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November 16, 2011
FINRA Fines JPMorgan Unit $1.7M for Putting Conservative Clients in Unsuitable Investments

 In a November 15th., 2011, Bloomberg Businessweek article they write that a unit of JPMorgan Chase & Co. was ordered to reimburse investment customers more than $1.9 million and was fined $1.7 million over how it sold unit investment trusts and floating-rate loan funds. FINRA, the Financial Industry Regulatory Authority announced the settlement on Tuesday after […]

November 15, 2011
Another FINRA Action Taken Against Raymond James, St. Petersburg, FL

Raymond James & Associates, Inc. (CRD #705, St. Petersburg, Florida)   submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured, fined $12,500 and ordered to pay $1,849.33, plus interest, in restitution to investors.   Also, without admitting or denying the findings, the firm consented to the described sanctions and to […]

November 15, 2011
Raymond James & Associates, St. Petersburg, FL, Censured and Fined by FINRA

Raymond James & Associates, Inc. (CRD #705, St. Petersburg, Florida) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $15,000. Without admitting or denying the findings, the firm consented to the described sanctions and to the entry of findings that it failed to transmit ROEs ( Return On Equity […]

November 15, 2011
Newbridge Securities, Ft. Lauderdale, FL, Finded by FINRA

Newbridge Securities Corporation (CRD #104065, Fort Lauderdale, Florida)   submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $20,000.   Without admitting or denying the findings, the firm consented to the described sanctions and to the entry of findings that it failed to provide material information to customers […]

November 15, 2011
FINRA Takes Actions Against Brookstone Securities, Inc., of Lakeland FL and Three of It's Representative

Brookstone Securities, Inc. (CRD® #13366, Lakeland, Florida), David William Locy (CRD #4682865, Registered Principal, Overland Park, Kansas), Mark Mather Mercier (CRD #1884246, Registered Principal, Lutz, Florida) and Antony Lee Turbeville (CRD #1721014, Registered Principal, Lakeland, Florida) submitted Offers of Settlement in which the firm was censured and fined $200,000; Locy was fined $10,000 and suspended […]

November 15, 2011
Raymond James & Associates, Inc. and Raymond James Financial Services, Inc. Ordered by FINRA to Pay $1.69 Million in Restitution

Recently, the Financial Industry Regulatory Authority (FINRA) ordered Raymond James & Associates, Inc. (RJA) and Raymond James Financial Services, Inc. (RJFS) to pay restitution of $1.69 million to more than 15,500 investors who were charged unfair and unreasonable commissions on securities transactions. FINRA also fined RJA $225,000 and RJFS $200,000.   FINRA found that from […]

November 15, 2011
FINRA Complaint Filed Against Andrew Arno, West Melbourne FL

Andrew Paul Arno (CRD #2643104, Registered Representative, West Melbourne, Florida) was named as a respondent in a FINRA complaint alleging that he misused customers’ funds by depositing them into a bank account that he controlled instead of investing them in IRAs as he had represented to the customers and their relatives. The complaint alleges that […]

November 15, 2011
Florida Broker, Dale Twardowski, Barred by FINRA

Dale David Twardowski (CRD #4056379, Registered Principal, Palm Harbor, Florida) submitted an Offer of Settlement in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the allegations, Twardowski consented to the described sanction and to the entry of findings that he failed to respond to FINRA requests […]

November 10, 2011
U.S. Attorney Charges Massachusetts-Based Hedge Fund Manager with Fraud

On the SEC's website we learn that the Securities and Exchange Commission announced the U.S. Attorney for the District of Massachusetts has charged Andrey C. Hicks of Boston, Mass., in a criminal complaint unsealed on Friday, October 28, 2011. Hicks was charged with committing wire fraud, attempting to commit wire fraud, and aiding and abetting wire fraud, […]

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