IFAwebnews » FINRA

FINRA estimate for IA SROs excludes monetary, administrative details

Jaime L. Brockway — Wed, 16 May 2012 12:01:00 +0000

A consulting group found that FINRA's estimate of the cost to create and manage a self-regulatory organization (SRO) for investment advisors (IA) underestimates overhead costs and overestimates IA examiner productivity.

FINRA estimate for IA SROs excludes monetary, administrative details via IFAwebnews.

Va. man fined $5,000 by FINRA for improper borrowing from customer

Bob Graham — Tue, 17 Apr 2012 11:27:24 +0000

A financial professional from Portsmouth, Va., was recently fined $5,000 and suspended from FINRA for six month after borrowing money from a customer, according to FINRA records.

Va. man fined $5,000 by FINRA for improper borrowing from customer via IFAwebnews.

Appeals court backs stockbrokers in pay suit against Brill Securities

Bob Graham — Thu, 22 Mar 2012 19:27:54 +0000

Three stockbrokers for Brill Securities in New York have won an appeal, freeing them from being forced to arbitrate a suit over overtime pay.

Appeals court backs stockbrokers in pay suit against Brill Securities via IFAwebnews.

N.J. man fined $5,000 for handling of life insurance applications

Bob Graham — Mon, 27 Feb 2012 11:46:08 +0000

A registered representative from Moorestown, N.J., was fined $5,000 after he was found to have improperly handled disability insurance applications.

N.J. man fined $5,000 for handling of life insurance applications via IFAwebnews.

Brokerage firm pays $3.3M for bad-mouthing insurance broker

Jaime L. Brockway — Sun, 12 Feb 2012 14:25:50 +0000

An insurance broker won $3.25 million from its former employer, Questar Capital Corp., after a financial arbitration panel found the firm guilty of defamation and breach of contract.

Brokerage firm pays $3.3M for bad-mouthing insurance broker via IFAwebnews.

Raymond James’ units to pay $2.1 million over excessive commissions

Bob Graham — Thu, 29 Sep 2011 16:13:13 +0000

Raymond James & Associates and Raymond James Financial Services agreed to pay restitution of $1.69 million after the Financial Industry Regulatory Authority found it charged unfair and unreasonable commissions.

Raymond James’ units to pay $2.1 million over excessive commissions via IFAwebnews.

FINRA warns of desperate investors ‘chasing returns’ at own peril

Jaime L. Brockway — Thu, 28 Jul 2011 17:40:02 +0000

Investors should stop “chasing returns” and remember to be careful when dealing with riskier, complex products that promise higher returns than traditional investments, a financial authority warns.

FINRA warns of desperate investors ‘chasing returns’ at own peril via IFAwebnews.

Va. man qualifies for sales incentives by misappropriating funds

Bob Graham — Fri, 18 Feb 2011 13:44:07 +0000

A Herndon, Va., man was barred by the Financial Industry Regulatory Authority (FINRA) after he misappropriated more than $8,500 in customers’ funds to qualify for a sales incentive program.

Va. man qualifies for sales incentives by misappropriating funds via IFAwebnews.

Man fined $10,000 for helping relative improperly sell annuity

Bob Graham — Mon, 14 Feb 2011 16:27:54 +0000

A Rosemount, Minn., man was fined $10,000 and suspended by the Financial Industry Regulatory Authority for three months after he helped a relative to improperly sell a fixed and variable annuity.

Man fined $10,000 for helping relative improperly sell annuity via IFAwebnews.

Maryland, D.C. actions by FINRA

Bob Graham — Fri, 21 Jan 2011 10:22:25 +0000

The following case summaries are based on information obtained from the Financial Industry Regulatory Authority (FINRA).

Maryland, D.C. actions by FINRA via IFAwebnews.