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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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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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 & 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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Harold E. Wilson, a former broker with Ameritas Investment Corp., has been permanently barred from the financial industry for engaging in private securities transactions without disclosing this activity to his firm

In addition, Wilson was barred for failing to respond to repeated requests for information on these transactions from the Financial Industry Regulatory Authority (FINRA). He was also ordered to pay restitution of $10,000 plus interest to customers' from whom he misappropriated fu...

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