The Financial Industry Regulatory Authority (FINRA) reports that it has fined AXA Advisors, LLC $600,000 and ordered the firm to pay approximately $172,000 in restitution to approximately 6,200 affected retirement plan participants for allegedly “distributing materials that negligently misrepresented that certain bond funds offered for 401(k) plans were ‘investment-grade’ when, in fact, a substantial portion… Read More >>
FINRA Fines Morgan Stanley $10M on AML Charges
The Financial Industry Regulatory Authority (FINRA) has charged that Morgan Stanley’s anti-money laundering (AML) program was beset with supervisory failures for more than five years. Those failures allegedly violated the Bank Secrecy Act and have resulted in a formal censure and a $10 million FINRA fine. The various charges encompass the period from 2011 to… Read More >>
FINRA Checks its Reset One Year On
Officials at the Financial Industry Regulatory Authority (FINRA) released a “Progress Report on FINRA360” last month and the regulator is making the case that it has started to reinvigorate itself, particularly in the areas of enforcement and qualification exams. As you may recall, FINRA360 is an effort to see if “FINRA is operating as the… Read More >>
FINRA Promotes to Fill Top Enforcement Post
FINRA’s Susan Schroeder Moves Up Officials at the Financial Industry Regulatory Authority (FINRA) report that they have promoted Susan Schroeder to executive vice president and head of enforcement. Schroeder has been the acting head of enforcement since the departure of Brad Bennett earlier this year, FINRA officials say. Previously, she served as senior vice president… Read More >>
