The Florida-based Soreide Law Group obtained this summation of information from FINRA's Website "Disciplinary and Other FINRA Actions February 2015." NEWBRIDGE SECURITIES CORPORATION (CRD #104065, Ft. Lauderdale, Florida) was censured, fined $138,000 and required to revise its WSPs for allegedly selling (buying) corporate bonds to (from) customers, and failed to sell (buy) such bonds at […]

National Securities Corporation (CRD #7569, Seattle, Washington) was censured and fined $35,000 for allegedly filing late amendments to Forms U4 and Uniform Termination Notices for Securities Industry Registration (Forms U5), and reclassified customer complaints as sales practice violations, after discussions with FINRA, which resulted in additional late filings. FINRA's findings stated that National Securities Corporation […]

Florida-based Soreide Law Group has obtained the following summation of information from FINRA's Website under "Disciplinary and Other FINRA Actions February 2015." Dawson James Securities, Inc. (CRD #130645, Boca Raton, Florida) was censured and fined $30,000 for allegedly failing to establish and implement an adequate system to determine whether a former registrant’s disclosed outside business […]

Essex Securities LLC (CRD #46605, Topsfield, Massachusetts) was censured, fined $20,000, ordered to pay $6,009.70, plus interest, in restitution to clients and required to review its supervisory systems and WSPs regarding the sale of mutual funds for compliance with FINRA rules and the federal securities laws and regulations. FINRA imposed a lower fine in this […]

Darren C. Goodrich (CRD #4213469, Manhattan Beach, California) was fined $10,000 and suspended by FINRA for 30 days because on behalf of certain clients, Goodrich allegedly sold certain shares of an issuer whose securities were not registered and were not subject to an applicable exemption from registration. FINRA's findings stated that Goodrich’s clients allegedly deposited […]

Bloomberg Tradebook LLC (CRD #40881, New York, New York) was censured, fined $140,000 and required to revise its written supervisory procedures (WSPs) by FINRA. Allegedly, Bloomberg Tradebook LLC executed short sale and short sale exempt transactions, and failed to report each of these transactions to the FINRA/NASDAQ Trade Reporting Facility (FNTRF) with a short sale […]

Arque Capital, Ltd. (CRD #121192, Scottsdale, Arizona) was censured and fined $50,000 for allegedly selling approximately $3.53 million in an alternative investment known as Renewable Secured Debentures to approximately 40 investors while providing investors with their sales kit, which included a brochure with misleading statements. FINRA's findings stated that as the managing broker/dealer for the […]

In a recent Reuters' article, Miguel A. Ferrer, the former chairman of UBS Financial Services Inc of Puerto Rico, a unit of UBS AG, told a meeting of their brokers on June 2, 2011, in San Juan, that they needed to change their mindset or leave. This was according to an audio recording in Spanish […]

The Financial Industry Regulatory Authority (FINRA) named eight products it will be monitoring in 2015. These are products which could lead to risks for investors, many of whom do not know enough about the products before investing in them. FINRA feels brokers also need to learn more about these products before they sell them to […]