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
Paul McGonigle, a 67-year-old financial adviser from Middleboro, Massachusetts, pleaded guilty to defrauding his elderly clients and stealing their retirement assets. He allegedly stole at least $1.4 million from the annuities of 15 clients over three years, according to court documents and a statement jointly released by the U.S. Attorney’s Office and the Federal Bureau
Paul McGonigle Pleads Guilty to Defrauding Clients and Stealing Their Retirement Assets Read More »
A broker-dealer was penalized by the Financial Industry Regulatory Authority (FINRA) for suspected violations of Regulation Best Interest (Reg BI), which shows the self-regulator is now actively going after businesses. Recently, IBM settled with three people over alleged violations of Reg BI. Reg BI, enacted by the Securities and Exchange Commission in June 2020, mandates
FINRA Fines Long Island Financial Group for Reg BI Noncompliance Read More »
Investors that own the Business Development Corporation of America (BDCA)Â are seeing massive losses. BDCA is a non-traded business development company (BDC) that focuses on senior secured loans with middle-market companies. A non-traded BDC does not trade like a stock or a bond on a national exchange. It is generally considered risky, complex, and illiquid because
BDCA (Business Development Corporation of America) Losses Surge Read More »