The Financial Industry Regulatory Authority Inc. (FINRA) released its 2013 regulatory and examination priorities letter. The annual letter alerts the broker-dealer community to what Finra examiners will be looking for in the coming year. FINRA will continue to watch yield-oriented products this year but FINRA also will be focusing on business development companies (BDCs), exchange-traded […]

The following information is from FINRA’s website under “Disciplinary and Other FINRA Actions, January, 2013.” Kenneth Andrew Mauchin (CRD #2366345, Registered Principal, Sanford, Florida) was named a respondent in a FINRA complaint alleging that he misappropriated $23,750 from elderly customers’ accounts by converting their funds to cashier’s checks and depositing those checks into a bank […]

Moshar v. Wells Fargo, FINRA ID # 11-00556 (Los Angeles, CA, 1/9/2013) A couple was recently awarded $1,333,300 in compensatory damages through a FINRA arbitration. The claimants charged Wells Fargo with the following: breach of fiduciary duty, breach of written contract, fraud by misrepresentation and omission, failure to supervise and control, and violation of federal […]

The following information is from FINRA’s website under “Disciplinary and Other FINRA Actions, January, 2013.” John Boyd Dexter (CRD #1354376, Registered Principal, North Miami, Florida) was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Dexter consented to the described sanction and to the entry of findings that […]

Soeide Law Group is currently investigating broker, Bambi I. Holzer, CRD #1088028. Ms. Holzer is currently a registered representative with Newport Coast Securities of Beverly Hills, CA. There have allegedly been numerous (over 50) reports filed against her in her 25+ year career, and over $11 million in awards and settlements. Several of these complaints […]

FINRA, the Financial Industry Regulatory Authority levied a total of $68 million in civil fines during 2012, according to statistics released by FINRA on Tuesday, January 8, 2013. This was slightly less than $71.9 million imposed by FINRA in 2011. The high-profile cases against large brokerages accounted for about one-third of total fines in 2012. […]

Massachusetts securities regulators sued LPL Financial, LLC, in December over sales practices of brokers regarding the REITs. Secretary of the Commonwealth, William Galvin, charged LPL Financial with a failure to supervise registered reps who sold the nontraded REITs in violation of both state limitations and the company's rules. The Securities Division also charged LPL Financial […]

The following are statistics compiled by FINRA, the Financial Industry Regulatory Authority, posted recently to their website. The statistics show that investor complaints are down while disciplinary action is at a 5 year high. Investor Complaints Received by FINRA In 2007 there were 4,552 complaints received by FINRA. However, in 2011 there were 2,979 down […]

On the SEC's (Securities and Exchange Commission) website, it was announced they filed an injunctive action in the United States District Court for the Eastern District of Pennsylvania against David L. Rothman of Richboro, PA, a registered representative, Vice President, and minority owner of Rothman Securities, Inc., a registered broker-dealer, for conducting a fraud by […]