The following summation of information was obtained by Soreide Law Group (888-760-6552) from FINRA's Website under "Disciplinary and Other Actions April 2015." EDI Financial, Inc. (CRD #15699, Irving, Texas) was censured and fined $100,000 by FINRA for allegedly failing to adopt and implement supervisory systems and procedures reasonably designed to achieve compliance with EDI Financial’s […]

Michael Willard Korson (CRD #2108802, Novi, Michigan) was barred by FINRA for allegedly failing to timely and accurately notify his member firm of his outside business activities. Although Korson eventually provided notice to his firm and revealed that he received compensation from the outside business, he falsely stated when his involvement first began. FINRA's findings […]

Ascendiant Capital Markets, LLC (CRD #152912, Irvine, California) was censured and fined $52,500 by FINRA for allegedly failing to record all terms and conditions on a customer order record and document time-in- force; failed to record all terms and conditions on a customer order record and document the correct order receipt time; and failed to […]

The Financial Industry Regulatory Authority (FINRA) has barred Aaron Parthemera, a Fort Lauderdale Wells Fargo financial advisor for allegedly engaging in a several outside businesses, and allegedly running Club Play, a hip hop club in South Beach. According to FINRA, between 2009 to 2013, Aaron Parthemer, acted as an advisor to a number of NFL […]

The Financial Industry Regulatory Authority (FINRA) announced that Avenir Financial Group, a New York-based broker-dealer, its CEO Michael Clements, and registered representative Karim Ibrahim (aka Chris Allen) consented to an order halting further fraudulent sales of equity interests in the firm and promissory notes pending a hearing on fraud charges relating to the same offerings. […]

On Friday, April 24, 2015, the credit-rating agency, Standard & Poor’s (S&P), downgraded Puerto Rico’s general-obligation bonds further into "junk" level territory from a B rating down to a CCC+ grade, making it even more difficult for the financially distressed island to borrow money and dig out from its severe financial problems. This grading means […]

Dalas Lee Gundersen (CRD #3107187, Arbuckle, California) was assessed a deferred fine of $5,000, suspended by FINRA for 10 business days and ordered to pay $2,837, plus interest, in disgorgement of commissions received for allegedly making unsuitable recommendation to clients, in light of their financial condition and the excessively concentrated nature of the investment, by […]

Gregory Robert Swenson (CRD #2236695, Lake Forest, Illinois) was assessed a deferred fine of $75,000 and suspended by FINRA for allegedly making misleading and inaccurate statements to numerous corporate bond dealers while participating in and obtaining allocations of bonds for an unregistered proprietary trading firm. Through Swenson, his firm placed orders for securities primarily in […]

The Financial Industry Regulatory Authority (FINRA) fined the Royal Bank of Canada (RBC) $1-million and ordered RBC to pay approximately $434,000 in restitution for improper sales of structured investment products to more than 200 investors. According to FINRA, from January of 2008 through December of 2010, RBC’s capital-markets unit failed to adequately supervise 99 of […]