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Firm Misconduct

Windsor Street Capital Accused by Regulator of Facilitating Fraud

On May 7, 2018, the Financial Industry Regulatory Authority, Inc. (FINRA) publicly released a complaint that it filed against Windsor Street Capital, LP (formerly known as Meyers Associates, L.P.) and four of its registered representatives.  FINRA registers and regulates brokers and brokerage firms. The complaint names Windsor and its associated persons Bruce Meyers, Imitaz (Raana)

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Fifth Third Securities Fined $4 Million for Exchanges of Variable Annuities

On May 8, 2018, the Financial Industry Regulatory Authority (FINRA) announced that it fined Fifth Third Securities, Inc. $4 million.  FINRA, the self-regulator of securities brokerages, levied the fine in connection with its investigation of Fifth Third’s variable annuities exchanges occurring from 2013 through 2015. FINRA also ordered Fifth Third to pay a total amount

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LPL Financial Fined Up To $26 Million for Unregistered Securities Sales

On May 2, 2018, the North American Securities Administrators Association (NASAA)—the association of state, Canada, Mexico, and U.S. territory securities regulators—announced a settlement with LPL Financial LLC.  The settlement between the NASAA and LPL requires LPL to offer to repurchase certain unregistered securities it sold investors since October 2006 and to pay civil penalties that

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Wedbush Securities Fined Once Again for Alleged Misconduct Two Weeks After the SEC Labeled It a Recidivist Broker

On April 11, 2018, Los Angeles based stockbrokerage, Wedbush Securities Inc., once again came under regulatory fire.  This time, the Financial Industry Regulatory Authority, Inc. (FINRA) fined Wedbush $40,000 for alleged rule violations. Wedbush already received three regulatory sanctions in 2018 with total penalties of $2,809,000.  These penalties add to the more than 70 regulatory

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