Soreide Law Group obtained the following information from FINRA’s website under, “Disciplinary and Other FINRA Actions May 2017.” First Dallas Securities Incorporated (CRD #24549, Dallas, Texas) was censured and fined $45,000 by FINRA for allegedly improperly charging ticket charges in at least 449 transactions involving 129 accounts for clients of its affiliated Registered Investment Advisor […]

Recently, the Financial Industry Regulatory Authority (FINRA) censured and fined Investment Professionals Inc. (IPI) $170,000, for allegedly failing to supervise nine of its brokers.  FINRA stated that these brokers were dually registered at Investment Professionals Inc., and at other firms which were not connected to IPI. Investment Professionals Inc., or IPI, has been based in […]

The Florida-based Soreide Law Group (888-760-6552) obtained the following information on FINRA’s website under, “Disciplinary and Other FINRA Actions February 2016.”                                     Soreide Law Group is investigating claims against Summit for selling NVAX (Novavax) also Summit Brokerage Services, Inc. (CRD #34643, Boca Raton, Florida) was censured, fined $250,000 and ordered to pay $9,556.84, plus interest, in […]

Soreide Law Group obtained the following information from FINRA’s Disciplinary Reports: Walter Rae Chao (CRD #4665787, Redwood City, California) was assessed a deferred fine of $30,000, suspended by FINRA for two years and required to requalify as a general securities principal by passing the Series 24 examination before associating with any FINRA member firm as […]

Barclays Capital Inc. (CRD #19714, New York, New York) was censured, fined $155,000 and required to revise its Written Supervisory Procedures (WSPs) for allegedly submitting inaccurate short interest position reports to FINRA, and failed to report to FINRA its short interest positions. FINRA's findings stated that Barclays Capital’s supervisory system did not provide for compliance […]

Fidelity Brokerage Services LLC (CRD #7784, Smithfield, Rhode Island was censured and fined $350,000 by FINRA for allegedly overcharging 20,663 client accounts approximately $2.4 million. FINRA's findings stated that Fidelity Brokerage Services did not have reasonable supervisory systems or procedures to ensure that clients were charged accurate fees for accounts managed by third-party investment advisors. […]

Clearview Correspondent Services, LLC nka BB&T Securities, LLC (CRD #142785, Richmond, Virginia) was censured and fined $1,000,000 for allegedly failing to properly aggregate positions for accounts that were acting in concert under the common control of specific registered representatives/investment advisors within the firm. FINRA's findings stated that as a result, the firm failed to report […]

Citigroup Global Markets Inc. (CRD #7059, New York, New York) was censured and fined $3,000,000, to be paid jointly to FINRA and the New York Stock Exchange (NYSE) for allegedly failing to deliver prospectuses in connection with sales of certain ETFs (Exchange Traded Funds) to customers. FINRA's findings stated that Citigroup Global Markets failed to […]

Oriental Financial Services Corp. (CRD #29753, San Juan, Puerto Rico) was censured, fined $245,000 and must submit to FINRA a proposed methodology of how it will identify, review and remediate unsuitably concentrated Puerto Rico (PR) securities purchases. At a minimum, the methodology must include Oriental Financial Services Corp’s review of customers’ concentrated PR securities purchases […]