FINRA

Firms and brokers would contribute to a pool to compensate investors who were defrauded but are unable to collect, according to one recommendation.

The 81-year-old widower also won an additional $12,000 for his elderly friend in a FINRA arbitration proceeding.

Plus, why matching clients with brokers of their race, religion or ethnicity might not meet the legal threshold for affinity fraud.

The firm misreported over 1 million transactions, according to the regulator.

It’s time for professional planners, as opposed to sales agents, to define themselves accurately in the public mind. To do it, you need to use key words and phrases with crystal clarity.

Meanwhile, the SEC hints that more actions could follow the $425 million in penalties levied against the brokerage firm.

Enforcement actions at the SEC and FINRA highlight emphasis regulators are placing on fees and reverse churning, anti-money laundering programs and variable annuities.

The wirehouse was hit with sanctions from the SEC and FINRA for disregarding securities rules, misusing clients’ cash and not disclosing product costs.

The broker allegedly talked clients into investing $115,000 in a technology startup where his friend worked as a computer programmer.

Robert Cook, an attorney and former SEC director, will have to help the regulator navigate complicated matters , from calls for an industrywide fiduciary standard to heightened congressional scrutiny.