Firm Fined $229,000, Ordered to Offer Rescission to Defrauded Investors, and Suspended Two Years From Engaging in Self-Offerings; Registered Representative Suspended Two Years
WASHINGTON — The Financial Industry Regulatory Authority (FINRA) announced today that a FINRA hearing panel has sanctioned Avenir Financial Group, fining the NY-based firm $229,000 and suspending it for two years from engaging in any self-offerings of securities for misconduct including the fraudulent sales of equity interests in the firm and promissory notes.
News Releases & Statements
FINRA Provides Information and Assistance to Investors
WASHINGTON — Investors should beware of offers to recover money lost from securities investments for an upfront fee, according to an Investor Alert issued today by the Financial Industry Regulatory Authority (FINRA). In particular, FINRA cautions investors who live outside the U.S. that some of these offers may be fraudulent.
WASHINGTON —The Financial Industry Regulatory Authority (FINRA) announced the results of voting that took place at its 2016 Annual Meeting today in Washington, D.C. In accordance with FINRA By-Laws, small firms elected one Governor. FINRA also named two new public Governors to its Board of Governors.
Bob Muh, Chief Executive Officer, Sutter Securities, Inc. was elected as a Small Firm Governor, one of three representatives of small firms on the Board of Governors.
Office Manager Took $370,000 From Own Family’s Brokerage Accounts
WASHINGTON — The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Ameriprise Financial Services, Inc. $850,000 for failing to detect the conversion of more than $370,000 from five customer brokerage accounts by one of its registered representatives. Ameriprise failed to adequately investigate red flags associated with nine third-party wire requests, including that the funds were being transmitted to a business bank account associated with an Ameriprise representative.
While most Americans understand the importance of saving and investing, many do not possess the basic financial knowledge needed to make sound financial decisions, according to a recent study released by the FINRA Investor Education Foundation (FINRA Foundation).
FINRA today announced it has fined Deutsche Bank Securities Inc. $12.5 million for significant supervisory failures related to research and trading-related information it disseminated to its employees, called ‘hoots’ or ‘squawks,’ over internal speakers commonly known as ‘squawk boxes.’
FINRA announced today that it has fined Barclays Capital Inc. $1.3 million for systemic and significant Order Audit Trail System (OATS) reporting violations and related supervisory failures.
WASHINGTON – The Financial Industry Regulatory Authority (FINRA) announced today that it has filed a complaint against broker Hank Mark Werner of Northport, New York, charging him with securities fraud for churning the account of his customer, a 77-year old blind widow, and for excessive and unsuitable trading concerning her account.
WASHINGTON — The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Prudential Annuities Distributors, Inc. $950,000 for failing to detect and prevent a scheme that resulted in the theft of approximately $1.3 million from an 89-year-old customer’s variable annuity account. The firm repeatedly failed to adequately investigate “red flags” that Travis A.