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Tag: Finra
FINRA Fines SunTrust for Unsuitable Sales
July 29, 2010
FINRA has announced sanctions against SunTrust Investment Services, Inc. for engaging "in a pattern of unsuitable short-term UIT, CEF and mutual fund transactions in accounts of 17 customers, most of whom were elderly and/or disabled." According to FINRA's announcement, SunTrust will be required to pay… read more
FINRA Fines Merrill Lynch for Unsuitable Sales of UITs
September 22, 2010
The Financial Industry Regulatory Authority (FINRA) recently fined Merrill Lynch $500,000 and ordered the firm to pay $2 million in restitution for unsuitable sales of unit investment trust (UIT) interests to investors. Specifically, Merrill Lynch failed to provide sales charge discounts to customers on eligible… read more
FINRA’s Year in Review
January 04, 2011
The Financial Industry Regulatory Authority (FINRA) has issued a release looking back at the regulator's activities in 2010. Spurred, no doubt, by the reforms that took most of 2010 to work their way out of Congress, as well as efforts promoted by regulators like… read more
Wells Fargo Fined for Tardy Fund Prospectuses
May 12, 2011
Last week FINRA announced that it has imposed a $1 million fine on Wells Fargo Advisors, LLC of St. Louis for its "failure to deliver prospectuses in a timely manner to customers who purchased mutual funds in 2009, and for delays in reporting material information about its… read more
FINRA Withdraws Changes to Mutual Fund Cash Compensation Disclosure Rules
August 22, 2011
FINRA has withdrawn previously proposed rules that would have altered its rules governing disclosures made by brokers and dealers selling mutual fund shares. In short, the new rules would have changed the disclosure requirements for cash compensation to FINRA member broker-dealers who sell mutual fund… read more