FINRA Hearing Panel Dismisses 2004 Sales Practices Complaint Against H&R Block Financial Advisors
Washington, D.C. — A Financial Industry Regulatory Authority (FINRA) Hearing Panel today dismissed a November 2004 complaint against H&R Block Financial Advisors alleging sales practices and supervisory violations relating to sales of Enron Corporation bonds during the one-month period immediately preceding Enron's filing for bankruptcy protection on Dec. 2, 2001.
The panel ruled that FINRA's Department of Enforcement failed to show by a preponderance of evidence that H&R Block registered representatives misrepresented or omitted material facts in connection with sales of Enron bonds, or that the firm failed to implement adequate supervisory systems and procedures.
The panel issued a detailed, 54-page decision.
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