Former broker Antoine Souma has been ordered to pay Morgan Stanley nearly $6.4 million in compensatory damages related to two promissory notes paid to him as recruitment compensation. After a panel of arbitrators concluded that prohibited broker Antoine Nabih Souma (CRD# 4210987) owes his former employer, Morgan Stanley, $6.4 million in compensatory damages, national investment …
This week, the Financial Industry Regulatory Authority (FINRA) emphasized the significance of maintaining accurate client records by suspending a broker accused of misrepresenting customer call details. Derek Rehill, a 24-year industry veteran, received a two-month suspension for allegedly breaching FINRA’s Rule 2010, which mandates brokers to adhere to “high standards.” Rehill is accused of recording …
As financial advisors, we should understand the importance of providing our clients with the best financial advice and guidance to help them meet their financial goals. Unfortunately, there are some individuals in our industry who do not share our commitment to ethical conduct and instead, prey on vulnerable elderly clients for personal gain. Financial elder …
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FINRA announced today that Raymond James & Associates Inc. has settled charges of providing inaccurate trade confirmations to customers over eight years, totaling at least 1.85 million confirmations. The broker-dealer from St. Petersburg, Florida, has agreed to a $300,000 fine and a censure without admitting or denying any wrongdoing between January 2014 and May 2022. …
The SEC has stated that it intends to start public administrative proceedings against a disbarred broker currently serving a lengthy prison term. According to BrokerCheck, New York resident Bradley Reifler, 63, who became a broker in 1986, was barred from the industry in 2018 for refusing to cooperate with the Financial Industry Regulatory Authority’s “investigation …