Nagengast elected to fill one of three large-firm seats on FINRA Board FINRA has announced the results of voting by its large firm members that took place at its Special Meeting on June 28 to elect one Large-Firm Governor to the FINRA Board of Governors. Jim Nagengast, Chief Executive Officer (CEO) of Securities America Financial…
Read moreFinancial Industry Regulatory Authority (FINRA) announced today that a FINRA hearing panel permanently barred broker Bruce Martin Zipper of Miami, FL, for continuing to conduct firm business while serving a three-month suspension. The hearing panel also expelled his firm, Dakota Securities, from FINRA membership for not adequately supervising Zipper, allowing him to associate while suspended…
Read moreFINRA has just announced details of a multi-phased effort to overhaul its registration and disclosure programs, including the Central Registration Depository (CRD)—the central licensing and registration system that FINRA operates for the U.S. securities industry and its regulators and that provides the backbone of BrokerCheck. The first phase of the transformation—a new WebCRD interface that…
Read moreThe Financial Industry Regulatory Authority (FINRA) announced today that it has fined Industrial and Commercial Bank of China Financial Services LLC (ICBCFS) $5.3 million for systemic anti-money laundering (AML) compliance failures, including its failure to have a reasonable AML program in place to monitor and detect suspicious transactions, as well as other violations, including financial,…
Read moreThe Financial Industry Regulatory Authority (FINRA) announced that it has named Timothy C. Scheve, President and Chief Executive Officer of Janney Montgomery Scott LLC, as a new Large Firm Governor on its Board of Governors. Scheve was appointed to complete the term of former Governor John W. Thiel, who left the Board earlier this year.…
Read moreSharing sensitive information can pose potential privacy and security risks The Financial Industry Regulatory Authority (FINRA) announced that it has issued an Investor Alert to help consumers consider the risks of sharing personal financial account information and other sensitive information with data aggregators. Companies that offer financial data aggregation services put information about financial holdings…
Read more
The Financial Industry Regulatory Authority (FINRA) has issued an Investor Alert warning investors to beware of financial scams in which con artists are posing as regulators to make fraudulent investment pitches. Recently, financial fraudsters used FINRA’s name and logo in correspondence – including a fake signature from FINRA President and Chief Executive Officer Robert W.…
Read more
The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Wedbush Securities Inc. $1.5 million for violating the Securities and Exchange Commission’s (SEC) Customer Protection and Net Capital Rules, and for related supervisory and books and records failures. The SEC Customer Protection Rule creates requirements to protect customers' funds and securities. To ensure…
Read more
The Financial Industry Regulatory Authority (FINRA) today released its 2018 Regulatory and Examination Priorities Letter, highlighting topics that FINRA will focus on in the coming year, including new and ongoing areas of focus. The Priorities Letter – alongside FINRA’s 2017 Examination Findings Report – serves as a resource for broker-dealers to enhance their compliance, supervisory…
Read more
The Financial Industry Regulatory Authority (FINRA) announced it has fined Citigroup Global Markets Inc. (CGMI) $5.5 million and required the firm to pay at least $6 million in compensation to retail customers for displaying inaccurate research ratings for numerous equity securities during a nearly five-year period, and for related supervisory violations. An equity research rating…
Read more