Playing With Fire: CCOs and Lawyers Who Got Burned by Regulators
After analyzing disciplinary actions taken by the SEC and FINRA against CCOs and in-house counsel from June 2011 through June 2012, Sutherland found a slew of violations.
SEC Enforcement Roundup: Broker Charged With Stealing to Pay for Mortgage, Groceries
Among recent SEC enforcement actions were charges that a broker stole client funds and used them to pay for his own personal expenses, including groceries and a mortgage.
SEC Charges 3 Brokers for Churning, Costing Clients $2.7 Million
The SEC said Monday that it has charged three former brokers at an Atlanta-based brokerage firm, JP Turner & Co., for “churning” the accounts of customers with conservative investment objectives, causing the customers to lose $2.7 million.
BDs Beware: Social Media Privacy Laws May Conflict With FINRA Rules
“Legislation that limits access to social media information may pose significant challenges for a large number of broker-dealers,” lawyers from Sutherland Asbill & Brennan wrote in a Law360 article.
FINRA Backs Off on Social Media Reporting for BDs
FINRA has at least partially bowed to comments from member firms and decided not to require social media postings to be regarded as subject to a post-use filing requirement.
FINRA Warns BDs on Use of Senior Designations
FINRA is warning BDs to ensure that their supervisory procedures regarding use of certifications and designations in advising senior investors are in order, as protecting vulnerable customers continues to be a high regulatory priority for FINRA.
FINRA Fines UBS $12 Million Over Short Sales
FINRA demands that UBS Securities pay $12 Million for Regulation SHO violations and supervisory failures.
FINRA Fines Merrill $1 Million Over Ponzi Scheme
FINRA said Merrill Lynch failed to supervise a San Antonio advisor, who used a Merrill account to operate a Ponzi scheme.
FINRA Orders Raymond James to Pay $1.69 Million in Restitution
FINRA announced Thursday that it had ordered Raymond James & Assoc. and Raymond James Financial Services to pay restitution of $1.69 million to more than 15,500 investors who were charged unfair and unreasonable commissions on securities transactions.