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FINRA Reports Disciplinary Actions Against 11 Firms, 30 Individuals
In Disciplinary and Other FINRA Actions for December 2018, FINRA reported 11 cases (AWC's) involving member firms and 30 cases involving associated persons. FINRA also reported a complaint against 1 individual. Financialish will analyze some of the settled cases in upcoming posts.
FIRM'S CASES. In cases involving member firms, fines ranged up to $970K, while restitutions ranged up to $4.6Mn. The largest cases involved: (i) mutual fund transactions; and, (ii) transmittal of funds to third parties.
INDIVIDUALS' CASES. In cases involving individuals, fines ranged from $2.5K to $25K, disgorgements or restitutions ranged up to $35K, and suspensions ranged up to 18 months. Eleven individuals were barred for refusing or failing to cooperate with FINRA investigations.
Among the topics covered in cases involving individuals:
Converting Customer Funds: AWC #'s ... 2018059861801, 2016052303801.
Supervision: AWC #'s ... 2015044823501.
Annuity Transactions: AWC #'s ... 2016048637601, 2017055351801, 2016051817601, 2018057055301.
