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Articles Posted in FINRA Disciplinary Action

H. Beck, a Maryland-based broker-dealer firm, has been fined $400,000 by the Financial Industry Regulatory Authority (FINRA) in connection to allegedly unsuitable variable annuity recommendations resulting from the firm’s failure to enforce supervisory guidelines, according to an Investment News report published on November 21, 2018. FINRA found that H. Beck sold its customers more than […]

Publicly available records published by the Securities and Exchange Commission (SEC) and accessed on November 6, 2018, as well as contemporaneous reporting by Investment News indicate that former Pennsylvania-based Next Financial Group broker Douglas Simanski has agreed to settle SEC charges that he participated in a “$3.9 million fraud.” According to an SEC complaint filed […]

Publicly available records published by the Financial Industry Regulatory Authority (FINRA) and accessed on November 6, 2018 indicate that Cambridge Investment Research have been ordered to pay an award of $210,000 to an investor as the result of a FINRA arbitration concerning alleged rule violations. Fitapelli Kurta is interested in hearing from investors who have […]

Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on November 6, 2018 indicate that UBS Financial Services and UBS Financial Services of Puerto Rico have been ordered to pay an award exceeding $19 million to a party of investors as the result of a FINRA arbitration. Fitapelli Kurta is interested […]

Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on November 6, 2018 indicate that Wells Fargo Advisors has been ordered to pay an award totaling $360,800 to an investor as the result of a FINRA arbitration. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Wells Fargo. […]

Public records published by the Financial Industry Regulatory Authority (FINRA) and accessed on August 23, 2018 indicate that former California-based Wells Fargo Clearing Services broker/adviser James Schaedler, who has been barred by FINRA, recently received a new pending customer dispute. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Schaedler (CRD# […]

Public records published by the Financial Industry Regulatory Authority (FINRA) and accessed on August 23, 2018 indicate that Illinois-based Newbridge Securities Corporation broker/adviser Taek Chong has been sanctioned by FINRA in connection to alleged rule violations and barred from acting as a broker or otherwise associating with a broker-dealer firm. Fitapelli Kurta is interested in […]

In January 2018 FINRA published a quarterly disciplinary review documenting matters it had settled or litigated in the preceding quarter. Following are brief summaries of the matters discussed therein. In one matter, FINRA settled allegations involving a representative who “created fictitious letters to a former customer” so as to hide his provision of inaccurate information […]

In April 2018 FINRA published a quarterly disciplinary review containing summaries of disciplinary actions taken by the organization. The review encompasses both settlements and decisions in litigated cases involving alleged misconduct by registered representatives. Following are brief recaps of the matters discussed therein. One settlement involved allegations that a representative recommended that retail customers purchase […]

Public records published by the Financial Industry Regulatory Authority (FINRA) and accessed on May 25, 2018 indicate that former Florida-based Morgan Stanley broker David Olson, who has received several customer disputes, was recently sanctioned by FINRA and barred from acting as a broker or otherwise associating with a broker-dealer firm. Fitapelli Kurta is interested in […]

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