Tag Archives: Unsuitable Investment
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 »
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 SEC Has Charged UBS Financial Services With the Failure to Adequately Supervise its Sales Staff
The Securities and Exchange Commission (SEC) recently reached a $15 million settlement with the financial services giant UBS. The settlement came in relation to charges that the company failed to adequately educate, train and supervise members of its sales team. As a result of these failures, sales representatives were unable to fairly inform clients… Read More »
