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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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FINRA Intends To Probe Brokerages’ Compliance Culture

FINRA intends to investigate whether complying with rules is part of brokerage firms' culture during its examinations this year. The regulatory authority announced on Tuesday that it will more formally scrutinize how firm culture affects compliance and risk management practices. “A firm's culture is both an input to and product of its supervisory system, including its approaches to identifying and managing conflicts of interest and ensuring the ethical treatment of customers,” FINRA said. “This means that firms should take visible actions that help mitigate conflicts of interest and promote the fair and ethical treatment of customers.” Other focus areas for FINRA exams include the management of conflicts of interest in the sale of proprietary products and products the firm is paid to sell, technology, anti-money laundering and firm liquidity. Among the cultural aspects FINRA will investigate are whether compliance is valued at the firm and violations are not tolerated, whether the firm aggressively targets potential compliance problems, whether senior management serves as good role [...]

By |January 5th, 2016|FINRA, Press Releases & News, SEC|
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Alabama Man Indicted On Securities Fraud Charges

Last month, Jesse Morgan Hinson of Troy, Alabama was arrested for alleged violations of the Alabama Securities Act. Hinson turned himself in to Houston County law enforcement officials based on an arrest warrant issued after an October 2015 Houston County Grand Jury returned a four-count indictment. Hinson was released on $75,000 bond pending trial. The indictment charges Hinson with one count of Sale of Unregistered Securities and one count of Sale of Securities by an Unregistered Agent, Class C felonies, punishable by one year and one day to ten years' imprisonment and a $15,000 fine per charge upon conviction. Additionally, the indictment charges Hinson with two counts of Fraud in Connection with the Sale of Securities for making misrepresentations or omissions of material fact to an investor and for engaging in an act, practice or course of business which operates as a fraud or deceit upon an investor. The fraud charges are Class B felonies, punishable by two to twenty [...]

By |January 4th, 2016|Fraud, Press Releases & News|
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FINRA’s Six Tips For Investors In 2016

FINRA wants investors to get off on the right financial foot in 2016 and offers investors these six tips for the new year: If you don’t know where you’re going, any road will take you there. Are your goals current, or have they changed? Setting clear, prioritized goals – each with steps to achieve the goal, a price tag and a time frame – will help guide your investment approach. Focus on your financial security. Take advantage of day-to-day opportunities to help build your finances for the long term, such as benefiting from tax breaks for college savings or retirement; paying your credit-card debt on time and in full; and setting aside some funds for the unexpected. Understand the impact of higher interest rates. Yes, the Fed raised the federal funds rate and might do so again, but that alone might not change your investment strategy. There are several factors to keep in mind as you consider what action, if any, [...]

By |December 31st, 2015|Broker Check, FINRA, Fraud, Press Releases & News|
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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.