Articles by Janell

Nov
28
2011

FINRA Slaps Morgan Stanley with $1 Million Fine

FINRA has fined Morgan Stanley Smith Barney $1 million and ordered another $371,000 in restitution and interest to customers for excessive markups and markdowns charged to customers on corporate and municipal bond transactions as well as other supervision violations.


Nov
21
2011

SEC Says RIA Defrauded Clients with Reverse Repurchase Transaction

The SEC has ordered Broker-dealer FTN Financial Securities to pay nearly $2 million for allowing a registered investment advisor, Sentinel Management, to defraud its clients through a reverse repurchase transaction.


Nov
15
2011

FINRA Hits Chase Investment Services with $3.6M in Penalties

The Chase unit recommended risky investments to unsophisticated investors with little or no risk tolerance, FINRA said.


Nov
17
2011

FSI Touts Progress on Labor Dept.'s Fiduciary Rulemaking

Leaders of the Financial Services Institute expressed cautious optimism about their efforts to dilute or derail an initiative under way at the Department of Labor to broaden the scope of the term "fiduciary", a top policy priority for the advocacy organization.


Nov
28
2011

Wells Fargo to Settle Wachovia Suit over Muni Bid-Rigging

Wachovia Bank, NA, currently Wells Fargo & Co., has reached a tentative settlement of a class action suit with municipal issuers over antitrust charges of bid-rigging for municipal investment, derivatives and other contracts.


Nov
28
2011

UBS Gets Hit with Fines

SEC Fines UBS $8 Million for Bad Recordkeeping

UBS Securities has once again been penalized for its improper handeling of short sales. This fine from the SEC is for $8 million and a $12 million fine was imposed by FINRA less than two weeks ago.

FINRA Fines UBS $300,000

UBS Financial Services, Inc. was fined $300,000 by FINRA for failing to supervise and prevent excessive crosstrading of municipal securities between the customer accounts of one broker for a two-year period.