Former securities representative suspended and fined for allegedly falsifying customer and registered representative signatures
All documents were signed with the permission of the relevant customers and registered representative.
FINRA Rule 2010 FINRA Rule 4511
Former securities representative charged with alleged unethical behaviour
The alleged infractions included forging electronic signatures, signing and submitting applications containing false statements, providing false information to his employer, and lying to FINRA during its investigation of the matter.
Please note that this is a complaint and not an AWC.
FINRA Rule 2010 FINRA Rule 8210
Former products representative suspended and fined for allegedly engaging in outside business activity without providing prior notice to his employer
In addition the representative opened an outside securities account without notifying his employer.
FINRA Rule 2010 FINRA Rule 3210 FINRA Rule 3270
Products representative suspended and fined for alleged violations of content standards in communications with investors
Emails sent to retail investors were not “fair and balanced, contained promissory, unwarranted, and misleading statements or claims and included prohibited projections of performance”.
FINRA Rule 2010 FINRA Rule 2210
Securities representative suspended and fined for alleged unapproved text messaging
Exchange Act Rule 17a-4 FINRA Rule 2010 FINRA Rule 4511
Former securities representative barred for allegedly refusing to provide documents and information
FINRA Rule 2010 FINRA Rule 8210
Securities representative charged with alleged excessive trading of customer accounts
In addition to churning and excessively trading customer accounts, the representative also improperly traded on discretion without written authorization from the customers.
Please note that this is a complaint and not an AWC.
FINRA Rule 2010 FINRA Rule 2020 FINRA Rule 2111 FINRA Rule 3260 Exchange Act Rule 15l-1 Reg BI
Securities representative suspended and fined for allegedly recording inaccurate information on order memoranda
The representative inaccurately recorded that orders were received by a registered representative who had not actually received these. This was done in order to disguise the fact that the orders were received by a different registered representative “who was not authorized to receive them due to a conflict of interest”.
FINRA Rule 2010
Former securities representative barred for allegedly refusing to appear for on-the-record testimony
FINRA Rule 2010 FINRA Rule 8210
Securities representative suspended and fined for allegedly mismarking order tickets
FINRA Rule 2010 FINRA Rule 4511
BGC Financial censured and fined for alleged supervisory system failings
The firm’s supervisory system was not reasonably designed to detect potential spoofing and layering between 2014 and 2023.
Although a surveillance system was implemented in 2021 and monitored daily it contained parameters that required “the entry of a large order on both sides of the market, a significant number or high total share volume of layered orders on one side of the market, or a very high volume of cancelled orders”.
These parameters were deemed “unreasonable” because “layering and spoofing could also occur with smaller-sized or single orders” that the firm executed.
FINRA Rule 2010 FINRA Rule 3110
| Unless otherwise noted all respondents accepted and consented to FINRA’s findings without admitting or denying them. |