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Articles Posted in FINRA Regulatory Notice

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Broker Sylvester King Jr. Sanctioned and Suspended by FINRA

Allegations of selling away and other policy violations have Wells Fargo broker in hot water In a recent case drawing from allegations beginning in July 2009 and up to the year 2012, Sylvester King Jr. was accused of violating policies with his employer, Ft. Lauderdale Wells Fargo, in order to…

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Giovanni Acevedo, of Voya Financial Advisors, Inc., Accused of Converting Funds

Disciplinary action pending against Wilton Manors, FL financial advisor Giovanni Acevedo could be facing disciplinary action from FINRA after a complaint that he allegedly converted more than $160,000 in customer funds. According to the report, he allegedly told a customer he would invest a $68,000 check she wrote to the…

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Christopher Veale Under Investigation From FINRA After Churning Allegations

Disciplinary action Pending In April, FINRA initiated a regulatory investigation after Christopher Frederic Veale, most recently employed by Legend Securities, Inc., allegedly refused to provide documents requested by the agency in response to alleged rule violations. The purported violations involve business and outside business activities, as well as a potential…

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FINRA Hits Newport Coast Securities and Its Representatives with Churning Charges

Last week, the Financial Industry Regulatory Authority (FINRA) filed charges against Newport Coast Securities, Inc. (“Newport Coast”) and some of its current and former registered representatives, accusing them of using margin and risky securities to artificially generate huge commissions for themselves while wiping out most of their customers’ investment capital.…

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FINRA Proposes New Rule to Make Brokerage Fees More Transparent to Customers

The Financial Industry Regulatory Authority (FINRA) has recently sponsored a new securities industry rule that makes the information included on customer account statements more transparent.  Transparent commissions will likely lower the total up-front commissions a broker can collect on certain popular securities as investors realize the steep fees they are…

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FINRA Revises Brokerage Firm’s Supervisory Rules

FINRA rules establish the core supervisory system procedures which all broker-dealers must follow to protect investors.  A broker-dealer or other FINRA member may be sanctioned by FINRA for violating these rules and an investor may bring a FINRA arbitration claim against a brokerage firm for failing to properly supervise a…

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Why Are Financial Advisors Clueless About Risks of Leveraged & Inverse ETFs: The Stifel Nicolaus Story

The Stifel Nicolaus & Company story about financial advisors’ lack of training and supervision concerning exchange traded funds (ETFs) is not much different than other Wall Street giants, including Morgan Stanley, UBS, Citigroup and Wells Fargo who were fined for similar violations.  On December 17, 2013 Stifel Nicolaus & Company…

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