A Financial Industry Regulatory Authority hearing panel has hit Wedbush Securities with a $300,000 fine, and issued its president and founder, Edward Wedbush, a 31-day suspension along with a $25,000 fine.
The August 2nd decision is a culmination of a range of offenses, inquiries and disciplinary actions dating back over a decade to February of 2002. The complaint charges Wedbush with three violations relating to the firm's failure to file reports on employment registration of registered representatives, customer complaints, and statistical reports in a timely and accurate manner; and in some cases failure to file them at all. A fourth violation accused the firm of inadequate supervision, and a fifth named Edward Wedbush specifically, alleging that he failed to fulfill his duties as president and supervise registration filings from August 2006 until July 2010.
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