Summary Arbitration Statistics September 2012 New Case Filings through September: 2010 2011 2012 2012 vs 2011 4,279 3,705 3,394 -8% Number of Cases Closed through September: 2010 2011 2012 2012 vs 2011 4,709 4,489 3,747 -17% Turnaround Time* (in months) through September: 2010 2011 2012 2012 vs 2011 Overall 12.4 14.2 14.5 […]
A Financial Industry Regulatory Authority hearing panel has hit Wedbush Securities with a $300,000 fine, and issued its president and founder, Edward Wedbush, a 31-day suspension along with a $25,000 fine. The August 2nd decision is a culmination of a range of offenses, inquiries and disciplinary actions dating back over a decade to February of […]
The Financial Industry Regulatory Authority said it ordered Citigroup Inc. (C) to pay more than $1.2 million in fines, restitution and interest related to alleged excessive markups and markdowns on corporate and agency bond transactions. Finra said that from July 2007 to September 2010, Citi International Financial Services LLC, a subsidiary of the global bank, […]
FINRA is examining sales of certificates of deposit tied to derivatives after banks sold a record number of the investments last year. The industry-backed regulator wants to make sure the so- called structured CDs, where principal is protected by the Federal Deposit Insurance Corp., are properly understood by investors given their increasing complexity and lengthening […]
Despite a pending Finra complaint against his firm, David Lerner has continued to pitch nontraded REITs improperly, according to an amended complaint filed in December by the self-regulator. In the amended filing, the Financial Industry Regulatory Authority Inc. went after Mr. Lerner personally and added more allegations to the original May 2011 complaint against his […]