FINRA has suspended Buckman, Buckman and Reid broker Allan Katz from associating with any FINRA member for 20 business days for reusing an elderly customer’s signature pages on account transfer forms. The alleged conduct took place while Katz was associated with another FINRA member, Royal Alliance. In addition to his…
FINRA has suspended financial advisor Trevor B. Rahn from the securities industry for 18 months and fined him $10,000. FINRA alleged that Mr. Rahn engaged in a pattern of breaking up customer orders for execution in violation of FINRA Rules. Specifically, from January 2014 to September 2018, Mr. Rahn recommended…
FINRA has suspended FMN Capital broker Jeffrey Stanga from the securities industry for 12 months for failing to fully disclose the nature of his outside business activities and for participating in private securities transactions without providing the required written notice to or receiving written approval from his firm. Stanga was…
FINRA has suspended former Purshe Kaplan Sterling broker Tonya Nicole Smoake from the securities industry for 12 months for participating in private securities transactions without her firm’s knowledge or approval. Smoake was also fined $5,000. She is no longer associated with a FINRA member but remains subject to FINRA’s jurisdiction.…
**Update: November 11, 2021** On November 8, 2021, Aegis Capital Corp agreed to pay nearly $2.7 million in sanctions for supervisory failures related to excessive and unsuitable trading by its brokers from July 2014 through December 2018. Click on the following link to read more: Aegis Capital Corp. Ordered to…
**Update: November 11, 2021** On November 8, 2021, Aegis Capital Corp agreed to pay nearly $2.7 million in sanctions for supervisory failures related to excessive and unsuitable trading by its brokers from July 2014 through December 2018. Click on the following link to read more: Aegis Capital Corp. Ordered to…
On March 5, 2021, a FINRA Dispute Resolution Services arbitration panel in Denver, Colorado, ordered UBS Financial Services, Inc. (“UBS”) to pay customers over $1 million in compensatory damages. The claims, which include breach of duty, violations of the Nebraska Securities Act, and professional negligence arising out of broker Jason…
This post is part of a series of investigative blog posts that spotlight modern-day boiler rooms that operate under the guise of a reputable brokerage firm. Many of the broker-dealers featured in this series still use boiler room tactics such as cold-calling customers and high-pressure or aggressive sales tactics. Other…
**Update: 3/29/2021** On March 29, 2021, FINRA and Cambridge Investment Research, Inc. entered into a Letter of Acceptance, Waiver, and Consent (AWC) whereby Cambridge accepted sanctions including a censure, $400,000 fine, and over $3.1 million in restitution. FINRA alleged that Cambridge failed to reasonably supervise representatives’ recommendations of the LJM…
**Update: September 2, 2021** On August 27, 2021, FINRA accepted Mr. Jensen’s offer to settle disciplinary proceeding No. 2018059733101. As a result, Mr. Jensen has been suspended from associating with any brokerage firm in any capacity for six months and fined $10,000. Original Post: Former Ameriprise Financial Services Broker, Clyde…