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FINRA Arbitrators Explaining Expungement Decisions More Thoroughly

FINRA arbitrators are starting to explain expungement decisions more thoroughly, getting rid of some of the mystery associated with removing customer disputes from brokers' records. This can certainly be seen in recent awards. According to the Securities Arbitration Commentator, the number of explained decisions in cases where the parties reached a settlement has increased to twenty-two percent through the first quarter of 2017 from fifteen percent last year. "Arbitrators are feeling ... in stipulated proceedings that they owe a greater explanation as to why they're doing what they're doing," says editor of the Securities Arbitration Commentator Rick Ryder. "They are perhaps taking a view that a good explanation is a precedent. It helps the parties to have these explanations." Almost every brokerage contract has a mandatory arbitration clause. Customer complaints are resolved by a panel of three arbitrators, who either come from the industry or are public arbitrators. These arbitrators decide the cases, if they do not get settled [...]

By |April 11th, 2017|FINRA, Broker Check|
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What Does the Financial Industry Regulatory Authority Do, Exactly?

When an investor is the victim of securities fraud or negligence, he or she can bring a claim for damages against the broker, advisor or firm. Much of the time, the case will be heard in front of an arbitration panel; this is because many investors have contracts that stipulate arbitration or medication to resolve problems, as opposed to pursing litigation. Investors pursing damages through arbitration, then, will almost inevitably come into contact with the Financial Industry Regulatory Authority, or FINRA. FINRA is an independent, regulatory agency out in place to protect investors. They ensure that the more than 4,500 brokerage firms, 163,000 branch offices, and 630,000 registered securities agents under their oversight are doing what is best for investors by: Licensing and registering brokers and firms to sell securities Conducting audits on members and firms to ensure they are in compliance with FINRA regulations Investigating violations that have been or were alleged to have been committed Bringing disciplinary actions [...]

By |April 5th, 2017|FINRA|
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Aegis Capital Investigated By FINRA, SEC, And FINCEN

Aegis Capital Corp., which is a mid-sized brokerage firm out of New York City and has 415 registered representatives, is currently under investigation from three regulators, according to a document filed by the SEC. These regulators include the Financial Industry Regulatory Authority (FINRA), the Securities Exchange Commission (SEC), and the Treasury Department's Financial Crimes Enforcement Network (FINCEN). The document filed by the SEC did not state why Aegis Capital was being investigated. The firm's most recent annual audited financial statement notes, "The company has provided responses to an inquiry and investigative proceeding brought jointly by FINRA, the SEC and FINCEN."  The financial statement covers December 1, 2015, to November 30, 2016. "The matter is in the discovery stage and no estimate of the effects of an adverse conclusion, if any, can be made as of the date of this financial statement." Aegis Capital opened for business in 1984, it currently has twenty-seven disclosures on its FINRA BrokerCheck report.  In an [...]

By |March 16th, 2017|FINRA, SEC|
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Red River Securities Barred From Industry By FINRA For Oil And Gas Fraud

FINRA has barred Red River Securities, a broker-dealer formerly out of Plano, Tax, and its Chief Executive Officer Keith Hardwick for fraudulently selling five oil and gas joint ventures, calling the actions of both "egregious." A FINRA panel mandated the firm and Hardwick pay $24.6 million in restitution to its clients. One client affected was a seventy-four year old, self-employed farmer and dog breeder who had a net worth of $2 million, liquidity of $20,000, and $150,000 in annual income. With these facts, the FINRA panel found that her investment of $94,754, which was much more than half of her yearly income, in three high-risk oil and gas ventures within one year, was unsuitable. The panel found that Red River Securities and Hardwick had performed a pattern of misrepresentations and omissions that lasted almost four years and involved sales in the high-risk joint ventures. The panel stated that the oil and gas joint ventures, risky by their very nature, also misrepresented [...]

By |March 10th, 2017|Fraud, FINRA|
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