On March 31, 2021, a FINRA Dispute Resolution Services arbitration panel in Columbus, Ohio, ordered UBS Financial Services, Inc. (“UBS”) to pay customers over $372,000 in compensatory damages and fees. The claimants, Matthew and Lisa Fisher alleged that UBS and brokers Ortal Shachar and Richard Mark Held presented the Yield…
The Financial Industry Regulatory Authority (“FINRA”) has sanctioned Securities America, Inc. (“Securities America”) for failing to reasonably supervise brokers’ recommendations of the LJM Preservation & Growth Fund. On March 29, 2021, FINRA and Securities America entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) whereby Securities America accepted the…
The Financial Industry Regulatory Authority (“FINRA”) has sanctioned J.W. Cole Financial, Inc. (“J.W. Cole”) for failing to reasonably supervise brokers’ recommendations of the LJM Preservation & Growth Fund. On March 18, 2021, FINRA and J.W. Cole entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) whereby J.W. Cole accepted…
The Financial Industry Regulatory Authority (“FINRA”) has sanctioned Cambridge Investment Research, Inc. (“Cambridge”) for failing to reasonably supervise brokers’ recommendations of the LJM Preservation & Growth Fund. On March 29, 2021, FINRA and Cambridge entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) whereby Cambridge accepted the following sanctions:…
The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Charles Thomas Stevens from the securities industry for failing to appear and provide on-the-record testimony. On December 1, 2020, FINRA’s Department of Enforcement filed a three-cause complaint against Mr. Stevens. The first cause of action charged that Mr. Stevens willfully failed…
The Financial Industry Regulatory Authority (“FINRA”) has barred broker Jeremy Taylor Johnson from the securities industry. FINRA expelled Mr. Johnson from the brokerage industry for refusing to cooperate with a FINRA investigation into the suitability and potential misrepresentations and omissions related to Johnson’s offer and sale of two securities offerings…
**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 broker Chad Mackland from the securities industry. Mr. Mackland was barred from the brokerage industry for refusing to cooperate with a FINRA investigation into alleged theft and fraudulent sales practices. According to his BrokerCheck report, Mr. Mackland is facing four felony charges…
The Financial Industry Regulatory Authority (“FINRA”) has barred compliance officer Corey White from the securities industry and fined him $20,000. Mr. White was expelled from the brokerage industry for supervisory failures during his tenure as a compliance officer for Financial West Group in Westlake Village, CA, from January 2013 to…
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…