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FINRA Reports Disciplinary Actions Against 4 Firms, 40 Individuals
by Howard Haykin
In Disciplinary and Other FINRA Actions for April 2019, FINRA reported cases (AWC's) involving 4 member firms and 40 associated persons. FINRA also reported 5 complaints against individuals. Financialish will analyze some of the closed or settled cases in upcoming posts.
FIRMS' CASES. In cases involving member firms, fines ranged up to $225K and restitutions ranged up to $1.9 million.
- One firm was suspended from engaging in private securities offerings for one year.
- Another firm was barred from facilitating stock loans or block trading.
- The largest monetary sanctions involved sales of Mutual Funds.
INDIVIDUALS' CASES. In cases involving individuals, fines ranged from $5K to $73K, disgorgements or restitutions ranged up to $33K, and suspensions ranged from 15 days to 18 months. One individual was suspended from serving as a principal for 24 months.
- Twenty-one (21) individuals were barred, 8 of which for refusing / failing to cooperate with FINRA investigations.
- One individual was barred from ever serving in a principal or supervisory capacity.
Among the topics covered in cases involving individuals:
- Failure to Supervise: AWC #'s ... 2016048912703; 2013037522501; 2015047215401; 2015044823501; 2017052426601.
- Private Securities Transactions: AWC #'s ... 2018058504901; 2018057766401; 2018059666301; 2018058498401.
