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FINRA Reports Disciplinary Actions Against 7 Firms, 43 Individuals
by Howard Haykin
In Disciplinary and Other FINRA Actions for June 2019, FINRA reported cases (AWC's) involving 7 member firms and 43 associated persons. FINRA also reported 3 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 $105K and restitutions ranged up to $126K.
- 1 firm was barred for permitting an unregistered individual to conduct firm business while he served a FINRA suspension.
- 1 firm were sanctioned for erroneous trade submissions to Form 211 Charges.
- 1 firm were sanctioned for transactions involving mutual funds.
INDIVIDUALS' CASES. In cases involving individuals, fines ranged from $0K to $50K, disgorgements or restitutions ranged up to $154K, and suspensions ranged from 10 days to 15 months.
- 19 individuals were barred, 11 of which for refusing / failing to cooperate with FINRA investigations.
- Cases involving Email Violations: AWC #’s 2017054076501; 2017055426201; 2015047201702.
- Cases involving Private Securities Transactions: AWC #’s 2014039839101; 2018057754401; 2017054221601; 2018059400801; 2017055910301; 2018057602801.
