Items Tagged with 'Financial Industry Regulatory Authority'


  • Wells Fargo to pay $3.4 million over investment sales practices

    FINRA orders bank to pay impacted customers
    The Financial Industry Regulatory Authority ordered Wells Fargo Clearing Services and Wells Fargo Advisors Financial Network to pay more than $3.4 million in restitution to affected customers over faulty sales practices. Separate from its fake accounts scandal announced back in September 2016, FINRA said the Wells Fargo broker-dealers made unsuitable recommendations to customers.
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  • FINRA names new CEO

    Why the Board chose Robert Cook
    The Board of Governors at FINRA just announced its selection for the company’s new CEO. Here is what Cook brings to the company, and why the soon-to-be former CEO says Cook is one of the leading practitioners on broker-dealer and market regulation.
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  • FINRA Sanctions Three Brokers Over CMO Sales

    Long-time HW readers may recall an earlier brouhaha over failed Orange County, Calif.-based brokerage Brookstreet Securities Corp., and regulators' subsequent investigation into collateralized mortgage obligations, or CMOs; at the time, the Financial Industry Regulatory Authority said it was probing individual brokerages over suitability concerns tied to CMOs.
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  • Regulators Broaden Mortgage Probe: Were Retail Investors Playing with IO Strips?

    Both the Wall Street Journal and Bloomberg reported Friday morning that the Financial Industry Regulatory Authority -- FINRA for short -- is investigating securities brokerage firms' marketing and sale of collateralized mortgage obligations. HW readers may recall coverage of Orange County, Calif.-based Brookstreet Securities Corp., which went belly-up in June over bad CMO bets.
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