Winston Wade Turner Banned from Securities Industry by FINRA for ‘Unethical and Dishonest Actions
FINRA banned Winston Wade Turner, a former Prudential Financial Inc. and MetLife Inc. broker, from the securities industry for making unsuitable variable annuity recommendations. Turner misled clients by misrepresenting and omitting material facts about the sales, according to the regulatory authority. Additionally, Turner hid that he convinced a number of clients to surrender existing variable […]
FINRA Bars Broker For Mishandling Client Funds
Last week, former Merrill Lynch broker Kenneth Daley submitted a Letter of Acceptance, Waiver and Consent in which he accepted a permanent bar from acting as a broker or otherwise associating with firms that sell securities to the public. FINRA found that he had been mishandling client funds. On June 16, 2016, Merrill Lynch filed […]
SEC, FINRA Fine Merrill Lynch
Following on the heels of Merrill Lynch’s agreement yesterday to pay $415 million to settle claims made by the SEC, the commission and FINRA fined the firm an additional $15 million in another action brought by the SEC and a third brought by FINRA. [su_spacer size=”10″]In an announcement yesterday, the SEC stated that Merrill Lynch […]
FINRA Suspends Former LPL Broker
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FINRA Bars Broker Over Private Securities Transactions
Former broker Brian Smit entered a Letter of Acceptance, Waiver, and Consent, accepting a bar from being associated with any FINRA member in any capacity over engaging in unapproved private securities transaction in violation of his firm’s policy. [su_spacer size=”10″]Smit entered the securities industry in April 2010, when he became associated with LPL Financial, LLC […]
FINRA Bars Broker For Borrowing Client Funds
FINRA has barred Christopher Tolmacs of Portage, Michigan, alleging that the broker borrowed client funds. The providing of loans or selling of promissory notes and other investments outside of a brokerage firm constitutes impermissible private securities transactions, a practice called “selling away.” According to FINRA, Tolmacs consented sanctions in the form of a permanent bar because he failed […]
Oppenheimer & Co. To Pay $2.9M For ETF Sales
FINRA fined Oppenheimer & Co. Inc. $2.25 million and ordered the firm to pay over $716,000 to harmed clients for selling leveraged, inverse and inverse-leveraged exchange-traded funds without reasonable supervision as well as for soliciting unsuitable non-traditional ETFs. [su_spacer size=”10″]Over 30,000 non-traditional ETF transactions, totaling about $1.7 billion for customers, were processed by Oppenheimer representatives […]
Variable Annuities The Subject Of High Scrutiny
Recently, two FINRA enforcement officials emphasized at an insurance industry conference that variable annuities, which offer lifetime guaranteed income to investors but can be complicated and expensive, are still the subject of high scrutiny. [su_spacer size=”10″]“Variable annuities are just very frequently involved in our cases,” Russ Ryan, FINRA Senior Vice President and Deputy Chief of […]
Wells Fargo Broker Banned By FINRA
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NBA/NFL Players Win $819k FINRA Award
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