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FINRA Suspends Former Merrill Advisor Who Operated Numerous Outside Businesses

November 30th, 2022 at 4:10 PM
The Financial Industry Regulatory Authority (FINRA) has issued a six-month suspension and a $10,000 fine to a former Merrill Lynch advisor after his group of outside businesses violated firm and regulatory policy. 
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GWG Senior Executives Resign Amidst Bankruptcy

November 29th, 2022 at 2:02 PM
GWG Holdings, the financial services firm that is facing Chapter 11 bankruptcy, has announced that the company’s chief executive officer, Murray Holland, and the company’s chief financial officer, Timothy Evans, have each resigned as executive officers. However, Holland and Evans remain as members of the board of directors of GWG.
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FINRA Launches Targeted Exam on Financial Firms’ Crypto Communications

November 28th, 2022 at 1:33 PM
The Financial Industry Regulatory Authority (FINRA) has announced a targeted exam probing for more information as to how firms handled retail communications “concerning crypto asset products and services” after FTX recently filed for bankruptcy.
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FINRA Amends and Delays Expungement Rule Proposal

November 22nd, 2022 at 1:51 PM
The Financial Industry Regulatory Authority (FINRA) once again has amended and delayed a proposed rule change designed to tighten the process for advisors to expunge client complaints from their records. 
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FINRA Fines ÍøÆØ³Ô¹Ïdbush Securities $850,000 For Allegedly Falsifying Client Statements

November 21st, 2022 at 2:12 PM
The Financial Industry Regulatory Authority (FINRA) has fined ÍøÆØ³Ô¹Ïdbush Securities $850,000 to settle allegations that the firm falsified monthly client statements for five years.
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UBS Seeks Injunction Against $8 Million Indiana RBC Team

November 18th, 2022 at 1:14 PM
UBS ÍøÆØ³Ô¹Ïalth Management has asked a federal court to issue a temporary restraining order (TRO) against an $8 million team that departed to RBC ÍøÆØ³Ô¹Ïalth Management in Indianapolis, Indiana. 
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CFP Board Suspends Oklahoma Planner Gregory Womack

November 17th, 2022 at 1:20 PM
The Certified Financial Planner Board of Standards (CFP Board) has issued an interim suspension to Gregory Womack, who operates Womack Investment Advisors in Edmond, Oklahoma.
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SEC Charges Creator of Global Crypto Ponzi Scheme and Three U.S. Promoters Over $295 Million Fraud

November 16th, 2022 at 2:51 PM
The Securities and Exchange Commission has charged Douver Braga, Joff Paradise, Keleionalani Taylor, and Jonathan Tetrault for their roles in Trade Coin Club, which was a fraudulent Ponzi scheme that raised nearly $295 million from over 100,000 investors worldwide. 
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FINRA Releases Regulatory Notice Urging Advisors To Prepare Succession Plans

November 15th, 2022 at 1:12 PM
The Financial Industry Regulatory Authority (FINRA) is urging financial advisors to establish a succession plan incase of unexpected life events as an increased number of advisors near retirement.
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Former Advisor Receives 20-Year Prison Sentence Over Ponzi Scheme Involving Purchase of Advisors’ Books of Business

November 14th, 2022 at 1:04 PM
A former financial advisor who was sentenced earlier this year to 17.5 years in prison for his role in operating a Ponzi scheme now has received a 20-year prison sentence for mail fraud related to the same scheme, according to court documents.
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