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Financial Advisor IQ
Self-regulator Finra held in May the first of a series of recruitment events this year for arbitrators who could potentially serve as chairpersons of arbitration panels that serve as de facto judges in cases filed by investors or industry participants. The chairperson arbitrator recruitment event in Las Vegas, attended by FA-IQ, gathered around 70 prospects. […]
Los Angeles Times
L.A.’s biggest stockbrokerage ignored or didn’t properly investigate warning signs that one of its brokers was pushing clients to invest in a pump-and-dump scheme, the Securities and Exchange Commission alleged Tuesday. The commission charged Wedbush Inc., based in downtown Los Angeles, with failing to properly supervise a former broker who it alleges received kickbacks from […]
Financial Advisor
This week, Finra proposed a rule that would prohibit brokers from removing customer complaints and certain arbitrations that are more than a year old. The action by Finra addresses a growing number of brokers who are asking to have old complaints erased. As Financial Advisor reported in July, the number of brokers seeking to clean up old disciplinary records has […]
InvestmentNews
From time to time, this column focuses on firms and individuals in the investment advice business who continue to screw up — those who seem destined to repeat the past and harm investors, damage their own reputations or both. It can be maddening. Watch the financial advice business long enough, and the same questions arise […]
Los Angeles Times
An investment industry regulator has ordered Wells Fargo to pay $3.4 million to brokerage customers who lost money buying complicated securities that even Wells Fargo brokers didn’t fully understand. The Financial Industry Regulatory Authority, or Finra, said Monday that some Wells Fargo representatives mistakenly thought a kind of complex security linked to the popular Vix […]