The amount of information available to the public about current and former securities brokers will expand significantly in coming months, as the Financial Industry Regulatory Authority (FINRA) implements changes to its free, online BrokerCheck service recently approved by the Securities and Exchange Commission.The changes will increase the number of customer complaints reported publicly; extend the public disclosure period for the full record of a broker who leaves the industry from two years to 10 years; and, make certain information about former brokers available permanently, such as criminal convictions and certain civil injunctive actions and arbitration awards against the broker.The changes will also formalize a dispute process for current or former brokers to dispute the accuracy of, or update, factual information told through BrokerCheck.”This additional information will benefit investors who are considering whether to conduct, or continue to conduct, business with a particular securities firm or broker,” said FINRA Chairman and CEO Rick Ketchum.
Posts Tagged ‘Securities Industry’
FINRA to Make Additional Information About Brokers, Former Brokers Publicly Available Through BrokerCheck
July 15th, 2010 
Before You Invest 
Posted in Finance Fraud 
Tags: Adjudicated, Arbitration Awards, Criminal Convictions, Customer Complaints, Electronic Filing, Factual Information, Financial Industry Regulatory Authority, Finra, Implements, Injunctive Actions, Ketchum, Own Accord, Public Disclosure, Regulatory Actions, Securities And Exchange, Securities And Exchange Commission, Securities Brokers, Securities Firm, Securities Industry, Segments 
Comments OffSEC To Review Marketing of Principal Protected Products
July 6th, 2010 Before You Invest The U.S. Securities and Exchange Commission is asking financial firms for information on how they market “principal-protected” notes,” Bloomberg reported on Friday, citing people familiar with the matter. Principal-protected notes, complex securities marketed as carrying a money-back guarantee, have started to make a comeback lately after losing much of their luster when Lehman Brothers collapsed in 2008.
Posted in Finance Fraud Tags: Bank Of America, Bank Of America Corp, Barclays, Barclays Plc, Bloomberg, Chase Co, Citigroup Inc, Financial Industry Regulatory Authority, Hsbc Holdings, Hsbc Holdings Plc, Initial Outlay, Jpmorgan Chase, Lehman Brothers, Luster, Money Back Guarantee, Principal Protected Notes, Promotional Materials, Regulatory Agency, Securities And Exchange Commission, Securities Industry Comments OffMcGinn, Smith Charged By FINRA in Note Case
April 20th, 2010 Before You Invest McGinn, Smith & Co., the longtime Albany brokerage that became entangled in the criminal trial of former state Senate Majority Leader Joseph Bruno, has been accused of securities fraud by the Financial Industry Regulatory Authority. FINRA is the self-regulating body of the securities industry. It is independent of the Securities and Exchange Commission, which is the federal government’s securities watchdog, and does not have criminal oversight.FINRA filed a complaint against McGinn, Smith dated April 5 that allges that the brokerage sold tens of millions of dollars worth of unregistered securities to clients.
Posted in Finance Fraud Tags: Brokerage, Company Officials, Criminal Trial, David L Smith, Financial Industry Regulatory Authority, Finra, Mcginn Smith, Note Case, Oversight, President David, Securities And Exchange, Securities And Exchange Commission, Securities Fraud, Securities Industry, Senate Majority Leader, Senate Majority Leader Joseph Bruno, Smith Co, State Senate, Unregistered Securities, Watchdog Comments OffFINRA reconsiders role of industry arbitrators
April 1st, 2010 Before You Invest U.S. securities regulator FINRA is reconsidering the mix of industry and public members in its arbitration panels while also taking actions to expand the pool of arbitrators, Chairman and Chief Executive Richard Ketchum told Reuters on Monday.FINRA — the Financial Industry Regulatory Authority — is a regulator affiliated with the securities industry it monitors.
Posted in Finance Fraud Tags: Arbitration Panels, Arbitrator, Brokerage Customers, Chief Executive, Financial Industry Regulatory Authority, Finra, Global Exchanges, Industry Member, Ketchum, Monitors, Pilot Program, Pool, Public Members, Public Representatives, Reuters, Running, Securities Brokerage, Securities Industry, Securities Regulator, Summit Comments OffEx-operations director of Madoff Securities, Daniel Bonventre, arrested
February 26th, 2010 Before You Invest The director of operations for Bernard L. Madoff Investment Securities was arrested Thursday morning for his role in defrauding investors out of tens billions of dollars in wealth.Daniel Bonventre was arrested on a criminal complaint charging him with securities fraud, falsifying books and filing fake statements with the Securities and Exchange Commission and the Internal Revenue Service.
Posted in Finance Fraud Tags: Billions Of Dollars, Books, Criminal Complaint, Director Of Operations, False Statements, Falsification, Industry News, Internal Revenue Service, Investment Securities, Investors, Madoff, Operations Director, Securities And Exchange, Securities And Exchange Commission, Securities Commission, Securities Exchange, Securities Fraud, Securities Industry, Tens, Thursday Morning Comments OffFINRA Seeks Expansion of Brokercheck Tool
February 23rd, 2010 Before You Invest The Financial Industry Regulatory Authority (FINRA) is currently seeking to expand its Brokercheck tool. Brokercheck gives individuals access to professional information regarding registered brokers and firms. The hope is that investors will use this tool to better get to know the people and companies with whom they are placing their money.
Posted in Finance Fraud Tags: Arbitration, Ceo, Criminal Convictions, Customer Complaints, Electronic Filing, Financial Industry Regulatory Authority, Finra, Investors, Judgments, Ketchum, Money, Own Accord, Public Disclosure, Registered Brokers, Securities Firm, Securities Industry, Tool Comments OffWall Street Bonuses Rise 17%
February 23rd, 2010 Before You Invest (Bloomberg) — Wall Street bonuses rose 17 percent in 2009 from a year earlier as the securities industry rebounded from the financial crisis, New York State Comptroller Thomas DiNapoli said.Financial firms disbursed $20.3 billion compared with $18.4 billion in 2008, DiNapoli’s office calculated, basing its estimate on personal income-tax collections.
Posted in Finance Fraud Tags: Bloomberg Television, Bonus Pool, Budget Deficit, Budget Problems, Capital Gains, Cash Bonuses, Corporate Earnings, David Paterson, Deferred Compensation, Financial Crisis, Growth And Profitability, Income Tax Collections, New York State Comptroller, Personal Income Tax, Predictable Growth, Securities Industry, Stock Options, Thomas Dinapoli, Wall Street Bonuses, York State Comptroller Comments OffMedical Capital and Provident Charges make Broker-Dealers Think Twice
November 9th, 2009 Before You Invest The charges of fraud brought against Medical Capital Holdings Inc. and Provident Royalties LLC by the Securities and Exchange Commission (SEC) has helped bring about a shift in the securities industry. Broker-dealers who were once willing to offer Private Placement deals to their clients with abandon are now more willing to scrutinize such deals than before.
Posted in Finance Fraud Tags: Abandon, Accounting, Broker Dealers, Business Model, Dividend Payments, Fraud, Investment Dollars, Investments, Measures, Medical Capital, Model Questions, Private Placement, Provident, Royalties, Scrutiny, Securities And Exchange, Securities And Exchange Commission, Securities Industry, Sense Of Urgency, Transparency No Comments »California Broker Barred from Securities Industry for Insider Trading
November 7th, 2009 Before You Invest A former employee of Piper Jaffray & Co., Abhishek Uppal, has been barred from the securities industry for engaging in insider trading. The Financial Industry Regulatory Authority (FINRA) made this choice following actions taken by Uppal in June of this year.Uppal, a resident of the San Francisco area, bought shares of SoftBrands days before the company announced it was being bought by Golden Gate Capital and Infor Global Solutions.
Posted in Finance Fraud Tags: Abhishek, Acquisition, Broker Dealer, Business Day, California Broker, Financial Industry Regulatory Authority, Golden Gate, Golden Gate Capital, Illegal Activities, Infor Global Solutions, Insider Trading, Mask, Piper Jaffray Co, Possession, San Francisco Area, Securities Industry, Softbrands, Stock Price, Uppal No Comments »
FINRA Seeks Extension of Discovery Guide Comment Period
The Financial Industry Regulatory Authority has requested to extend the public-comment period for a rule proposal that would redefine the type of information that parties typically exchange during securities arbitration proceedings. Finra filed a regulatory notice with the Securities and Exchange Commission on Tuesday to extend the comment period for proposed changes to its arbitration discovery guide by 45 days until Oct.
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