The brokerage firm that operates America’s largest electronic trading platform is facing a class action lawsuit in California stemming from a $23 million Ponzi scheme that plaintiffs say it aided and abetted. The lawsuit concerns Haena Park, a trader who used...
Representing financial professionals, financial institutions and investors in investment loss, employment and disclosure matters, and in regulatory investigations nationwide.
Month: August 2021
SEC Chairman looks to strengthen commission’s whistleblower program
The chairman of the Securities and Exchange Commission expressed his strong support for the commission’s whistleblower program along with a desire to see it become even more effective, Financial Advisor Magazine reports. Speaking at an event commemorating National...
Former Merrill Lynch representative suspended by FINRA over violation in seeking pandemic loan
A former Merrill Lynch representative in New Jersey has been suspended over what were deemed to be improprieties in an application for a pandemic relief loan, according to AdvisorHub. The Financial Industry Regulatory Authority (FINRA) imposed a seven-month suspension...
27 firms settle charges with SEC over violations in filing investor forms
Over two dozen investment advisers and broker-dealers have agreed to settle charges filed against them by the Securities and Exchange Commission, according to Advisor News. The SEC held that they failed to file and deliver customer relationship summary forms to retail...
SEC approves FINRA rule change meant to curb rogue brokerages
The Securities and Exchange Commission approved a rule change proposed by FINRA intended to penalize brokerage firms that have higher levels of disciplinary problems or those who employ a high number of registered representatives with disciplinary records, according...