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Merrill Lynch, Pierce, Fenner & Smith Inc. has been fined $6.25 million, with an additional $780,000 to be paid in restitution, after the Financial Industry Regulatory Authority (FINRA) found that ... Continue reading "Merrill Lynch Fined $7 Million by FINRA" »
The Financial Industry Regulatory Authority (FINRA) has fined VALIC Financial Advisors, Inc., a Houston-based broker-dealer, $1.75 million. VALIC Financial Advisors consented to the entirety of ... Continue reading "VALIC Financial Advisors, Inc. Fined $1.75 Million" »
Ameriprise Financial Services, Inc. has been fined $850,000 by the Financial Industry Regulatory Authority (FINRA) after the company failed to detect that one of its registered representatives ... Continue reading "FINRA Fines Ameriprise Financial $850,000 for Supervisory Failures" »
The United States Securities and Exchange Commission (SEC) announced on September 8 th that they settled $850,000 worth of charges with the investment advisory firms Raymond James & Associates ... Continue reading "SEC Fines Raymond James and Robert W. Baird & Co. $850,000 Over Compliance Failures" »
Stifel, Nicolaus Broker Jon Schmidhammer Has History of Regulatory Problems By: David P. Meyer, Esq., Founding Partner of Meyer Wilson An elderly client living in Upper Arlington, Ohio, had $500,000 ... Continue reading "Columbus Stockbroker Arrested for Stealing $500,000 from an Elderly Upper Arlington Resident, According to Police" »
The investment fraud lawyers at Meyer Wilson are currently investigating allegations involving a former broker with Wells Fargo Advisors, Brent W. Burgesser. Brent W. Burgesser (CRD# 3278147) has been ... Continue reading "Meyer Wilson Investigating Allegations Involving Former Wells Fargo Broker Brent W. Burgesser" »
The Financial Industry Regulatory Authority (FINRA) recently announced that it would be sanctioning MetLife Securities $25 million for various misrepresentations and omissions involving variable ... Continue reading "Negligence Costs MetLife Securities $25 Million" »
Meyer Wilson Files FINRA Arbitration Against Raymond James On Behalf Of The Estate Of Former Resident Of Beaver, PA, Relating To Broker Jeffrey Ingros Jeffrey Ingros was permanently barred by the ... Continue reading "Meyer Wilson Files FINRA Arbitration Against Raymond James Relating To Broker Jeffrey Ingros" »
United Development Funding IV was recently raided by the FBI after allegations surfaced that the REIT was functioning like a Ponzi scheme. The FBI recently conducted a raid of United Development ... Continue reading "Texas REIT Gets Surprise Visit from FBI" »
The British bank Barclays Plc has agreed to pay an additional $150 million in order to resolve allegations by the New York Department of Financial Services (NYDFS) that it rigged foreign exchange ... Continue reading "Barclays Enters Consent Order to Pay Additional $150 Million to Resolve Forex Rigging Allegations" »
By Attorney Courtney Werning In an administrative case filed by the Massachusetts Securities Division on October 26, 2015, Fidelity Brokerage Services LLC (Fidelity) is accused of knowingly allowing ... Continue reading "Fidelity Brokerage Services Accused of Misconduct" »
Glenn Allen Moffitt ( CRD# 4767024 ) accepted and consented to FINRA’s findings that he failed to appear for testimony in conjunction with an investigation into allegations that he converted at ... Continue reading "Meyer Wilson Investigates Accusations Involving Glenn A. Moffitt" »
Walter Rae Chao ( CRD# 4665787 ) was fired by LPL Financial in September 2012 because the broker-dealer claimed that Chao violated firm policies in regard to participation in private securities ... Continue reading "Former LPL Broker Walter Chao Accused of Misconduct, Meyer Wilson Investigates" »
Eight claimants were awarded $1.28 million in compensatory damages by a FINRA arbitration panel last Wednesday, which FSC Securities Corp. is on the hook to pay. According to the claimants, a man ... Continue reading "NEWS: FSC Securities Corp. To Pay $1.28M Arbitration Award in the Case of Aubrey Lee Price" »
UBS was ordered to pay $750,000 to satisfy claims that accuse the brokerage firm of failure to supervise and inadequate supervisory systems regarding trading errors at UBS retail branches that ... Continue reading "NEWS: UBS Fined $750,000 for Failure to Supervise" »
Brian Michael Berger (CRD# 3208127), formerly registered with Wells Fargo Advisors and MetLife Securities has been accused by a customer of misappropriating funds. In connection with an investigation ... Continue reading "Brian Berger Accused of Stealing from Elderly Clients, Meyer Wilson Investigates" »
Malcolm J. Babin (CRD# 5387332), formerly registered with PFS Investments, was recently barred from the securities industry. Babin accepted and consented to FINRA’s findings that he failed to ... Continue reading "Meyer Wilson Investigates Allegations of Malcolm Babin Misappropriating Funds" »
Meyer Wilson is currently investigating misconduct allegations facing a former JP Morgan broker, Charlotte Ann Guin (CRD# 4050796). Guin accepted and consented to FINRA’s findings that she ... Continue reading "Charlotte Guin Accused of Investment Misconduct, Meyer Wilson Investigates" »
According to FINRA, Wells Fargo is being fined $500,000 for unsuitable recommendations made to customers between August 2005 and July 2012. FINRA says that the brokerage firm recommended to customers ... Continue reading "FINRA Fines Wells Fargo $500k Over Unsuitable Recommendations" »

JP Morgan Fined $500k by FINRA

From October 2008 to July 2012, JP Morgan excluded certain balances that it was supposed to include on reports, as well as included certain balances it was supposed to exclude from the reports. ... Continue reading "JP Morgan Fined $500k by FINRA" »
FINRA announced a $2.4 million arbitration award against Morgan Stanley to resolve customer complaints against one of the firm’s former brokers, Steven Mark Wyatt. Numerous former customers of ... Continue reading "Morgan Stanley To Pay $2.4M Over Former Employee's Trades" »
Recently, Meyer Wilson reported that a former Merrill Lynch broker was facing several investor complaints regarding improprieties on their accounts. Today, FINRA announced that it was barring Thomas ... Continue reading "Former Merrill Lynch Broker Thomas Buck Barred by FINRA" »
Goldman Sachs will have to pay $1.8 million in fines to FINRA over various reporting failures and violations. According to FINRA, Goldman Sachs committed various supervisory failures over the course ... Continue reading "Goldman Sachs Fined $1.8M Over Various Failures" »
Jeffrey Alan Stewart (CRD# 4178470) has been accused of converting $54,000 from his customers, impersonating a customer in order to withdraw the money, and failing to comply with FINRA when they ... Continue reading "Former Broker Jeffrey Alan Stewart Accused of Converting Customer Funds" »
Julius Franklin Kenney IV (CRD# 5500248) has been accused by FINRA of participating in an investment that was outside the scope of his employment at the firm and also not approved by the firm. FINRA ... Continue reading "Meyer Wilson Investigates Misconduct Allegations Facing Former LPL Broker Julius Kenney" »
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