Skip to main content

News Releases

Node: field_core_official_dt (year)
On the Front Lines of Investor Protection
Report Finds No Evidence of Improper Agreement to Remove Arbitrators From Cases; FINRA to Implement Recommendations to Provide Greater Transparency WASHINGTON – FINRA today published the report of independent counsel Lowenstein Sandler LLP, which found no evidence of an improper agreement to remove certain arbitrators from arbitration cases.
NSC Ordered to Pay Over $625,000 in Restitution to Customers Who Bought GPB Capital Private Placements After NSC Failed to Inform Them of Material Information WASHINGTON—FINRA announced today that it has sanctioned National Securities Corporation (NSC) approximately $9 million, including disgorgement of $4.77 million in net profits the firm received for underwriting 10 public offerings in which NSC attempted to artificially influence the market for the offered securities.
WASHINGTON—FINRA announced today that it has appointed Michael Solomon as Senior Vice President of Examinations. Solomon will assume this role on June 6 and report to Greg Ruppert, Executive Vice President and Head of Member Supervision. Solomon will be responsible for overseeing the strategic direction and execution of FINRA’s national Examination Program, assuming responsibilities previously held by Thomas Nelli, who retired from FINRA in March 2022.
On the Front Lines of Investor Protection
WASHINGTON— FINRA announced today that it has ordered Merrill Lynch, Pierce, Fenner & Smith, Inc. to pay more than $15.2 million in restitution and interest to thousands of customers who purchased Class C mutual fund shares when Class A shares were available at substantially lower costs.
Board Approves Rulemaking Items and Annual Financial Report; Appoints New Members to Advisory Committees WASHINGTON—FINRA’s Board of Governors held its second meeting of the year on May 11-12 in Fort Lauderdale, FL—near the organization’s Boca Raton office, the home of FINRA’s Securities Helpline for Seniors. The Board approved three rulemaking items and took action on three items related to governance.
On the Front Lines of Investor Protection
WASHINGTON—FINRA announced today that it has fined two FINRA-registered funding portals a combined $1.75 million for failing to comply with securities laws and rules designed to protect crowdfunding investors.
Fostering Engagement
SPACs, Margin Debt and CAT Among New Data Categories WASHINGTON – FINRA today published the 2022 FINRA Industry Snapshot, the annual statistical report on the brokerage firms, registered representatives and market activity that FINRA oversees. This year’s edition adds new data about special purpose acquisition companies (SPACs), customer margin debt, the Consolidated Audit Trail (CAT) and other areas.
Fostering Engagement
Outreach Follows Recent Efforts to Expand Opportunities for Participation WASHINGTON – FINRA today issued Special Notice 3/31/22 to encourage securities industry professionals and non-industry stakeholders from diverse backgrounds to become involved in FINRA’s advisory committees.
On the Front Lines of Investor Protection
WASHINGTON - FINRA announced today that a FINRA extended hearing panel has expelled Salt Lake City-based broker-dealer Alpine Securities Corp. from FINRA membership, and ordered the firm to pay more than $2.3 million in restitution to customers for converting and misusing customer funds and securities, engaging in unauthorized trading, charging customers unfair prices in securities transactions and unreasonable fees, and making an unauthorized capital withdrawal.
Facilitating Compliance
WASHINGTON—FINRA today issued a Regulatory Notice reminding member firms about the scope of broker-dealer chief compliance officer (CCO) supervisory liability under FINRA rules.