MML Investors Services has reached a settlement with the Financial Industry Regulatory Authority for a second time over violations involving 529 savings plans, according to a report by Financial Advisor. The firm initially paid $1.8 million in 2016 after FINRA said...
Representing financial professionals, financial institutions and investors in investment loss, employment and disclosure matters, and in regulatory investigations nationwide.
Month: December 2021
Nikola to pay $125 million to settle fraud charges with SEC
Truck manufacturer Nikola has agreed to a $125 million settlement with the Securities and Exchange Commission over charges it defrauded investors, AdvisorNews reports. Nikola, a publicly traded company created through a special purpose acquisition company transaction,...
Merrill Lynch fined for alleged supervisory failures that allowed reps to steal $6 million
Merrill Lynch will have to pay a fine of $950,000 over allegations that lapses in supervision allowed two of its advisors to steal millions of dollars from clients, according to ThinkAdvisor. The Financial Industry Regulatory Authority imposed the fine for violations...
FINRA bar of ex-broker for cheating on exam upheld following appeal
A former broker who has barred by FINRA for cheating on a qualification exam has lost his appeal of the decision, according to a report by ThinkAdvisor. The case involves Thomas John Lykos Jr., who initially failed the General Securities Principal Qualification Exam...
Former Merrill Lynch advisor ordered to pay $1.4 million for violating terms of transition program
An arbitration panel has ordered a former advisor for Merrill Lynch to pay $1.4 million for violating the terms of the firm’s client transition program, reports AdvisorHub. The Financial Industry Regulatory Authority panel issued its ruling in the case of John M....
