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FINRA Introduces the “Office of the Whistleblower”
The Financial Industry Regulatory Authority (FINRA) announced on Thursday that it has established a new “Office of the Whistleblower” to expedite the review of high-risk tips by FINRA senior staff and ensure a rapid response for tips believed to have merit. The new office will be overseen by FINRA Senior Vice President Cameron Funkhouser. Stephen [...]
Sutherland Study Finds Benefits for Brokers, Firms to Litigate Against SEC and FINRA
A new study by Sutherland Asbill & Brennan analyzing litigated disciplinary proceedings brought by the SEC and FINRA against broker-dealer firms and registered representatives shows that it often pays for defendants to litigate, rather than settle. The authors of the study, Brian L. Rubin and Christian J. Cannon, analyzed cases from October 2007 through September [...]
FINRA Bars Two Former Registered Reps from Securities Industry for Insider Trading
The Financial Industry Regulatory Authority (FINRA) announced today that it has barred two former registered representatives, Peter D. Kelly and Daniel K. Ivandjiiski, from the securities industry for insider trading. FINRA barred Kelly, the former head of sales and trading of Calyon Securities (USA) Inc., for tipping three friends about a pending merger between Duratek, [...]
FINRA Auction-Rate Securities Probe of 40 Brokerages to Begin On Monday
Investigators from the Financial Industry Regulatory Authority (FINRA) will reportedly begin conducting on-site examinations at nearly 40 brokerages beginning Monday to determine whether they were aware of the problems in the auction-rate market and adequately warned customers about the risks. According to the LA Times, citing a person familiar with the issue, FINRA’s examinations will focus [...]