.
The expert, Dr. Craig McCann, took the unusual step so he could present evidence that countermands assertions in court’s opinion that he knowingly provided false testimony during the arbitration hearing.
Dr. McCann’s ...
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FRAUD!: How to Protect Yourself from Schemes, Scams, and Swindles
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Business and investment frauds perpetrated against the elderly a growing scandal: A report
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