Fort Lauderdale-based Soreide Law Group, (888) 760-6552, obtained the following summation of information from FINRA’s website, under “Disciplinary and Other FINRA Actions, June, 2014.” Shondeep Sajan Balchandani (CRD #5165930, West Palm Beach, Florida) was barred by FINRA for allegedly churning and excessively trading, engaging in unauthorized trading in non¬discretionary customer accounts, and recommending unsuitable investments […]

Christopher Somes Babcock (CRD #5004907, Wayne, Pennsylvania) was barred by FINRA for allegedly receiving approx. $160,000 from his customers after he had his customers wire money from their firm accounts to their personal accounts and then they wired the money to Babcock or wrote a check payable to him. According to the FINRA report, the […]

UBS of Puerto Rico is allegedly under investigation for fraud by the Securities and Exchange Commission (SEC) and the U.S. Department of Justice. UBS, a Swiss bank, has had huge losses by its wealth management clients over the past few years causing a multitude of lawsuits. These lawsuits are claiming that allegedly UBS extended credit […]

Polar Investment Counsel, Inc. (CRD #42847, Thief River Falls, Minnesota) was censured and fined $12,500, because the Written Supervisory Procedures (WSPs) of Polar Investment Counsel Inc., prohibited their registered representatives from recommending low-priced securities, such as penny stocks, to its customers. FINRA found that because penny-stock transactions at Polar Investment Counsel were unsolicited, it did […]

Moloney Securities Co., Inc. (CRD #38535, Manchester, Missouri) was censured and fined $20,000 for allegedly allowing their representatives to recommend and sell non¬traditional ETFs to their clients. FINRA's report stated that Moloney Securities' Written Supervisory Procedures (WSPs) didn't address the sale or the supervision of non-traditional exchange traded funds (ETFs), and Moloney Securities did not […]

Turner & Company, L.L.C. (CRD #43177, Atlanta, Georgia) was censured and fined $65,000 by FINRA for allegedly failing to establish, maintain, and enforce Written Supervisory Procedures (also known as WSPs) designed to comply with securities laws and regulations. These laws include prohibiting insider trading and NASD Rule 3050, which requires brokers to have duplicate copies […]

Infinex Investments, Inc. (CRD #35371, Meriden, Connecticut) was censured, fined $75,000 by FINRA, and ordered to pay $287,171.75 in restitution to it's clients. Infinex Investments, Inc., allegedly failed to review non-traditional exchange-traded funds (ETFs) at the same level that other new products offered for sale to their customers. FINRA's findings stated that Infinex Investments registered […]

Dawson James Securities, Inc. (CRD #130645, Boca Raton, Florida) was censured, fined $75,000, and required by FINRA to revise its Written Supervisory Procedures (WSPs). According to the FINRA report, Dawson James Securities WSPs allegedly failed to provide for one or more of the four minimum requirements for adequate WSPs in several subject areas required. FINRA's […]

Carolina Financial Securities, LLC (CRD #41970, Brevard, North Carolina) was censured and fined $50,000 by FINRA for allegedly selling an unregistered private placement offering to their investors for approximately $1.1 million. FINRA's findings stated that allegedly Carolina Financial Securities failed to follow their own procedures in regards to the selling of private placements and conduct […]