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So far Richard Frankowski has created 573 blog entries.

Biggest FINRA Penalties In 2015

The biggest penalties FINRA levied last came from a wide variety of violations: Puerto Rico The Puerto Rico bond crisis was the source of a couple substantial FINRA actions. The regulator fined UBS Financial Services Inc. of Puerto Rico $7.5 million and ordered restitution of $11 million to 165 customers who had bought Puerto Rican closed-end fund shares. In a similar action, the regulator made Santander Securities pay $4.3 million in restitution and levied a $2 million fine. Mutual Fund Charges Overcharging for mutual funds was at the center of numerous big FINRA cases. The regulator ordered Wells Fargo Advisors to pay $15 million in restitution to customers because it failed to waive mutual fund sales charges for charitable and retirement accounts. In similar actions, Edward D. Jones & Co. paid $13.5 million in restitution, while Raymond James Financial Services Inc., LPL Financial, Stifel Nicolaus & Company Inc. and Janney Montgomery Scott paid $8.7 million, $6.3 million, $2.9 million and $1.2 million, [...]

By |January 11th, 2016|FINRA, Press Releases & News|
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Massachusetts Regulator Charges Securities Firm With Unsuitable Sale To Elderly Client

William Galvin, secretary of the commonwealth of Massachusetts, has charged a securities firm operating at Citizens Bank locations with "dishonest and unethical conduct" for selling an elderly woman funds that were riskier than her stated investment tolerance. Galvin seeks restitution from Citizens Securities for the anonymous investor, who lost roughly $7,000 when she got out of the investment portfolio. Despite indicating a low tolerance for the risk, the investor was allegedly sold aggressive investment strategies, including alternative and emerging market funds, as well as funds that buy high-yield bonds. The Citizens Bank branch where she first met the financial consultant failed to adequately disclose the location's brokerage activities and did not identify who the consultant worked for, leaving the impression that he worked for the bank. "Banks that offer non-bank financial services have an obligation to make clear the distinction between the banking services and the other financial services provided at the same location," Galvin said. "This is particularly important [...]

By |January 8th, 2016|Press Releases & News|
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FINRA Restitution To Investors Tripled To $96.2M Last Year

In 2015, FINRA secured $96.2 million in restitution, nearly triple the $32.3 million it did in 2014, evidencing the regulator's push to be more aggressive in returning money to investors ripped off by brokerages over the past year. “They are clearly exercising more of their ability to aggressively seek the range of sanctions,” said attorney and former FINRA vice president and head of regional enforcement Daniel Nathan. “It goes beyond simple fines. It's more about investor protection.” The total amount of fines ordered by FINRA on its member firms in 2015 is projected to be $93.9 million, down from $134 million in 2014. That difference can be attributed in large part to a $43.5 million fine in December 2014 for cases centering on research analysts. Experts believe the FINRA fine level is on an upward trajectory despite the decline from 2014 to 2015. “Even though the total fines are far lower than last year, they are much higher than they had been during the [...]

By |January 7th, 2016|FINRA, Press Releases & News, SEC|
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Bitcoin Still Booming, Despite Challenges

Despite headlines centered on challenges facing the cryptocurrency, Bitcoin is still booming with some of the highest mining and transaction rates in its history. The digital currency has yet to find the "killer app" that would make it an essential part of the average consumer's Internet toolkit. Several bitcoin-related services shut down in recent months, some amid allegations of fraud, which only highlighted the continued risks that deals tied to the currency can pose for casual investors. As a result, some companies are building alternative networks based on the technology behind bitcoin. The bitcoin network's hash rate, which is a measurement of how much computing power being devoted to mining the currency, reached an all-time high in December. The month also had the week with the most bitcoin transactions of any seven-day period since bitcoin's inception. At present, bitcoin is trading roughly 35% higher against the dollar than at this point last year, at roughly $435 per bitcoin, though that [...]

By |January 6th, 2016|Uncategorized|
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Disclaimer: Mr. Frankowski is licensed in Alabama,Florida and Texas. He is not licensed in any other state including Nevada and California. Mr. Frankowski has represented investors from all over the country in securities cases including: Alabama, California, Colorado, Florida, Georgia, Illinois, Kentucky, Louisiana, Mississippi, Nevada, New Mexico New York, North Carolina, Tennessee, Texas.