The Securities and Exchange Commission has charged four advisory firms with violating the commission’s ‘pay-to-play’ rules, Financial Advisor reports. The SEC levied fines totaling about $300,000 in the case. The firms charged were Asset Management Group of Bank of...
Representing financial professionals, financial institutions and investors in investment loss, employment and disclosure matters, and in regulatory investigations nationwide.
Month: September 2022
Former Edward Jones broker suspended for paying out of pocket to cover client’s losses
A former broker for Edward Jones was penalized for using his own money to compensate the financial losses of one of his clients, according to a report by AdvisorHub. The Financial Industry Regulatory Authority suspended Daniel (Shawn) Murff for one month and fined him...
FINRA fines BofA Securities $5 million over reporting failures on options positions
The Financial Industry Regulatory Authority announced it has fined Bank of America’s brokerage division over its failures in reporting over-the-counter options positions. BofA Securities Inc. (BofAS), based in New York City, was fined $5 million after FINRA said it...
CFP Board announces sanctions against 33 financial planners
The Certified Financial Planner Board of Standards has announced public sanctions against 33 current or former CFP® professionals for violations of the profession’s ethical standards. The CFP Board’s sanctions, in order of increasing severity, included six public...
FINRA giving brokers opportunity to avoid ‘Restricted Firm’ designation
The Financial Industry Regulatory Authority is giving brokerages an opportunity to avoid the designation of ‘Restricted Firm’, according to a report by AdvisorHub. FINRA Rule 4111, which took effect Jan. 1, categorizes restricted firms as those broker-dealers with a...
