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FINRA Reports Disciplinary Actions Against 6 Firms, 30 Individuals
by Howard Haykin
In Disciplinary and Other FINRA Actions for July 2019, FINRA reported cases (AWC's) involving 6 member firms and 30 associated persons. FINRA also reported 2 complaints against individuals. Financialish will be analyzing some of the closed or settled cases in upcoming posts.
FIRMS' CASES. In cases involving member firms, fines ranged up to $225K with no ordered restitutions.
- 1 firm was sanctioned for trading through watch and restrict lists.
- 1 firm was sanctioned for inadequate supervision of variable annuities.
INDIVIDUALS' CASES. In cases involving individuals, fines ranged from $0K to $74K, disgorgements or restitutions ranged up to $1.5Mn, and suspensions ranged from 10 days to 18 months.
- 12 individuals were barred, 8 of which for refusing / failing to cooperate with FINRA investigations.
- Cases involving Customer Account Documents: AWC #’s 2018059633801; 2018058794401; 2017055821401.
- Cases involving Unsuitable Transactions: AWC #’s 2016052503102; 2017055083601; 2017054678101.
- Cases involving Unauthorized Trading in Customer Accounts: AWC #’s 016051149101; 2016051569601.
