KEVIN MCCALLUM HIT WITH $4.8 MILLION CUSTOMER CLAIM INVOLVING MEDLEY CAPITAL STOCK
Kevin McCallum, an Alabama-based stockbroker and financial advisor with Glacier Point Advisors, LLC, who was previously registered with LPL Financial, LLC and NBC Securities, Inc., has disclosed a $4.8 million arbitration claim filed by his customers related to their investment in Medley Capital Corporation. According to the customers’ complaint, McCallum exercised discretionary trading authority in […]
FINRA January 2017 Disciplinary Actions
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FINRA Bars Broker For Market Manipulation
FINRA barred broker George Johnson from the securities industry for operating a manipulative trading scheme to artificially inflate the market price and trading volume for the common stock of IceWEB, Inc. FINRA additionally sanctioned Christoper Wynne, Johnson’s supervisor, suspending him for two years in all capacities, barring him in a principal capacity, and fining him […]
FINRA Investigates Conflicts In Broker Pay
FINRA is examining potential conflicts in interest regarding how firms compensate their brokers. In a targeted exam letter, FINRA asks firms about a number of compensation policies and practices, ranging from payout grids to recruiting incentives and mutual fund fees. Firms were also asked about compensation they get from product sponsors and how they promote […]
RIA Fined $2.8M And Owner Barred From Securities Industry
The SEC has fined a former registered investment adviser $2.8 million and barred its owner, Jacob Cooper, from the securities industry. Cooper, who is known as a “Main Street Madoff” by his ex-clients, is alleged to have defrauded investors by using a kickback scheme that caused about $44 million in losses. The owner of San Diego’s […]
After FINRA’s 2014 Enforcement Overhaul, Are Bigger Fines Coming?
FINRA doubled its enforcement haul in 2014 by collecting about $134 million in sanctions, leading attorneys to wonder if the trend will lead to bigger fines in the future. During the past year, the regulatory authority hit big names, including Citigroup Inc., Morgan Stanley Smith Barney LLC, and Bank of America’s Merrill Lynch unit, with […]
Houston Financial Adviser Charged With Fraud
Earlier this week, the SEC charged a Houston financial adviser with fraud for failing to disclose to clients that it was profiting from a broker investing their money in mutual funds recommended by that broker. According to the SEC, Robare Group Ltd., a registered investment adviser that provides services for 350 separately managed accounts and […]