Caldwell International Securities Gets $2M Fine to Settle Churning Allegations The Financial Industry Regulatory Authority has imposed a $2M fine on Caldwell International Securities Corp. It is fining Greg Caldwell, who is the principal of the financial firm, $50K. He is now barred from serving as a principal in the…
The U.S. Commodity Futures Trading Commission has filed a civil case against Deutsche Bank AG (DB). According to the regulator, for five days the firm, which is a provisionally registered Swap Dealer, did not report any swap data for a number of asset classes, turned in untimely and unfinished swap…
A Financial Industry Regulatory Authority Arbitration Panel is ordering AOG Wealth Management chief executive and president, Frederick Baerenz, to pay Roger and Barbara Bond $331K in compensatory damages over private placement investments. The panel found Baerenz liable for unsuitable trading because he allegedly misled the Bonds about the risks involved…
Ex-LPL Financial Supervisor Settles with FINRA Peter Neuberg, a former LPL Financial (LPLA) supervisor and broker, will pay a $15K fine and serve a six-month suspension to settle claims accusing him of not reasonably supervising a registered representative. According to an enforcement document signed by the Financial Industry Regulatory Authority,…
The Financial Industry Regulatory Authority has filed a case against Richard William Lunn Martin, a former broker. According to the self-regulatory organization, from at least 3/11 through 7/15, and while he was a GF Investment services broker, Martin encouraged clients to invest in high-risk non-traditional exchange-traded funds so he could…
FINRA Takes a Closer Look at Variable Annuities At a recent Insured Retirement Institute Conference, Financial Industry Regulatory Authority Inc. enforcement officials said that even though variable annuities are not on the regulator’s list of examination priorities for 2016 this doesn’t mean it isn’t scrutinizing them. FINRA Sr. VP/deputy enforcement…
The Securities and Exchange Commission says that Morgan Stanley Smith Barney LLC (MS) will pay a $1M penalty to resolve charges involving its purported failure to protect customer data. Some of this information was hacked and violators attempted to sell the data online. According to the regulator, the firm did…
SEC Files Fraud Charges Against Former State Street Executive The U.S. Securities and Exchange Commission is filing fraud charges against ex-State Street Corp. (STT) executive Ross McClellan. According to the regulator, McLellan was one of a number of people who purposely charged hidden markups on certain transactions to customers, making…
The Financial Industry Regulatory authority has broadened its list of public arbitrators to preside over cases. The self-regulatory organization will provide dispute participants with the names of 15 public arbitrators, instead of 10, from which to choose. FINRA’s Board also modified its eligibility requirements for who can chair an arbitration…
The Financial Industry Regulatory Authority is fining Raymond James Financial Inc. https://www.securities-fraud-attorneys.com(RJFS) and Raymond James & Associates (RJA) $17M. The self-regulatory organization is accusing the company of widespread failures related to anti-money laundering compliance. According to FINRA, from 2006 to 2014 the processes that the firm had in place to…