Former products representative barred for allegedly refusing to provide information or documents
FINRA Rule 2010
FINRA Rule 8210
Former investment banking representative barred for allegedly refusing to respond to a request for documents and information
FINRA Rule 2010
FINRA Rule 8210
UBS Financial Services censured and fined for alleged inaccurate transaction information reporting
The firm submitted approximately 17,000 blue sheets that misreported or failed to report information about approximately 4.4 million transactions related to eight different types of transaction information including:
- the customer’s address;
- execution time for trades allocated to customer accounts; and
- whether the trades were solicited or unsolicited.
The errors were the result of a migration to a new electronic system that included some coding errors resulting in submissions being incorrectly populated.
FINRA Rule 2010
FINRA Rule 8211
FINRA Rule 8213
Avenue Securities censured and fined for allegedly failing to adequately supervise influencers’ communications related to the firm
In Brazil, 25 influencers were paid a fixed monthly fee for content that promoted the firm, its affiliates and their products and services on social media.
The posts created by the influencers were not fair and balanced and/or contained claims that were promissory or misleading.
Some of the posts promoted specific registered ETFs without including the required disclosures and information. Others encouraged potential investors to purchase crypto assets without clearly explaining the risks involved in this type of investment.,
The firm failed to review and approve the influencers’ posts and failed to preserve records of the posts as required.
Finally the firm did not have in place a supervisory system reasonably designed to ensure it met its compliance obligations connected to influencers and the social media content that they generated.
The firm has agreed to the imposition of an undertaking requiring it to certify in writing the remediation of the issues identified.
FINRA Rule 2010
FINRA Rule 2210
FINRA Rule 3110
FINRA Rule 4511
FINRA Regulatory Notice 10-06
FINRA Regulatory Notice 17-18
SA 1933 Rule 482
SEA 1934 Rule 17a-4
Former securities representative suspended and fined for allegedly making investment recommendations that were not in the best interest of customers given their investment profiles
FINRA Rule 2010
SEA 1934 Rule 15l-1
SEC Reg BI
Securities representative suspended and fined for allegedly executing at least 400 transactions without prior written authorization
The representative exercised discretion in five customer accounts and although the customers knowingly permitted this activity they did not provide written authorization for it.
FINRA Rule 2010
FINRA Rule 3260
Berkshire Global Advisors censured and fined for allegedly failing to supervise outside brokerage accounts
Despite having appropriate WSPs in place the firm failed to identify the steps that it would take to verify that it actually received and reviewed duplicate statements for any disclosed outside brokerage accounts.
It also failed to ensure that it had obtained all relevant up-to-date records, including the required certifications, for such accounts.
The firm’s manual review of hundreds of monthly account statements was performed by a single individual and did not facilitate the identification of patterns of activity over time or across accounts.
The firm has agreed to the imposition of an undertaking requiring it to certify in writing the remediation of the issues identified.
FINRA Rule 2010
FINRA Rule 3110
Former investment banking representative suspended and fined for alleged improper use of firm funds
FINRA Rule 2010
Securities principal suspended and fined for allegedly improperly sharing confidential information protected by the BSA
The principal sent an email containing multiple pages of confidential information protected by the BSA and the Treasury regulations to an individual not authorized by law to view this.
FINRA Rule 2010
Former securities representative barred for allegedly refusing to provide information and documents
FINRA Rule 2010
FINRA Rule 8210
Former securities representative barred for allegedly refusing to produce information
FINRA Rule 2010
FINRA Rule 8210
Unless otherwise noted all respondents accepted and consented to FINRA’s findings without admitting or denying them. |