Category Archives: Supervision
FINRA Sanctions Four Firms $9.1 Million for Sales of Leveraged and Inverse Exchange-Traded Funds
The Financial Industry Regulatory Authority (“FINRA”) annouced announced that it has sanctioned Citigroup Global Markets, Inc; Morgan Stanley & Co., LLC; UBS Financial Services; and Wells Fargo Advisors, LLC a total of more than $9.1 million for selling leveraged and … Continue reading
The Securities Arbitration Law Firm of Klayman & Toskes Files Claim Against Bear Stearns n/k/a JPMorgan on Behalf of Two Retirees, Seeking Recovery of $2.37 Million
The Securities Arbitration Law Firm of Klayman & Toskes (“K&T”), announced this week that it filed a securities arbitration claim on behalf of two retirees against Bear Stearns n/k/a JPMorgan (NYSE: JPM). The claim seeks recovery of $2.37 million. The suit … Continue reading
FINRA Fines Northern Trust Securities, Inc. $600,000 for Inadequate Supervision of Sales of Collateralized Mortgage Obligations and Certain High-Volume Securities Trades
Firm Failed to Monitor 43.5 Percent of Business for 18-Month Period The Financial Industry Regulatory Authority (“FINRA”) recently announced that it has fined Northern Trust Securities $600,000 for deficiencies in supervising sales of collateralized mortgage obligations (CMOs) and failure to … Continue reading
FINRA Fines Southwest Securities, Inc. $650,000 for Compliance Failures That Permitted Correspondent Firm Cutler Securities to Cause a $6.3 Million Single-Day Loss Through Improper Short Sales
Yesterday, the Financial Industry Regulatory Authority (“FINRA”) announced that it fined Southwest Securities, Inc., of Dallas, $650,000 for deficiencies in due diligence, risk assessment and written supervisory procedures that permitted one of its correspondent firms, Cutler Securities, to create risk … Continue reading