We’re a little behind on our posts lately due to a serious family illness. That’s why we only just saw the May 1 notice from the Financial Industry Regulatory Authority (FINRA) that it recently assessed Citigroup; Morgan Stanley; UBS; and Wells Fargo Advisors a total of more than $9 million in sanctions and restitution for …
In law, the term “expungement” refers to a court-ordered process in which the legal record of an arrest or a criminal conviction is “sealed” or erased in the eyes of the law. For most purposes, someone checking the criminal records will find no evidence of the expunged crime. But the concept of expungement isn’t solely …
We’ve told you in a prior post about BrokerCheck, FINRA’s portal to background information concerning brokerage firms and their registered representatives. FINRA provides information on brokers who are currently registered with FINRA or who have been registered within the last 10 years. A free summary report is delivered immediately online and provides: A listing of the broker’s …
Everyone is reprinting a new story from Reuters about a Stanford Law School/Cornerstone Research study which reports that in 2011, securities fraud settlements in federal courts plummeted to their lowest level in a decade. Various experts are offering their two cents as to why that might be the case. But for individuals whose losses were …
Did you know that FINRA publishes disciplinary actions issued during 2006 or later, as well as opinions issued by the SEC and federal appellate courts that relate to FINRA disciplinary actions that have been appealed? You can find them by searching the FINRA Disciplinary Actions Online database – http://disciplinaryactions.finra.org/ – using any combination of the following criteria: Case …
On July 9, 2012, two new FINRA rules are supposed to take effect: Rule 2090 (“know-your customer”) and Rule 2111 (“suitability rule”). The know-your-customer and suitability rules are probably the second and third most important self-regulatory rules governing the conduct of stockbrokers. (The MOST important rule is the unwritten “prime directive” – keep selling, boys …
