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,…
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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…
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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The U.S. Securities and Exchange Commission (SEC) has announced significant settlements with Emerson Equity, LLC—the managing broker-dealer for the now-defunct GWG Holdings, Inc. (“GWG”) L Bond program. It also settled with Tony Barouti, one of the nation’s most prolific L Bond sales representatives. These enforcement actions provide further confirmation of what Iorio Law PLLC has…
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…
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