Effective October 16, 2023, FINRA adopted amendments to its Codes of Arbitration Procedure (Codes) to modify the process relating to requests to expunge customer dispute information in the FINRA Dispute Resolution Services (DRS) arbitration forum. FINRA operates the Central Registration Depository (CRD), and customer dispute information maintained in CRD is reported through Forms U4 and…
Read More
In an effort to delay FINRA’s expedited death sentence it imposed following its ruling that, Alpine Securities be expelled from the industry over allegations it misused customer funds and violated compliance rules, the broker dealer has taken direct action against FINRA and filed an injunction pending appeal. In its Emergency Motion for Injunction Pending Appeal,…
Read More
The Financial Industry Regulatory Authority has barred a veteran financial advisor for providing falsified financial documents and making false statements during an investigation in violation of FINRA Rules 8210 and 2010. Timothy James Breslin, who owned and operated his own registered investment advisory firm, TJB Wealth Management (CRD # 325641), submitted a Letter of Acceptance,…
Read More
FINRA has announced it has expelled Monmouth Capital Management for various violations, including churning, excessive trading, failure to supervise its representatives and providing false and misleading disclosures to retail customers on its client relationship summary (“Form CRS”). During its investigation, FINRA obtained evidence which reflected Monmouth, by way of approximately six (6) registered representatives, excessively…
Read More
On June 12, 2023, FINRA published Regulatory Notice 23-11,[*1] soliciting comments on proposed Rule 4610 concerning liquidity risk management requirements. Rule 4610 would require covered members—those with the “largest customer and counterparty exposures”—to “have and maintain sufficient liquidity on a current basis” at all times. The purpose of Rule 4610 is to “ensure that members…
Read More
On April 20, 2023, the Securities and Exchange Commission (”SEC) released a staff bulletin regarding the standards of conduct for broker-dealers and investment advisors. The bulletin is focused primarily on the Care Obligation of Regulation Best Interest (“Reg BI”) for broker-dealers and the duty of care enforced under the Investment Advisers Act of 1940 (the…
Read More
The Financial Industry Regulatory Authority (FINRA) is ramping up enforcement against registered representatives who violate the Best Interest Obligation of the SEC’s Regulation Best Interest (“Reg. BI”). In February 2023, FINRA announced that it had disciplined two New York-based registered representatives for violating Reg BI. Tony Cirella and Edward Scott Short, both of the Melville,…
Read More
The Financial Industry Regulatory Authority (“FINRA”) has released its 2023 report regarding FINRA’s Examination and Risk Monitoring Program (the “Report”). FINRA’s intent is that the Report be an up-to-date, evolving resource which member firms can use to strengthen their compliance programs. This year’s Report addresses a materially broader range of topics than in prior years….
Read More
In a November 10, 2022, interview with CNBC’s “Squawk Box”, SEC Chair Gary Gensler called for greater protections for investors in the cryptocurrency space following the stunning collapse of crypto exchange FTX. According to FTX’s now-former CEO Sam Bankman-Fried, the crypto exchange is facing a shortfall of up to $8 billion. On November 2, 2022,…
Read More
The Financial Industry Regulatory Authority has disciplined a formerly registered representative for violating Regulation Best Interest (“Reg BI”). In a first-of-its-kind disciplinary action, Charles Malico of Huntington Station, New York, has been fined $5,000 and suspended for six months for “recommending a series of transactions in the account of one retail customer that was excessive…
Read More
Our locations in Birmingham and Pensacola are conveniently located for clients in the Southeast.
Get In Touch