One enterprising registered person funded new customer checking accounts with his own money in order to open them. Then, he made online bill payments from each of the new accounts to credit card accounts in his name in order to qualify for incentive benefits from his firm and to reimburse himself for the initial deposits he made to open the accounts. READ HERE at http://www.rrbdlaw.com/enforcement-actions/index.php?cid=1#2009017472801
How about this clever FINRA sanction: The member firm is suspended some $42,000 plus in restitution is paid to customers. The fact that the firm previously agreed to pay some $100,000 in restitution (as set forth in a former FINRA Offer of Settlement) but thereafter failed to make the full payment, may have influenced this novel response. READ HERE at http://www.rrbdlaw.com/enforcement-actions/index.php?cid=1#2008011565203
I hate these types of cases but have to report them anyway. A broker gets power of attorney for an elderly client -- soon to be in the throes of dementia and Alzheimer's -- and $358,000 in personal checks from the client somehow find their way into his hands. READ HERE at http://www.rrbdlaw.com/enforcement-actions/index.php?cid=1#22007009405201
Three Respondents Cited In 539 Plan FINRA Settlement
For the purpose of proposing a settlement of rule violations alleged by the Financial Industry R... Read On