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FINRA Fines Monex Securities $1.3M

Yesterday, FINRA fined Monex Securities Inc. $1.1 million plus interest in disgorgement of commissions obtained by unregistered foreign individuals who sold securities for the firm. FINRA imposed an additional fine of $175,000 for not registering the foreign representatives and for related supervisory deficiencies over a two and a half year span. Also, Monex's President and Chief Compliance Officer, Jorge Martin Ramos Landero, has been suspended from acting in a principal capacity for forty-five days and was fined $15,000. To comply with FINRA's rules, associated individuals engaged in the investment banking or securities business must be registered under the appropriate category of registration. Additionally, the individuals must pass the appropriate qualification exam. According to FINRA, Monex's CCO entered an agreement on behalf of the company with its Mexican parent company that allowed a number of employees to conduct securities business on Monex's behalf by collecting client information needed to open account, making investment recommendations, and transmitting orders. Monex paid these individuals [...]

By |December 31st, 2014|Press Releases & News|
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FINRA Fines Merrill Lynch $6M

FINRA fined two Merrill Lynch units $6 million yesterday for alleged short-selling rule violations, which included letting thousands of orders through their systems that violated emergency bans on 'naked' short sales in 2008. According to FINRA, Merrill Lynch Professional Clearing Corp. and Merrill Lynch Pierce Fenner & Smith Inc. did not have sufficient supervisory policies and procedures implemented in order to adhere to the SEC's emergency orders in July and September 2008 that prevented traders from selling short shares of certain companies they did not own or had not previously arranged to borrow. These orders additionally mandated that traders deliver shares by the settlement date, which is typically three days after the transaction. The Merrill Lynch units, subsequently, let thousands of orders go through their systems in violation of the SEC's orders, which were made to prevent abusive, naked short sales in the midst of the financial crisis. FINRA additionally stated that Merrill Lynch's clearing unit failed to close out [...]

By |October 28th, 2014|Press Releases & News|
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SEC Adopts Securities Arbitration Fraud Intervention Rule

The SEC adopted a rule that will allow securities arbitrators to immediately disclose frauds that have the potential to threaten the investing public when they learn of such frauds in the midst of a case. The SEC's acceptance of the rule ends years of debate over implementing such a rule that was first proposed after massive Ponzi schemes run by Bernard Madoff and R. Allen Stanford. FINRA has long been a proponent of adding such a rule. The regulatory authority has called for a "mid-case referral" rule since the turn of the decade. The SEC stated that allowing securities arbitrators to disclose serious concerns in the midst of a case pertaining to potential frauds detrimental to the investing public provides a needed method of alerting FINRA of these potential threats. The rule, as of now, states that arbitrators must wait until the conclusion of a case to notify FINRA. Attorneys for brokerages were concerned about how FINRA would handle arbitrators [...]

By |October 16th, 2014|Press Releases & News|
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FINRA Issues Investor Alert Regarding Frontier Funds

FINRA issued a new investors alert, this time warning investors considering funds that invest in frontier markets to take note of the large risk associated with these markets. Although no set definition of frontier markets exists, such frontier funds typically invest in companies in countries with developing securities markets, including Argentina, Lebanon, Nigeria, Slovenia, and Vietnam. Gerri Walsh, FINRA's Senior Vice President for Investor Education cautions that "[i]nvestors seeking potentially higher returns in frontier funds should understand that the promise of higher returns always carries more risk—and the past performance of any fund is never a guarantee of future results." FINRA's alert warns that any investment has its pros and cons and provides investors with tips to avoid problems: Know which frontier markets the fund invests in. Risk factors vary by country—and no two countries share identical risk elements. Monitor changes in index components. If you are investing in a frontier ETF or index mutual fund, make sure you know [...]

By |September 15th, 2014|Press Releases & News|
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