An AWC was issued in which the firm was censured and required to provide FINRA with a remediation plan to remediate eligible customers who qualified for, but did not receive, an applicable mutual fund sales-charge waiver. As part of this settlement, the firm agreed to pay restitution to eligible customers, which is estimated to total […]
The Securities and Exchange Commission has filed a subpoena enforcement action against 235 limited liability companies (the “LLCs”) based in Delaware and Colorado seeking an order requiring the production of documents. According to the SEC’s application and supporting papers, filed in federal court in Miami: The SEC is investigating whether Woodbridge or others have violated, […]
Morgan Stanley which saw its total advisor headcount drop slightly in the third quarter, says it will leave the Protocol for Broker Recruiting as part of its drive to make new investments in its advisors. The protocol, created in 2004, limits litigation among member firms that sign on and agree to a set of rules […]
A Williamsville financial adviser is facing charges that he stole $200,000 from one of his clients. Michael Giokas, founder of Giokas Wealth Advisors, was arrested on fraud charges Wednesday and later released on bail by U.S. Magistrate Judge Michael J. Roemer. Assistant U.S. Attorney Paul E. Bonanno said Giokas led his client to believe the […]
The U.S. Securities and Exchange Commission has approved a proposal from the Financial Industry Regulatory Authority (FINRA) to streamline the process for prospective broker-dealer reps to meet their proficiency requirements, FINRA announced Thursday. The proposal aims to reform the industry exam process, with an eye on expanding opportunities for brokers to enter, or return to, […]