Tag: FINRA

bitcoin
December 22, 2017 BY Valentina Kirilova

FINRA warns against cryptocurrency-related stock scams

The Financial Industry Regulatory Authority (FINRA) has issued an Investor Alert warning investors to beware of potential stock scams when considering the purchase of shares of companies that tout high returns associated with cryptocurrencies, such as bitcoin. Unrealistic predictions of exponential returns and unsubstantiated claims made through press releases, spam email, telemarketing calls, or posted…

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ICO fraud
November 10, 2017 BY Valentina Kirilova

FINRA bars broker for defrauding elderly, blind customer

The Financial Industry Regulatory Authority (FINRA) announced that a FINRA extended hearing panel barred broker Hank Mark Werner of Northport, New York, for fraudulently churning and excessively trading the accounts of his customer –a blind, elderly widow –and for making unsuitable recommendations. The hearing panel also ordered Werner to pay more than $155,000 in restitution…

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October 27, 2017 BY Valentina Kirilova

FINRA EVP of Regulatory Operations Susan Axelrod announces departure

The Financial Industry Regulatory Authority (FINRA) announced today that Susan F. Axelrod will leave FINRA for other opportunities in the private sector after 28 years of service at the organization and its predecessor, NYSE Regulation. Axelrod has served as FINRA’s Executive Vice President for Regulatory Operations since 2013, where she has been responsible for leading…

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SFC fines
October 17, 2017 BY LeapRate Staff

Wells Fargo to pay $3.4 million for recommending volatility-linked ETPs

The U.S. Financial Industry Regulatory Authority (FINRA) has announced that it has ordered units of Wells Fargo & Co (NYSE:WFC) - Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC - to pay more than $3.4 million in restitution to affected customers for unsuitable recommendations of volatility-linked exchange-traded products (ETPs) and related…

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DFSA
October 16, 2017 BY Valentina Kirilova

FINRA fines Wells Fargo broker-dealers $3.4 million in restitution to affected customers

The Financial Industry Regulatory Authority (FINRA) announced today that it has ordered Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC to pay more than $3.4 million in restitution to affected customers for unsuitable recommendations of volatility-linked exchange-traded products (ETPs) and related supervisory failures. FINRA found that between July 1, 2010, and…

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FINRA's 2018 volume tops 2017 activity by 87%
October 05, 2017 BY Valentina Kirilova

FINRA receives SEC approval to streamline competency exams

The U.S. Securities and Exchange Commission (SEC) announced that has approved the Financial Industry Regulatory Authority’s rule proposal to streamline competency exams and expand opportunities for prospective securities professionals seeking to enter or re-enter the securities industry. FINRA today issued Regulatory Notice 17-30 announcing an Oct. 1, 2018, effective date for the rule change. Under…

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FINRA's 2018 volume tops 2017 activity by 87%
September 08, 2017 BY Valentina Kirilova

FINRA CEO Robert Cook testifies about FINRA’s operations and regulatory programs

Robert W. Cook, President and CEO of the Financial Industry Regulatory Authority (FINRA) today testified before the U.S. House of Representatives Subcommittee on Capital Markets, Securities, and Investment about FINRA’s operations and regulatory programs, and how FINRA is fulfilling its mission to protect investors and ensure market integrity while facilitating vibrant capital markets. Below is…

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FINRA's 2018 volume tops 2017 activity by 87%
July 12, 2017 BY Valentina Kirilova

FINRA launches reporting of treasury transactions

A new requirement for securities firms to report certain transactions in Treasury securities to FINRA was implemented successfully yesterday, providing regulators with a new tool to increase understanding and enhance surveillance of this bellwether market. The rule requires that FINRA member firms report secondary-market transactions in Treasury securities except savings bonds to TRACE, FINRA’s Trade…

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FINRA's 2018 volume tops 2017 activity by 87%
June 14, 2017 BY Valentina Kirilova

FINRA launches Innovation Outreach Initiative

The Financial Industry Regulatory Authority (FINRA) announced that it has established an Innovation Outreach Initiative to foster an ongoing dialogue with the securities industry that will help FINRA better understand financial technology (fintech) innovations and their impact on the industry. FINRA has long been engaged in discussions about fintech issues with member firms and other…

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