Tag Archives: FINRA
FINRA Takes Disciplinary Action Against New Jersey Financial Adviser
The Financial Industry Regulatory Authority (FINRA) recently suspended Alex Etter for two years for misconduct he committed while he was a registered financial adviser. According to investigators, Etter put his personal financial interests and the interests of his firm ahead of that of his clients. In doing so, his brokerage company netted more than… Read More »
FINRA Permanently Bans Two Florida Brokers for Selling Unregistered Securities
The Financial Industry Regulatory Authority (FINRA) has permanently barred Philip Brisard and Kenley Brisard from having any further association with any FINRA member due to their investment-related misconduct. According to FINRA, both men have consented to the sanctions against them without admitting or denying any culpability. Through their firm, Brisard & Brisard, Inc, the… Read More »
FINRA Sanctions Merrill Lynch for Inadequate Supervision of Customer Accounts
On November 30th, 2016, the Financial Industry Regulatory Authority (FINRA) has announced more than $7 million in penalties against Merrill Lynch. The wealth management company was hit with $6.25 million in fines and was ordered to pay another $788,000 in restitution to the affected customers. Merrill Lynch consented to the sanctions, but did not… Read More »
Retired NFL Superstar Patrick Willis Sues Ex-Business Partner for Investment Fraud
In 2015, All-Pro NFL linebacker Patrick Willis surprised many when he cut his NFL career short and headed to Silicon Valley. Willis invested in, and took an executive position with, upstart tech company Open Source Storage. He also relied on the company’s principal, Eren Niazi, to invest in several other projects. Unfortunately, it appears… Read More »
FINRA Orders Five Companies to Pay Customers More Than $6 Million
Recently, the Financial Industry Regulatory Authority (FINRA) announced fines against five broker-dealers. Collectively, the companies were ordered to pay $6.2 million in fines and restitution to customers. The broker-dealers that were fined included VOYA Financial Advisors, Cetera Advisors Networks, First Allied Securities, Summit Brokerage Services and VSR Financial Services. The fines stemmed from the… Read More »
Financial Firm Censured and Fined by FINRA for Multiple Violations
Recently, the Financial Industry Regulatory Authority (FINRA) censured Caldwell International Services Corporation and fined the firm $1,000,000. The company was also forced to pay $1,026,089.48 in restitution to the affected clients. The penalties came in response to the company’s repeated violations of fiduciary duty to its customers and violations investment regulations. The firm’s principal,… Read More »
The History Of Troubled NFLPA Registered Financial Advisors
Since its inception in 2002, the NFLPA Financial Advisor program has had more than its fair share of troubled financial advisors registered in the program. Kirk Wright, Nelson “Keith” Bond, Jeffrey Rubin, Kurt Barton, Jinesh “Hodge” Brahmbhatt, Aaron Parthemer, Sylvester King, Jr., Jonathan Schwartz, and Ash Narayan were all registered in the NFLPA Financial… Read More »
What You Need to Know About Using BrokerCheck
When it comes to investing, there is nothing more important than ensuring that you are working with a qualified (and trustworthy) broker. Are you confident that you can trust your investment adviser? It is reasonable to be concerned as it can be difficult to be certain that you are working with the right person…. Read More »
FINRA Issues Fine for Florida Brokerage
Recently, the Financial Industry Regulatory Authority (FINRA), cited a Boca Raton brokerage firm for overcharging its clients. The company, Summit Brokerage Services, Inc. was fined a total of $75,000 and was also ordered to pay an additional $83,757 in financial restitution to affected customers. In doing so, Summit Brokerage did not admit to, or… Read More »
Morgan Stanley Advisor found Guilty of Churning, Having Affair with Married Client
Morgan Stanley financial advisor Ami Forte purportedly had more than a decade-long affair with client and co-founder of the Home Shopping Network, Roy Speer, and made 12,000 thousand unauthorized trades on Speer’s account and generated $40 million in fees, according to an Investment News report. Speer’s widow filed a FINRA arbitration proceeding against Forte… Read More »
