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FINRA Lawyer Blog

LPL’s Bonds Learns 3240 No Borrowing From Customers Lesson

LPL’s Bonds Learns 3240 No Borrowing From Customers Lesson

June 27, 2017

FINRA’s Department of Enforcement recently made public a Letter of Acceptance, Waiver and Consent (AWC) by which former LPL broker Mark Tyler Bonds agreed to a one month suspension and a $5,000 fine to resolve allegations that he borrowed money from a customer of his firm, in violation of...


Barclays Reaches $97 Million Settlement with SEC

Barclays Reaches $97 Million Settlement with SEC

June 2, 2017

Barclays Capital has reached a $97 million settlement with the Securities and Exchange Commission to resolve allegations that its Wealth and Investment Management Americas (WIMA) unit overcharged clients by $50 million between 2010 and 2015.
The SEC’s investigation determined that...


FINRA Settles Complaint Over Undisclosed Tax Liens Over $1 MIllion

FINRA Settles Complaint Over Undisclosed Tax Liens Over $1 MIllion

May 20, 2017

Kevin Richard Graetz, a former broker from New York, recently settled a FINRA complaint relating to his alleged failure to report $1 Million in tax liens over the course of seven years.
FINRA requires registered personnel to disclose tax liens and any other unsatisfied judgments in their Form...


Broker Denied FINRA Expungement after Settlement - Tightening Rules and the Need for Legal Representation

Broker Denied FINRA Expungement after Settlement - Tightening Rules and the Need for Legal Representation

May 15, 2017

Michael James Malone, a FINRA arbitrator in Detroit, recently denied an expungement request from broker Kathie Lee Foreman. Foreman was seeking expungement of a customer complaint in connection with “unsuitable” investments allegedly leading to the, also alleged, loss of...


FINRA’s Revised Sanction Guidelines

FINRA’s Revised Sanction Guidelines

May 5, 2017

Last April, FINRA announced that it had revised the sanction guidelines that apply when there has been a violation of a FINRA rule. Professionals in the industry whose activities are regulated by FINRA need to be aware of the scope and impact of these changes.
The Sanction Guidelines do not...


SEC Loses in Its Own Court - Charges Dismissed in Radiant Systems Insider Trading Case

SEC Loses in Its Own Court - Charges Dismissed in Radiant Systems Insider Trading Case

April 27, 2017

The SEC is not used to losing a case in-house, but that is precisely what happened on April 18th, when Judge James Grimes dismissed the insider trading allegations against Charles L. Hill of Atlanta. Hill had made a sizable profit by buying shares of Radiant Systems Inc. right before an acquisition...


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...


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