Tag: Financial Industry Regulatory Authority

bitcoin
December 22, 2017 BY Valentina Kirilova

FINRA warns against cryptocurrency-related stock scams

The Financial Industry Regulatory Authority (FINRA) has issued an Investor Alert warning investors to beware of potential stock scams when considering the purchase of shares of companies that tout high returns associated with cryptocurrencies, such as bitcoin. Unrealistic predictions of exponential returns and unsubstantiated claims made through press releases, spam email, telemarketing calls, or posted…

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November 22, 2017 BY Valentina Kirilova

FINRA fines J.P. Morgan Securities LLC $1.25 million

The Financial Industry Regulatory Authority (FINRA) today announced it has fined J.P. Morgan Securities, LLC $1.25 million for failing to conduct timely or adequate background checks on approximately 8,600, or 95 percent, of its non-registered associated persons from January 2009 through May 2017. Federal securities laws require broker-dealers to fingerprint certain associated persons working in…

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ICO fraud
November 10, 2017 BY Valentina Kirilova

FINRA bars broker for defrauding elderly, blind customer

The Financial Industry Regulatory Authority (FINRA) announced that a FINRA extended hearing panel barred broker Hank Mark Werner of Northport, New York, for fraudulently churning and excessively trading the accounts of his customer –a blind, elderly widow –and for making unsuitable recommendations. The hearing panel also ordered Werner to pay more than $155,000 in restitution…

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October 27, 2017 BY Valentina Kirilova

FINRA EVP of Regulatory Operations Susan Axelrod announces departure

The Financial Industry Regulatory Authority (FINRA) announced today that Susan F. Axelrod will leave FINRA for other opportunities in the private sector after 28 years of service at the organization and its predecessor, NYSE Regulation. Axelrod has served as FINRA’s Executive Vice President for Regulatory Operations since 2013, where she has been responsible for leading…

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DFSA
October 16, 2017 BY Valentina Kirilova

FINRA fines Wells Fargo broker-dealers $3.4 million in restitution to affected customers

The Financial Industry Regulatory Authority (FINRA) announced today that it has ordered Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC to pay more than $3.4 million in restitution to affected customers for unsuitable recommendations of volatility-linked exchange-traded products (ETPs) and related supervisory failures. FINRA found that between July 1, 2010, and…

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FINRA's 2018 volume tops 2017 activity by 87%
June 14, 2017 BY Valentina Kirilova

FINRA launches Innovation Outreach Initiative

The Financial Industry Regulatory Authority (FINRA) announced that it has established an Innovation Outreach Initiative to foster an ongoing dialogue with the securities industry that will help FINRA better understand financial technology (fintech) innovations and their impact on the industry. FINRA has long been engaged in discussions about fintech issues with member firms and other…

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FINRA's 2018 volume tops 2017 activity by 87%
May 16, 2017 BY Valentina Kirilova

FINRA reviews rules on outside business activities and private securities transactions

The Financial Industry Regulatory Authority (FINRA) today requested comment on its rules governing outside business activities and private securities transactions as part of a new retrospective rule review. The review aligns with the ongoing FINRA360 initiative, a comprehensive review of the organization’s operations and programs. The review centers on rules governing broker-dealer employees’ business and…

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May 05, 2017 BY Valentina Kirilova

SEC and FINRA announce National Compliance Outreach Program for Broker-Dealers

Cybersecurity, investing by seniors, and other regulatory topics of interest will be discussed when the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) hold their National Compliance Outreach Program for Broker-Dealers on July 27. Registration opened today for the program, which is designed to provide an open forum for regulators and industry…

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