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 […]

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 […]

Cantor Fitzgerald & Co. (CRD #134, New York, New York) was censured, fined $65,000 and required to revise its WSPs (Written Supervisory Procedures). Allegedly, Cantor Fitzgerad & Co. failed to publish immediately a bid or offer that reflected the price and the full size of customer limit orders for over-the-counter (OTC) equity securities, held by […]

Chapin Davis, Inc. (CRD #28116, Baltimore, Maryland) was censured and fined $35,000 in connection with the alleged sale of structured products, the firm’s supervisory system and WSPs were inadequate. FINRA's findings stated that Chapin Davis sold approximately $24.5 million in structured notes and Federal Deposit Insurance Corporation (FDIC) insured structured certificates of deposit (CDs) to […]

Soreide Law Group, a Securities Arbitration Law Firm, (888) 760-6552, obtained the following summation of information on FINRA’s website under “Disciplinary and Other FINRA Actions, September, 2014.” Morgan Stanley Smith Barney LLC (CRD #149777, Purchase, New York) was censured, fined $1,000,000, and required to conduct a review of their systems and written procedures which are […]

INTL FCStone Securities Inc. (CRD #45993, Winter Park, Florida) was censured, fined $70,000, ordered to pay $62,297.13 plus interest in restitution to customers, and required to revise its WSPs (Written Supervisory Procedures). According to the FINRA report, allegedly INTL FCStone Securities Inc., partially executed customer limit orders in OTC (over-the-counter) securities after it traded each […]

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 […]