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BD to Pay $1.5M Over Excessive Trading by Reps: FINRA
News August 01, 2024 at 10:19 AM
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What You Need To Know
- Western failed to comply with suitability requirements of FINRA Rule 2111 as they pertain to excessive trading.
- The BD failed to reasonably respond to trading in about 100 accounts that appeared unsuitable.
- One rep excessively traded the accounts of a senior client by directing hundreds of in-and-out trades, costing the individual $1.5 million.
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