The Securities and Exchange Commission today announced that the former CEO of a global investment services firm’s brokerage subsidiary agreed to pay more than $783,000 and admit wrongdoing to settle a case involving employees under his control misleading customers. The SEC previously charged ConvergEx Group subsidiaries, which paid $107 million and admitted wrongdoing to settle […]
Former LPL Financial branch manager James “Jeb” Bashaw was fired on September 24, 2014, for several allegations, including participating in private securities transactions without providing written disclosure to and obtaining written approval from LPL Financial, according to his report on CRD (Central Registration Depository). Mr. Bashaw was once named Texas’ top adviser by Barron’s magazine in […]
The Board of Governors of the Financial Industry Regulatory Authority (FINRA) issued a decision today finding Charles Schwab & Co., Inc. violated FINRA rules when the firm attempted to keep investors from participating in judicial class actions by adding waiver language to customer account agreements. The ruling by the Board affirms in part and reverses […]
A federal jury in Boise today returned guilty verdicts against four DBSI principals, Douglas L. Swenson, Mark Ellison, David D. Swenson, and Jeremy S. Swenson on multiple fraud charges, announced U.S. Attorney Wendy J. Olson. The jury convicted Douglas Swenson, 65, of Eagle, Idaho, on thirty-four counts of wire fraud and forty-four counts of securities […]
The Financial Industry Regulatory Authority has filed a regulatory complaint against two former MetLife Securities Inc. brokers for allegedly engaging in a seven-year scheme to inflate commissions by encouraging customers to switch $21 million in annuities, Reuters reports. According to the FINRA complaint, Christopher Birli and Patrick Chapin, who were both employees of MetLife in Williamsville, […]