Articles Posted in FINRA

Learn about the safeguards that can help older investors The Financial Industry Regulatory Authority (FINRA) is a nonprofit organization overseen by the government and tasked by the securities industry to protect investors through the creation and enforcement of rules and regulations. Periodically, FINRA makes adjustments and revisions to its guidelines,…

Ariola allegedly made unsuitable recommendations in high-risk gold and energy stocks to elderly investors. In December 2016, a disciplinary proceeding by the Financial Industry Regulatory Authority (FINRA) resulted in broker Christopher Ariola being permanently barred from the securities industry. This decision followed a FINRA investigation into Ariola’s termination from Bay…

A Reuters investigation team ran a story on June 12, 2017 concerning high-risk brokers and brokerage firms and compiling a list of the firms with highest percentage of brokers with BrokerCheck disclosures. The FINRA BrokerCheck tool allows users to search specific brokerage firms and brokers to see a variety of…

Career-ending move involves reports of accepting a loan from an elderly customer New Jersey-based broker Joan Marie Larsen’s financial industry career is over after she was reported to have accepted a loan from an elderly customer. In this case, Larsen allegedly accepted a $50,000 interest-free personal loan from an elderly…

The financial advisor’s alleged financial stress stemmed from gambling losses that exceeded his annual income. The Financial Industry Regulatory Authority (FINRA) is currently investigating former St. Louis, MO- and Oklahoma-based broker Austin Wayne Morton after his dismissal from his member firm, Edward Jones, under suspicion of elder fraud. According to…

Connell is reported to have stolen $5 million from his elderly clients In January, the Financial Industry Regulatory Authority (FINRA) permanently barred Barry Franklin Connell from working as a broker. The decision came after an investigation reported that he made numerous transfers from client accounts without authorization. FINRA first suspended…

Learn how the organization protects you as an investor If you have been investing for a while or you follow news about the securities industry, you have probably heard about the Financial Industry Regulatory Authority, also known as FINRA. Though not a part of the government, FINRA is given authority…

Broker failed to respond to agency following discharge from Wells Fargo Advisors, LLC after allegations related to his status as Power of Attorney for a client In August 2016, the Financial Regulatory Authority (FINRA) permanently barred former Wells Fargo Advisors, LLC broker Patrick Perales from participating as a broker or…

The answer, in most all cases, is “no” In order to become licensed, one of the things a broker has to do is agree to adhere to the rules and regulations established by the Financial Industry Regulatory Authority (FINRA). One of these rules involves the borrowing of money from clients,…

The broker is reported to have made risky investments that lost a client most of her retirement savings Early in 2017, the Financial Industry Regulatory Authority (FINRA) permanently banned Kelly Althar from acting as a broker. This action was the result of several allegations, including excessive trading, unsuitable recommendations, and…