FINRA, SEC Wallop UBS Puerto Rico With $33.5M in Penalties Over Closed-End Funds
Company failed to ensure suitability for clients of Puerto Rican CEFs that were highly invested in Puerto Rican municipal bonds; branch manager and rep charged.
Schwab Hit With $2M FINRA Fine Over Net Capital Deficiencies
On three occasions in 2014, Schwab was short on net capital by as much as $775 million.
FINRA Fines Aegis $950,000, Suspends Top Execs
The charges are linked to unregistered penny stocks, sold by groups based in Turks & Caicos.
Wells Fargo, LPL, Raymond James to Repay $30M to Charities, Retirement Plans
Wells Fargo, Raymond James and LPL failed to waive mutual fund sales charges that more than 50,000 accounts were entitled to, FINRA says.
Morgan Stanley, Scottrade Fined by FINRA for Failing to Detect Fraudulent Wire Transfers
The firms were alerted to gaps in their systems but went years without correcting them, FINRA says.
LPL to Pay $12M FINRA Fine for Failing to Supervise Sales
FINRA censured and fined LPL for broad supervisory failures involving sales of nontraditional ETFs, VA contracts and nontraded REITs.
FINRA Slaps 3 BDs for Consolidated Reporting Failures
Inadequate reporting controls raise risk that "unscrupulous representatives will provide inaccurate and misleading reports to their clients to conceal fraud and theft,” says FINRA's Bennett.
FINRA Fines Pershing $3M for Cash Reserve Shortfall
Pershing's failure to hold enough cash and securities in reserve broke the SEC's Customer Protection Rule, FINRA said.
FINRA Bars Ex-Broker for Stealing From Elderly Customer
Ex-Wells Fargo broker Jeffrey McClure was permanently barred from the industry for using nearly $89,000 in an elderly client's blank checks for his own expenses.
Fines R Us: FINRA Hits 10 Banks for $43M Over Toys R Us IPO
The firms, including Citigroup, Credit Suisse and Goldman, offered favorable research to win investment banking business.