Articles Tagged with investor education

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On October 9, 2020, FINRA suspended Donatas B. Vildzius from the securities industry for six months and fined him $5,000.  This sanction is the third time Mr. Vildzius has been suspended by FINRA, with previous suspensions in 2006 and 2014.  Donatas Vildzius is a stockbroker and registered representative at Network 1 Financial Securities Inc. in Danbury, CT.

The latest suspension is the result of a FINRA investigation alleging that between August 2015 and April 2017, while employed by Network 1 Financial Services Inc., Vildzius excessively traded the accounts of two customers.

Excessive trading occurs when a financial advisor makes many trades in a customer’s account, not to benefit the customer but to generate commissions for the broker.  Excessive trading is wrong.

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The global campaign promoting investor education and protection kicked off this week. Securities regulators in the U.S. issued a joint investor bulleting highlighting key themes for investors. Among them, the benefits of holding long-term investments, the rise of COVID-19 scams, the need for investors to use resources available to confirm that they are dealing with a reputable firm, and the importance of asking questions to financial professionals.

All sensible topics, to be sure. However, given the campaign’s scope and the multitude of stakeholders involved, the campaign misses an opportunity to have a meaningful impact where it matters most: enhancing investor protections for Main Street.

FINRA’s 2019 statistics show that it imposed $39.5 million in fines to member firms and ordered $27.9 million in restitution to investors. FINRA imposes monetary fines to member firms when it identifies misconduct. These fines also have the added goal of discouraging further misconduct. Restitution is used to address the issue of an investor unjustly suffering a monetary loss. Luckily for those investors, FINRA was able to make them whole. But what about cases that did not involve action by the regulator or went unreported?

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