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Stephens, Inc. Submits AWC Letter To FINRA For Failing To Apply Sales Charge Discounts

Stephens, Inc. submitted a letter of Acceptance, Waiver, and Consent to FINRA for failing to apply sales charge discounts to certain customers' eligible purchases of unit investment trusts ("UITs") between June 1, 2010 and May 31, 2015 in violation of FINRA's rules. Stephens alse failed to establish, maintain, and enforce a supervisory system and written supervisory procedures reasonably designed to ensure that customers received sales charge discounts on all eligible UIT purchases in violation of both NASD and FINRA rules. On March 31, 2004, FINRA issued Notice to Members 04-26, Unit Investment Trust Sales, which reminded broker-dealers that they should develop and implement procedures to ensure customers receive available sales charge discounts for UITs. The Notice further stated that UIT transactions must take place "on the most advantageous terms available to the customer" and that it is the firm's responsibility to "take appropriate steps to ensure that they and their employees understand, inform customers about, and apply correctly any applicable [...]

By |February 8th, 2016|FINRA, Press Releases & News|
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Former Wedbush Securities Broker Defrauds Elderly Customer

  In July 2014, Michael Winegar, formerly a broker with Wedbush  Securities, allegedly convinced an elderly customer to pay him $100,000. Winegar told the 85-year-old customer that he would use the funds to create an independent advisory firm through which Winegar would supposedly satisfy the $100,000 debt by providing the customer with free investment advice over the next four years. Winegar never established an independent advisory firm. In fact, Winegar was planning on retiring from the securities industry at the time of the agreement. After receiving the $100,000, Winegar sold his securities business to another Wedbush representative and left the industry. As part of the sale, Winegar entered into a non-compete agreement that prevented him from providing investment advice to his former Wedbush customers, including the elderly customer from whom Winegar had received the $100,000. Winegar used the customer's money for his own personal use, including paying off his daughter's student loan debt and his own credit card bills. He [...]

By |February 4th, 2016|Broker Check, FINRA, Fraud, Press Releases & News|
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Frankowski Firm Investigating Former Raymond James Broker

The Frankowski Firm is currently investigating the potential claims of people of who lost money investing with Glenn Guthrie, a former broker with Raymond James Financial Services in Birmingham, Alabama. According to FINRA's BrokerCheck report, Guthrie is the subject of a customer complaint and an employment separation after allegations of selling away. In 2015, a customer accused Guthrie of selling away while employed at Raymond James. The customer has asked for $1,490,000 in damages, plus interest. The customer complaint alleges that Guthrie described the investment as safe and one in which he had a personal investment, while Guthrie knew or should have known that the company was failing and did not own the legal rights to the technology it was marketing. Guthrie is also alleged to have advised the private company to take actions against the best financial interests of the customer in order to protect Guthrie's own personal financial interests in the company. Guthrie was removed from his position [...]

By |February 1st, 2016|Broker Check, FINRA, Press Releases & News|
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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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