FINRA Disciplinary Actions

FINRA Sanctions LPL Financial LLC $11.7 Million for Widespread Supervisory Failures

By WEALAW / August 3, 2015 / Comments Off on FINRA Sanctions LPL Financial LLC $11.7 Million for Widespread Supervisory Failures

FINRA recently censured LPL Financial LLC and fined it $10 million for broad supervisory failures in a number of key areas, including the sales of non-traditional exchange-traded funds (ETFs), certain variable annuity contracts, non-traded real estate investment trusts (REITs) and other complex products as well as its failure to monitor and report trades and deliver…

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FINRA Bars Two Virginia FAs In Connection With Allegations Involving Converting Client Funds

By WEALAW / June 26, 2015 / Comments Off on FINRA Bars Two Virginia FAs In Connection With Allegations Involving Converting Client Funds

Tammy Charlene Petersen formerly of Merrill Lynch and Kirsten Flynn Hawkins formerly of SunTrust Investment Services, Inc. both were barred from association with any FINRA member in any capacity in connection with allegations involving the conversion of client funds. Tammy Petersen, formerly with Merrill Lynch in Carrollton, Virginia, consented to the bar and to the entry of findings that she…

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FINRA Fines Oppenheimer $3.75M For Failure To Supervise

By WEALAW / March 27, 2015 / Comments Off on FINRA Fines Oppenheimer $3.75M For Failure To Supervise

FINRA has ordered Oppenheimer & Co (now part of CIBC World Markets) to pay $3.75 million for failing to supervise, Mark Hotton, a broker who defrauded clients and the producers of a Broadway musical.  FINRA noted that Oppenheimer failed to investigate Mark Hotton before hiring him, and overlooked “red flags” after they hired him.  FINRA also says…

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Mid-Atlantic Stockbrokers Barred Or Suspended By FINRA For Taking Advantage Of Elderly Clients

By WEALAW / March 27, 2015 / Comments Off on Mid-Atlantic Stockbrokers Barred Or Suspended By FINRA For Taking Advantage Of Elderly Clients

George Wayne Hoffman from Parkville, Maryland, a former registered representative with H. Beck, Inc., was barred from association with any FINRA member in any capacity.  That sanction was based upon, among other findings, that Hoffman converted $17,000 from an elderly client for his own benefit and improperly accepted a $36,000 dollar personal loan from that…

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