FINRA Fines VALIC $1.75M Over Comp Policies, VA Sales
For three years, reps had incentives to move assets into proprietary products and were not adequately supervised, the regulator says.
FINRA Reviews Cross-Selling by 207 Ex-Advisors at Wells Fargo
As senators press for action, the regulatory group says it is checking documents tied to firing or discharge of bank employees.
Senators Challenge Wells Fargo Over Fired Employees
FINRA records show that some bank staff were let go as early as 2011, raising more questions about its response to the fraud.
Ex-Broker Must Pay $600K for ‘Siphoning Money’ From Older Couple: FINRA
Jerome Krause fraudulently borrowed money from his clients when he was working for First Heartland Capital, FINRA said.
FINRA Fines Ameriprise for Rep Who Stole $370K From His Family
Ameriprise was fined for allegedly failing “to exercise reasonable due diligence in supervising” the accounts, the regulator said.
SEC Bars 2 Advisors Who Said They Managed Money ‘God’s Way’
The advisors promised investors "indestructible wealth" while misusing their money, the SEC said.
Advisor Put Transit Workers on Risky Investment Path, FINRA Says
Retired bus workers lost some $140,000 due to "unsuitable" investments in energy firms and gold, says a FINRA complaint.
Morgan Stanley Reaches $4.7M Settlement With State of Mississippi
Investors at its Ridgeland branch, where client risk tolerance data was entered incorrectly, will get $4.2 million.
Ex-Stifel Broker Loses FINRA Case Over Unauthorized Farm Loan
The broker must pay his former BD after he borrowed money from a client to buy farmland without proper approval.
Morgan Stanley to Pay Fired Rep $2.4M, Clear His Record
FINRA arbitration panel rules the wirehouse made "defamatory statements" to clients of a Florida advisor let go in 2014.