The Financial Industry Regulatory Authority (FINRA) has today issued an Investor Alert warning investors about the potential risks of participating in initial coin offerings, commonly referred to as ICOs. An ICO involves the creation and distribution of virtual coins or tokens by a company to raise capital. ICOs differ from initial public offerings (IPOs) of…
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The Financial Industry Regulatory Authority (FINRA) announced today the election of Governors to its Board of Governors. Stephen M. Cutler, Executive Vice President and Vice Chairman, JPMorgan Chase & Co., was elected as a Large Firm Governor, one of three representatives of large firms on the Board. Cutler has been a FINRA Governor since November…
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The Financial Industry Regulatory Authority (FINRA) just announced that it has expelled New York-based Hallmark Investments, Inc. and barred its Chief Executive Officer, Steven G. Dash, in connection with a scheme to sell shares of stock to customers at fraudulently inflated prices. FINRA also suspended Hallmark representative Stephen P. Zipkin for two years and required…
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The Securities Investor Protection Corporation (SIPC) and the Financial Industry Regulatory Authority (FINRA) have announced a services agreement designed to ease reporting burdens and compliance costs for member firms. The new, simplified filing process will also reduce inconsistent or incomplete filing of annual audited financial statements and supplementary reports. Effective September 1, firms that currently…
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