FINRA

FINRA fines Ameriprise and clearing firm $750,000

FINRA has fined Ameriprise Financial Services, Inc. and its affiliated clearing firm $750,000 for failing to have reasonable supervisory systems in place to monitor wire transfer requests and the transmittal of customer funds to third-party accounts.

By Staff |March 4, 2013

2 min read

Industry

U.S. clients’ tax bill claim dismissed

Seems the client isn’t always right when it comes to regulatory matters.

By Wire services |January 14, 2013

1 min read

Industry

FINRA “taping rule” sparks court battle

Broke and Broker blogger Bill Singer notes FINRA has a “taping rule” requiring securities firms to put monitoring procedures in place when a company has a certain proportion of employees who recently worked for “disciplined firms.”

By Staff |January 7, 2013

1 min read

Industry

Broker busted for CE cheat sheet

The inimitable Bill Singer is the source of our fourth news item of the day dealing with bad behaviour in the financial services industry.

By Staff |December 18, 2012

1 min read

Broker plows through FINRA guardrail

Former stockbroker Patrick Alan Deramus was charged with a DUI, but took eight months to report the felony to his now former employer, FSC Securities Corporation. Read: Professionals failing to report fraud On March 12, 2010, FSC filed an amended Form U4 reporting Deramus’s felony charge and conviction. Immediately after, Deramus was subject to statutory […]

By Staff |July 20, 2012

1 min read

Broker fined for borrowing client money

On April 6 2010, Gregory M. Viechnicki, a general securities representative at BrokersXpress borrowed $10,000 from a public customer of the firm. Although he subsequently paid back the $10,000 with interest, he violated the NASD Conduct Rule 2370: Borrowing from or Lending to Customers and the FINRA Rule 2010: Standards of Commercial Honor and Principles […]

By Staff |July 20, 2012

1 min read

Clients urged to review statements

America’s SRO for brokers is urging investors to review their account statements, in an effort to make clients more aware of errors or misconduct by brokers or firms, including transgressions such as unauthorized trading or overcharging customers for handling transactions.

March 14, 2012

2 min read

FINRA

FINRA fines Ameriprise and clearing firm $750,000

U.S. clients’ tax bill claim dismissed

FINRA “taping rule” sparks court battle

Broker busted for CE cheat sheet

U.S. rep caught impersonating wealthy client

U.S. regulator embarassed by case dismissal

CFP Board strips 8 U.S. advisors of designations

Broker plows through FINRA guardrail

Broker fined for borrowing client money

Clients urged to review statements