The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Thomas Stratton from the securities industry for refusing to cooperate with a FINRA investigation into whether Mr. Stratton misused customer funds with respect to the sale of promissory notes related to a third party’s life insurance policy, and misrepresentation thereto. The investigation was launched after FINRA…
Continue reading ›The Financial Industry Regulatory Authority (“FINRA”) has suspended former Worden Capital Management LLC supervisor Henry Bones II. Mr. Bones consented to a two-month suspension from associating with any FINRA member in all principal capacities after FINRA alleged that he failed to reasonably supervise a former broker, Christopher Orlando, that excessively traded ten customer accounts. Earlier…
Continue reading ›On August 3, 2021, the Financial Industry Regulatory Authority (“FINRA”) and former Joseph Stone Capital L.L.C. stockbroker Eugene McAdams entered into a Letter of Acceptance, Waiver, and Consent No. 2020066887801 whereby Mr. McAdams consented to a bar from the securities industry. Mr. McAdams consented to the expulsion after refusing to cooperate with a FINRA investigation…
Continue reading ›On August 10, 2021, the Securities and Exchange Commission (“SEC”) announced whistleblower awards of nearly $6 million to two whistleblowers who provided information and assistance to the SEC in separate enforcement proceedings. The latest awards come after the SEC revealed on August 6, 2021, an award of more than $3.5 million to three individuals in…
Continue reading ›On August 2, 2021, the Securities and Exchange Commission (“SEC”) announced whistleblower awards of more than $4 million to four whistleblowers who provided information and assistance to the SEC in two separate enforcement proceedings. In the first enforcement proceeding, a whistleblower was awarded more than $2 million for providing the regulator with information that launched…
Continue reading ›The Financial Industry Regulatory Authority (“FINRA”) has barred financial advisor Enoch Booth from the securities industry for refusing to cooperate with a FINRA investigation into whether Mr. Booth engaged in unauthorized private securities transactions and outside business activities. FINRA launched the investigation after Valic Financial Advisors, Inc. terminated Mr. Booth’s employment in December 2020 and…
Continue reading ›On July 21, 2021, the Securities and Exchange Commission (“SEC”) announced an award of nearly $3 million to a whistleblower who alerted the SEC to previously unknown conduct that led to a successful SEC enforcement action. According to Emily Pasquinelli, Acting Chief of the SEC’s Office of the Whistleblower, the whistleblower “provided substantial additional assistance”…
Continue reading ›On July 19, 2021, UBS Financial Services Inc. (“UBS”) and the Securities and Exchange Commission (“SEC”) settled charges related to UBS’s failure to adopt and implement written policies and procedures reasonably designed to prevent unsuitable investments in volatility-linked-exchange-traded products (“ETPs”) between January 2016 and January 2018. As a result of UBS’s supervisory failures, financial advisors…
Continue reading ›On July 15, 2021, the Securities and Exchange Commission (“SEC”) announced an award of more than $1 million to a whistleblower. According to Emily Pasquinelli, Acting Chief of the SEC’s Office of the Whistleblower, the whistleblower “played a crucial role” by providing the SEC with valuable information and ongoing assistance. In 2021, the SEC has…
Continue reading ›**Update: November 11, 2021** On November 8, 2021, Aegis Capital Corp agreed to pay nearly $2.7 million in sanctions for supervisory failures related to excessive and unsuitable trading by its brokers from July 2014 through December 2018. Click on the following link to read more: Aegis Capital Corp. Ordered to Pay Nearly $2.7 Million for…
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