Wall Street regulators have launched a massive crackdown on “off-channel communications,” and individual brokers are now facing severe, personal penalties for taking client conversations off the grid. The Financial Industry Regulatory Authority (FINRA) issued a sweeping 15-month suspension and a $15,000 fine to former Edward D. Jones & Co. broker Delaina Kucish after she used [...]
Transparency is the foundation of the broker-client relationship. Investors rely on FINRA’s BrokerCheck system to vet their financial advisors, but that system only works if brokers report their criminal and regulatory histories honestly. FINRA recently suspended California broker Jing Li for three months and flagged her for statutory disqualification after she allegedly hid serious felony [...]
Security protocols exist at financial institutions to protect client assets from unauthorized access, wire fraud, and identity theft. FINRA recently took strict disciplinary action against Omaha, Nebraska-based broker Curtis Wayne Smith after he allegedly bypassed these protocols by explicitly impersonating a client. www.finra.org/rules-guidance/oversight-enforcement/disciplinary-actions The Allegations According to a Letter of Acceptance, Waiver, and Consent (AWC), FINRA [...]
Private placements and alternative investments carry immense risk, which is why regulatory agencies mandate strict due diligence before a brokerage firm can offer them to retail investors. FINRA recently censured and fined World Choice Securities (WCS) $28,000 for allegedly failing to reasonably supervise the due diligence of a private real estate offering. In a related [...]
The Financial Industry Regulatory Authority (FINRA) has penalized Southern California-based broker-dealer Centaurus Financial Inc. $1.1 million for widespread supervisory failures related to variable annuity sales. As part of the settlement, Centaurus agreed to pay a $475,000 fine and $634,000 in restitution to affected customers without admitting or denying the findings. Alongside the firm’s penalty, FINRA [...]
Integrity in personal financial dealings is a core requirement for licensed financial professionals. Broker Andrew Stephen Mogol of Baltimore, Maryland, learned this the hard way when FINRA suspended him for six months and fined him $5,000 for exploiting banking transfer rules. www.finra.org/rules-guidance/oversight-enforcement/disciplinary-actions The Allegations According to a Letter of Acceptance, Waiver, and Consent (AWC), Mogol initiated [...]
The Financial Industry Regulatory Authority (FINRA) has permanently barred broker Anthony Tianfeng Cheng from the securities industry following his refusal to participate in an investigation into his business dealings. www.finra.org/rules-guidance/oversight-enforcement/disciplinary-actions The Allegations FINRA initiated an investigation into Cheng to determine whether he engaged in undisclosed Outside Business Activities (OBAs). When requested by FINRA to provide information [...]
FINRA has permanently barred broker Peter Thomas Lawrence from associating with any member firm after he failed to cooperate with a serious regulatory investigation into his conduct. www.finra.org/rules-guidance/oversight-enforcement/disciplinary-actions The Allegations According to FINRA’s recent disciplinary reports, the regulatory body launched an investigation into Lawrence based on severe allegations, including: Forging a customer’s signature. Making unsuitable product [...]
Financial advisors are held to strict ethical and regulatory standards regarding their financial entanglements with clients. FINRA recently suspended former Laguna Niguel, California broker Jacob Lee Harper for 22 months and assessed a deferred fine of $17,500 after he allegedly bypassed these critical safeguards. www.finra.org/rules-guidance/oversight-enforcement/disciplinary-actions The Allegations Without admitting or denying the findings, Harper consented to [...]
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