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Mutual Fund Breakpoint Discounts – FINRA Fines and Suspends Ex-Cetera Broker

 The Financial Industry Regulatory Authority (FINRA) has fined and suspended a former Cetera Advisors broker in Tucson, Arizona for failing to invest his customers’ funds in a way that would have qualified for mutual fund breakpoint discounts, according to a settlement finalized on Thursday and as reported on Advisor Hub…

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Merrill Settles Claim for $4.25 Million Regarding Suitability Allegations

Merrill terminated 38-year Birmingham, Alabama based Advisor after settling a customer claim for $4.25 million, according to Advisor Hub and FINRA Brokercheck. Merrill fired the advisor for “conduct including making an unsuitable investment strategy recommendation and misrepresentation to a client” tied to an options investment and also for failing “to…

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Brian Leggett and Bryson Holdings, LLC v. Wells Fargo Clearing Services, et al

Fulton County Superior Court ***EFILED***QW Date: 1/25/2022 1:53 PM Cathelene Robinson, Clerk   IN THE SUPERIOR COURT OF FULTON COUNTY STATE OF GEORGIA BRIAN LEGGETT and BRYSON HOLDINGS, LLC, vs. Petitioners, Civil Action File No. 2019CV328949 WELLS FARGO CLEARING SERVICES, LLC d/b/a WELLS FARGO ADVISORS, LLC and JAY WINDSOR PICKETT…

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FINRA To Hire A Law Firm to Review Arbitrator Selection After Judge Rebukes FINRA in Vacating a Wells Fargo Award

The Financial Industry Regulatory Authority hired an “independent” law firm to conduct a review of its arbitrator selection procedures after a Judge rebukes FIRNA in an order vacating a Wells Fargo award in a controversial case, according to FINRA. Finra, whom denied any flaw in its process, hired the law…

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$950,000 Fine to Merrill – Flawed Supervision Allowed Two Advisors to Steal $6M

According to Advisor Hub, the Financial Industry Regulatory Authority has censured and imposed a $950,000 fine on Merrill Lynch Wealth Management for allegations that they engaged in ignoring flaws in its fraud detection systems allowed for two of their brokers to steal $6 million from clients. “Merrill’s systems did not…

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In An Order To Vacate Award By Wells Fargo, Judge Scolds FINRA Arbitration

According to Advisor Hub and FINRA Website, in a decision overturning an arbitration award, a Georgia state court judge vacated an Arbitration decision in which Wells Fargo successfully beat an investor’s $1.7 million damage claims over investment losses. According to the Order, Judge Belinda E. Edwards based her ruling in…

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J.P. Morgan to Pay $4 Million to Client

Miller Stern Lawyers is currently investigating claims against J.P. Morgan. According to Advisor Hub and industry records, J.P. Morgan Advisors was ordered to pay $4 million in damages to a former client in their San Francisco office. Industry records confirms that Lacey Winston Keath alleged unsuitability in filings against J.P.…

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FINRA Sanctions Transamerica Financial Advisors, Inc. $8.8 Million for Supervisory Violations Related to Variable Annuities, Mutual Funds and 529 Plans”

Miller Stern Lawyers – 410-Law-Firm is currently investigating clients of Transamerica and all firms and broker dealers who may be victims of, and suffered damages and losses, due to abuses such as failure to supervise, breach of fiduciary duty, overcharging , and unauthorized trading. As posted from FINRA.ORG “Firm Ordered…

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Finra Hits Veteran Broker Over UIT (Unit Investment Trust) Sales

FINRA’s ongoing campaign to rein in alleged sales abuses involving short-term trading of unit investment trusts in customer accounts has led a 23-year veteran advisor to accept a $10,000 fine and three-month suspension. Miller Stern Lawyers – 410-Law-Firm is currently investigating clients of Stifel Nicolaus and all firms and broker…

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Finra Fines for Inadequate Broker Checks

FINRA fined a small independent broker-dealer in California $35,000 for failing to adequately conduct background investigations on registered reps and for failing to obtain regulatory pre-approval for a seven-month growth spurt, according to Advisor Hub. Infinity Financial Services, an Oakland, CA-based firm founded 13 years ago by a former Merrill…