FINRA has fined and censured Laidlaw & Company (UK) Ltd. (“Laidlaw”) over the firm’s supervisory system, which according to the regulator, was not reasonably designed to achieve compliance with federal securities laws and FINRA rules prohibiting market manipulation. As a result, Laidlaw was fined $1.5 million. Additionally, the firm’s Chief…
FINRA has fined and censured NEXT Financial Group, Inc. (“NEXT”) over supervisory failures related to unsuitable short-term trading of mutual funds and municipal bonds, and over-concentration of customer accounts in Puerto Rican municipal bonds. NEXT was fined $750,000 and consented to provide a certification to FINRA, within 120 days, regarding…
**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…
The Financial Industry Regulatory Authority (“FINRA”) has barred financial advisor Ronald Giovino from the securities industry for refusing to cooperate with a FINRA investigation into whether Mr. Giovino converted customer funds. FINRA launched the investigation after it received information through the FINRA Securities Helpline for Seniors. Mr. Giovino has been…
FINRA has suspended Popular Securities, LLC broker Fernando Luis Monllor from the securities industry for 30 business days for using a pre-signed Letter of Authorization (LOA) from a customer to transfer assets among the customer’s accounts. Monllor’s suspension is scheduled to start on August 2, 2021, and end on September…
Iorio Altamirano LLP is investigating claims on behalf of Sanctuary Securities, Inc. (formerly David A. Noyes & Company) customers who invested in inverse and leveraged exchanged-traded funds. On July 1, 2021, Sanctuary Securities, Inc. and the Financial Industry Regulatory Authority (“FINRA”) entered into a Letter of Acceptance, Waiver, and Consent…
The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Gary Bowman from the securities industry for three months and fined him $10,000. FINRA alleged that between February 2013 through December 2017, Mr. Bowman engaged in an unsuitable pattern of short-term trading of Unit Investment Trusts in customer accounts. Mr.…
The Financial Industry Regulatory Authority (“FINRA”) has barred financial advisor Tyler Rigsbee from the securities industry for refusing to cooperate with a FINRA investigation. FINRA launched the investigation after Wells Fargo terminated Mr. Rigsbee in April 2021 and alleged that he “was terminated during the course of an internal review…
Crown Capital Securities, L.P. (“Crown Capital”), a dually-registered investment adviser and broker-dealer based in California, agreed to pay $1.6 million to settle charges brought by the Securities and Exchange Commission (“SEC”) over the firm’s disclosure failures regarding investment advice it gave about mutual funds and cash sweep money market funds.…