FINRA Newsroom

FINRA Warns Investors of Nutraceutical Stock Scams

mediarelations@finra.org (FINRA Media Relations) — Wed, 16 May 2012 10:00:00 EDT

WASHINGTON - The Financial Industry Regulatory Authority (FINRA) issued a new Investor Alert called Nutraceutical Stock Scams-Don't Supplement Your Portfolio With These Companies

FINRA Names Robert L. D. Colby Chief Legal Officer

mediarelations@finra.org (FINRA Media Relations) — Mon, 7 May 2012 16:28:00 EDT

Washington - The Financial Industry Regulatory Authority (FINRA) announced today that it has hired Robert L. D. Colby as its Chief Legal Officer.

FINRA Sanctions Four Firms $9.1 Million for Sales of Leveraged and Inverse Exchange-Traded Funds

mediarelations@finra.org (FINRA Media Relations) — Tue, 1 May 2012 09:52:00 EDT

WASHINGTON — The Financial Industry Regulatory Authority (FINRA) today announced that it has sanctioned Citigroup Global Markets, Inc; Morgan Stanley & Co., LLC; UBS Financial Services; and Wells Fargo Advisors, LLC a total of more than $9.1 million for selling leveraged and inverse exchange-traded funds (ETFs) without reasonable supervision and for not having a reasonable basis for recommending the securities.

FINRA Statement on Introduction of Investment Adviser Oversight Act of 2012

mediarelations@finra.org (FINRA Media Relations) — Wed, 25 Apr 2012 13:42:00 EDT

The bipartisan bill, Investment Adviser Oversight Act of 2012, introduced today is an important and thoughtful effort to address a serious gap in investor protection.

FINRA Hearing Officer Expels Pinnacle Partners Financial Corp. and Bars President for Fraud

mediarelations@finra.org (FINRA Media Relations) — Wed, 25 Apr 2012 10:45:00 EDT

WASHNGTON — A Financial Industry Regulatory Authority (FINRA) hearing officer has expelled Pinnacle Partners Financial, Corp., a broker-dealer based in San Antonio, TX, and barred its President, Brian Alfaro, for fraudulent sales of oil and gas private placements and unregistered securities.

Testimony of Chairman and CEO Richard G. Ketchum Before the Committee on Banking, Housing, and Urban Affairs

mediarelations@finra.org (FINRA Media Relations) — Tue, 24 Apr 2012 10:00:00 EDT

Testimony Before the Committee on Banking, Housing, and Urban Affairs

Goldman, Sachs & Co. Fined $22 Million for Supervisory Failures Relating to Trading and Equity Research

mediarelations@finra.org (FINRA Media Relations) — Thu, 12 Apr 2012 11:30:00 EDT

WASHINGTON — The Financial Industry Regulatory Authority (FINRA) today announced that it has fined Goldman, Sachs & Co. $22 million for failing to supervise equity research analyst communications with traders and clients and for failing to adequately monitor trading in advance of published research changes to detect and prevent possible information breaches by its research analysts.

FINRA Foundation Study Finds Most Women Pay More When Using Credit Cards

mediarelations@finra.org (FINRA Media Relations) — Wed, 11 Apr 2012 11:00:00 EDT

WASHINGTON - The FINRA Investor Education Foundation released a new study revealing that women were more likely to engage in costly credit card behaviors than men.

FINRA Hearing Panel Fines David Lerner Associates $2.3 Million for Selling Municipal Bonds, CMOs to Retail Customers at Unfair Prices, and for Supervisory Violations

mediarelations@finra.org (FINRA Media Relations) — Wed, 4 Apr 2012 10:16:00 EDT

WASHINGTON — The Financial Industry Regulatory Authority (FINRA) announced today that a FINRA hearing panel ruled that Long Island-based David Lerner Associates, Inc. (DLA) charged excessive markups on municipal bond and collateralized mortgage obligation (CMO) transactions over a two-year period, causing the firm's retail customers to pay unfairly high prices and receive lower yields than they otherwise would have received.

FINRA Fines Citi International Financial $600,000 and Orders Restitution of $648,000 for Excessive Markups and Markdowns

mediarelations@finra.org (FINRA Media Relations) — Mon, 19 Mar 2012 10:30:00 EDT

FINRA announced today that it has fined Citi International Financial Services LLC, a subsidiary of Citigroup, Inc., $600,000 and ordered more than $648,000 in restitution and interest to more than 3,600 customers for charging excessive markups and markdowns on corporate and agency bond transactions, and for related supervisory violations.

FINRA Foundation Military Spouse Fellowship Application Period Open From March 1-31

mediarelations@finra.org (FINRA Media Relations) — Thu, 1 Mar 2012 00:00:00 EST

WASHINGTON - Now in its seventh year, the FINRA Investor Education Foundation’s Military Spouse Fellowship Program has opened the application process for its class of 2012 military spouses. The FINRA Foundation Spouse Fellowship Program provides military spouse recipients with the education and training needed to earn the Accredited Financial Counselor® (AFC®) designation. Military spouses can apply to become a member of the 2012 class of fellows until March 31, 2012.

FINRA Foundation and United Way Announce Over $1.3M to Support Grassroots Financial Education

mediarelations@finra.org (FINRA Media Relations) — Wed, 29 Feb 2012 12:54:00 EST

FINRA Foundation and United Way Announce Over $1.3M to Support Grassroots Financial Education

FINRA Issues New Investor Alert to Help Investors Understand Their Brokerage Account Statements

mediarelations@finra.org (FINRA Media Relations) — Thu, 23 Feb 2012 11:44:00 EST

FINRA today issued a new Investor Alert called It Pays to Understand Your Brokerage Account Statements and Trade Confirmations to help guide investors through the key elements of their account statements and trade confirmations.

Remarks by Chairman and CEO Richard Ketchum From the Global Diversity Leadership Exchange

mediarelations@finra.org (FINRA Media Relations) — Wed, 1 Feb 2012 16:00:00 EST

Remarks From the Global Diversity Leadership Exchange

FINRA Charges Charles Schwab & Co With Violating FINRA Rules by Using Class Action Waiver in Customer Agreements

mediarelations@finra.org (FINRA Media Relations) — Wed, 1 Feb 2012 15:35:00 EST

WASHINGTON - The Financial Industry Regulatory Authority (FINRA) announced today that it has filed a complaint against Charles Schwab & Company charging the firm with violating FINRA rules by requiring its customers to waive their rights to bring class actions against the firm.

FINRA Foundation and NFL Player Engagement Team Up to Assist Players Avoid Investment Fraud, Make Smart Financial Decisions

mediarelations@finra.org (FINRA Media Relations) — Fri, 27 Jan 2012 12:00:00 EST

WASHINGTON - The Financial Industry Regulatory Authority (FINRA) Investor Education Foundation and the National Football League (NFL) announced today that they are working together to assist incoming NFL players spot and avoid investment fraud and begin their playing experiences by making informed financial decisions.

FINRA Warns Investors of Email Hack Attacks

mediarelations@finra.org (FINRA Media Relations) — Thu, 26 Jan 2012 12:20:00 EST

FINRA today issued a new Investor Alert called Email Hack Attack? Be Sure to Notify Brokerage Firms and Other Financial Institutions.

FINRA Investor Education Foundation and the American Library Association Announce $1.2 Million in Grants to Public Libraries to Support Financial Literacy

mediarelations@finra.org (FINRA Media Relations) — Wed, 25 Jan 2012 13:00:00 EST

WASHINGTON-The Financial Industry Regulatory Authority (FINRA) Investor Education Foundation and the American Library Association (ALA) have announced $1.2 million in grants to 16 recipients as part of the Smart investing@your library® initiative.

FINRA Fines Merrill Lynch $1 Million for Failure to Arbitrate Disputes With Employees

mediarelations@finra.org (FINRA Media Relations) — Wed, 25 Jan 2012 09:48:00 EST

WASHINGTON - The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Merrill Lynch, Pierce, Fenner & Smith $1 million for failing to arbitrate disputes with employees relating to retention bonuses.

FINRA Fines Citigroup Global Markets $725,000 for Failure to Disclose Conflicts of Interest in Research Reports

mediarelations@finra.org (FINRA Media Relations) — Wed, 18 Jan 2012 09:42:00 EST

WASHINGTON — The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Citigroup Global Markets, Inc. $725,000 for failing to disclose certain conflicts of interest in its research reports and research analysts' public appearances.