Yesterday, October 30, 2025, the Financial Industry Regulatory Authority (FINRA) barred a former broker at Transamerica Financial Advisor, Mr. George Ndifor Jing, from associating with any FINRA member firm in all capacities as a result of failing to cooperate with an investigation. If you were a client of George N. Jing and suffered investment losses…
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Recently, the Financial Industry Regulatory Authority (FINRA) announced disciplinary actions against two financial advisors, Eyan M. Townsend and George J. Cairnes, for serious misconduct, including unauthorized communications, undisclosed outside business activities, borrowing funds from a client, and interfering with a firm’s investigation. If you were a client of Eyan M. Townsend or George J. Cairnes…
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From September 2016 through November 2022, Ally Invest Securities LLC failed to preserve over 22.6 million business-related electronic communications, violating key federal securities laws and FINRA regulations. As a result, Ally has been censured and fined $850,000 by FINRA. The violations underscore how crucial it is for brokerage firms to maintain proper supervisory and recordkeeping…
Continue reading ›Merrill Lynch, Pierce, Fenner & Smith Incorporated has agreed to pay $9.5 million to settle a FINRA arbitration claim filed by former Miami Dolphins safety Reshad Jones. The claim stemmed from alleged misconduct by Jones’s former financial advisor, Isaiah Thomas Williams, who was accused of misappropriating over $2.5 million from the NFL veteran’s investment accounts.…
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FINRA Sanctions Zachary Taylor The Financial Industry Regulatory Authority (FINRA) has suspended former Merrill Lynch and Oppenheimer broker Zachary Ellis Taylor (CRD #6074776) for nine months in all capacities after finding that he willfully violated federal securities laws and FINRA rules. According to a FINRA settlement order (No. 2022075083801), between August 2020 and June 2023,…
Continue reading ›The Financial Industry Regulatory Authority (FINRA) has censured and fined J.P. Morgan Securities LLC (JPMS) $150,000 for supervisory failures tied to the delivery of preliminary prospectuses in initial public offerings (IPOs). According to a FINRA Letter of Acceptance, Waiver, and Consent (AWC), between January 1, 2018, and December 30, 2021, JPMS’s supervisory system, including its…
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The Financial Industry Regulatory Authority (FINRA) has fined Interactive Brokers LLC $650,000 and issued a censure after finding that the online brokerage firm failed to exercise proper due diligence before approving certain self-directed customers to trade options. The sanctions stem from deficiencies that spanned more than five years, between November 2019 and December 2024, and…
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The GWG Wind Down Trust filed its latest status report on August 15, 2025, with the U.S. Bankruptcy Court, providing new details for GWG L Bond investors. Liz Freeman, the GWG Wind Down Trustee, also released the trust’s recent financial statements. These reports cover the Trust’s activities for the quarter and year ending June 30,…
Continue reading ›Wells Fargo Clearing Services, LLC has been censured and fined $275,000 by the Financial Industry Regulatory Authority (FINRA) for failing to maintain a supervisory system designed to prevent unregistered municipal advisory activity over a period of more than five years. According to the settlement, from at least June 2019 to November 2024, Wells Fargo had…
Continue reading ›The Financial Industry Regulatory Authority (FINRA) has censured and fined Goldman Sachs & Co. LLC $250,000 for multiple rule violations related to its role as a lead underwriter in a 2021 initial public offering (IPO) and for permitting unregistered individuals to perform investment banking functions. According to a FINRA Letter of Acceptance, Waiver, and Consent…
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