FINRA Launches New Wave Of Private Placement Crackdowns
- Created: Wednesday, 30 November 2011 08:08
The latest round of enforcement will return $3.2 million to aggrieved clients and imposes some relatively minor fines on ten firms and eight individuals who sold them.
Securities America, which has already suffered through massive arbitration of client claims related to its private placement sales, fared worst with a $250,000 fine.
FINRA warns that it continues to look closely at private placement sales, especially when firms fail to show that they're exercising proper due diligence into these securities before selling them.
This Website Is For Financial Professionals Only
- Despite Its Long Rap Sheet, Merrill Lynch Is Coopting The Fiduciary Message; Thundering Herd Will Beat A Glorious Path To Restoring Investor Trust
- Commonwealth Financial Network Announces New Advisor Affiliation Models: You Can Be A Fee-Only RIA And Leverage The BD's Services
- 2012 Report Identifies Top Five Challenges For Broker-Dealers Along With Industry Trends And Best Practices
- Lincoln Financial Advisor Defamation Case Highlights The Limitations Of Brokercheck