FINRA
June 25, 2010 - 9:11am | Fraud | News
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Thursday, FINRA announced it has put fines totaling $4.3 million on Phoenix Derivatives Group LLC of New York and eight brokers, three employed at Phoenix and five at four other interdealer brokerage firms. The company imposed fines,–– for improper communications about customers’ proposed brokerage rate reductions in the wholesale credit default swap (CDS) market. |
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November 24, 2009 - 9:33am | Fraud | News
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Terra Nova Financial, LLC, of Chicago, has been fined by The Financial Industry Regulatory Authority today. The reason is that it made more than $1 million in improper soft dollar payments to or on behalf of five hedge fund managers, without following its own policies to ensure the payments were proper.
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October 28, 2009 - 2:50am | Law aspects | News
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Richard Ketchum, the chief executive of the Financial Industry Regulatory Authority (FINRA), said on Wednesday that the financial regulators are facing serious challenges posed by social networking sites as more and more businesses express their desire to communicate with their customers through Facebook and LinkedIn websites.
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October 27, 2009 - 2:23am | Law aspects | News
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A discount brokerage company Scottrade was fined by the Financial Industry Regulatory Authority $600,000 for allegedly inadequate money laundering controls to detect suspicious transactions.
The FINRA, the brokerage industry's self-policing organization, announced the fine on Monday. On the other end, Scottrade neither admitted nor denied any FINRA’s allegations.
As is known like banks brokerage companies are obliged to establish proper anti-money laundering policies, procedures and internal controls.
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October 12, 2009 - 2:16am | Law aspects | News
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According to some speculations the Financial Industry Regulatory Authority is expected to fine Citigroup Inc $600,000 for derivatives transactions that helped foreign clients avoid taxes on dividends.
The source with the knowledge of the matter reported that the fine is expected to be announced on Monday. The move comes as nations around the world are starting to prosecute tax evasion so as to close widening budget gaps fueled by economic slump.
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September 23, 2009 - 4:21am | Banks and internet banks | News
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 Citigroup Inc, UBS AG and Deutsche Bank AG, lead underwriters for the IPO, have been ordered by The Financial Industry Regulatory Authority to pay up to $845,000 in fines and restitution as a result of communications breaches related to the 2006 initial public offering of Vonage Holdings Corp.
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August 11, 2009 - 7:10am | Investment industry | News
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The largest independent regulator for all securities firms doing business in the United States, the FINRA declared that it has imposed a fine of $275,000 against Credit Suisse Securities, for failing to comply fully with one of the key terms of the 2003 Global Research Analyst Settlement between regulators and 13 leading financial services firms. |
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July 28, 2009 - 5:55am | Fraud | News
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According to the statement of Financial Industry Regulatory Authority, a former AXA Advisors LLC broker Kenneth Neely of St. Louis has been excluded from the U.S. securities industry for running a more than $600,000 Ponzi scheme whose victims included members of his own church.
As FINRA found, the scheme ran from June 2001 to June 2009 and that AXA Advisors, a unit of France's AXA SAfired Neely after he admitted converting customer funds for his personal use.
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June 24, 2009 - 4:02am | Investment industry | News
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According to a newly released TD Ameritrade Institutional survey, which was conducted between May 14 and May 22, about one in three RIAs considered looming regulatory changes as their top business concern. In a similar survey conducted six months earlier for the Jersey City investment registered investment advisers cited business growth as the major worry keeping them up at night. |
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June 19, 2009 - 8:23am | Law aspects | News
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Raymond James & Associates Inc. of St. Petersburg, Fla., and RBC Capital Markets Corp. of New York were fined by the Financial Industry Regulatory Authority Inc. for the violation of stock-loan regulation. Raymond James was fined $1 million while RBC was charged $400,000.
According to the FINRA allegations the firms paid to the finder firms that provided no service in locating securities for margin borrowing. |
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June 15, 2009 - 11:18am | Fraud | News
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Finra is seeking to restore investor confidence by talking tough against the brokers which don't "play by the rules." Thus the company is to roll out the national advertising campaign, which will run in the summer and the fall in a range of places from CNN, FOX News and the History Channel to Yahoo and the Washington Post.
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May 29, 2009 - 5:50am | Fraud | News
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The Financial Industry Regulatory Authority this week announced charges against six brokers formerly associated with Brookstreet Securities Corporation, a now-defunct nationwide brokerage firm based in Irvine, CA, including fraud and making unsuitable recommendations to retail customers in the sale of collateralized mortgage obligations (CMOs).
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April 29, 2009 - 8:37am | Law aspects | News
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FINRA, The Financial Industry Regulatory Authority, imposed a fine amounted $ 175,000 upon Centaurus Financial Inc., who failed to protect certain confidential customer information. Also FINRA ordered Centaurus Financial to send to suffered customers notifications. Additionally Centaurus Financial will offer those customers one year of free credit monitoring.
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March 25, 2009 - 8:06am | News | Other themes
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The Financial Industry Regulatory Authority (Finra) fined two former Wachovia units, Wachovia Securities and First Clearing, $1.1 million. The units have been penalized as they failed to provide more than 800,000 required notifications to customers that appeared to be a result of various computer programming and operational problems.
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March 18, 2009 - 10:49am | Banks and internet banks | News
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The Financial Industry Regulatory Authority (FINRA) has imposed a $2 million fine against Citigroup Global Markets. The company was charged for the erroneous publication of non-bona fide quotations and transactions at the NASDAQ market opening on a Quadruple Witch Expiration Friday; systemic Order Audit Trail System (OATS) reporting violations; fixed income transaction reporting violations; limit order display violations; and, related management failures, all of which had occurred in 2006 and earlier.
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