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FINRA Lawyer Blog

FINRA Fines TD Bank Unit over Failure to Review Emails

FINRA Fines TD Bank Unit over Failure to Review Emails

April 18, 2017

A unit of TD Bank, a US subsidiary of Canada’s Toronto-Dominion Bank, has agreed to pay a $125,000 fine to resolve allegations that it failed to record the required review of 3.1 million emails.
FINRA requires that all securities-related correspondence between registered representatives...


Between the Forgotten Investor and CEO Pay Ratio Disclosures - Piwowar’s Vision for the SEC

Between the Forgotten Investor and CEO Pay Ratio Disclosures - Piwowar’s Vision for the SEC

April 12, 2017

During the “SEC Speaks” Conference 2017, Acting U.S. Securities and Exchange Commission Chair Michael Piwowar amply discussed the plight of the “forgotten investor.” Citing the work of sociologist William Graham Sumner, who spoke of The Forgotten Man, “the victim of...


FINRA Implements New Rule and Procedures to Prevent Financial Exploitation of Seniors

FINRA Implements New Rule and Procedures to Prevent Financial Exploitation of Seniors

April 11, 2017

America’s population is rapidly aging. The number of US residents over the age of 65 is expected to double over the next 30 years. Today, seniors, specifically baby boomers, control 50% of all existing investable assets across the country.
This portion of the US population has a...


Albany Investment Firm Agrees to Pay Tribe $3.4 Million Over Fraudulent Sale of Non-Traded REITs and BDCs

Albany Investment Firm Agrees to Pay Tribe $3.4 Million Over Fraudulent Sale of Non-Traded REITs and BDCs

March 22, 2017

Purshe Kaplan Sterling Investments (PKS) of Albany, New York, recently agreed to pay $3.4 million to a Native American tribe to resolve allegations that one of its brokers, Gopi Krishna Vungarala, took millions of dollars in undisclosed commissions on the tribe’s investments.
Vungarala...


SunTrust Might Face SEC Enforcement Actions Over Alleged Self-Serving Investment Recommendations

SunTrust Might Face SEC Enforcement Actions Over Alleged Self-Serving Investment Recommendations

March 13, 2017

The U.S. Securities and Exchange Commission is considering whether it will bring enforcement actions against Atlanta’s $205 billion-asset SunTrust Banks. SunTrust Investment Services, the bank’s broker-dealer arm, allegedly purchased pricey mutual funds on behalf of customers when more...


AML Regulators Target Capital One's Check Cashing Businesses

AML Regulators Target Capital One's Check Cashing Businesses

March 12, 2017

Check cashing businesses are a major focus of anti-money laundering rules and regulations. Investors recently learned that federal and New York prosecutors are currently investigating Capital One Financial Corp.’s anti-money laundering program and “certain check casher clients”...


Mexico in Crosshairs Of Precedent Setting 2016 FCPA Enforcement Actions

Mexico in Crosshairs Of Precedent Setting 2016 FCPA Enforcement Actions

February 6, 2017

It may come as no surprise that doing business in China holds a high risk of Foreign Corrupt Practices Act (FCPA) violations. However, the record-setting numbers of FCPA enforcement actions seen in 2016 placed Mexico in a close second.
With increases in multi-jurisdictional anti-corruption...


FINRA Fines Credit Suisse $16.5M for Anti-Money Laundering Program Failures

FINRA Fines Credit Suisse $16.5M for Anti-Money Laundering Program Failures

January 17, 2017

Credit Suisse Securities U.S.A. LLC has agreed to pay $16.5 million to resolve Financial Industry Regulatory Authority (FINRA) allegations that the firm violated anti-money laundering (AML) program regulations, supervision requirements and other policies, FINRA reported Monday.
Specifically,...


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