Purshe Kaplan Sterling Investments, Inc. (PKS)—Failure to Adequately Evaluate Outside Business Activities of its Registered Reps

Purshe Kaplan Sterling Investments, Inc. (PKS) Allegedly Failed to Adequately Evaluate its Registered Representatives’ Outside Business Activities Purshe Kaplan Sterling Investments, Inc. (PKS), headquartered in Albany, New York, allegedly failed to adequately evaluate its registered representatives’ outside business activities, according to a recent Letter of Acceptance, Waiver and Consent (AWC) currently under review by attorneys… Read more »

J.P. Morgan— False Statements on Marketing Materials

J.P. Morgan Allegedly Made False Statements on Marketing Materials and on Its Private Banking Web Site J.P. Morgan allegedly made false statements on its private banking website and in marketing materials that advisors are compensated “based on our clients’ performance; no one is paid on commission”, according to an SEC Order. J.P. Morgan Securities LLC… Read more »

LFA—Failure to Adequately Supervise the Activities of a Registered Rep

LFA Allegedly Failed to Adequately Supervise a Registered Rep Who Purportedly Engaged in Unsuitable Penny Stock Trading LFA allegedly failed to adequately supervise a registered rep, known only as PT, who supposedly engaged in unsuitable penny stock trading, according to a recent FINRA Letter of Acceptance, Waiver and Consent (AWC). PT also allegedly placed over… Read more »

JP Morgan—Failure to Inform Clients Regarding Numerous Conflicts of Interest

JP Morgan Must Pay $300 Million after Allegedly Failing to Inform Clients in What the SEC Calls Numerous Conflicts of Interest Regarding How it Managed Clients Funds over a Half Decade JPMorgan Chase & Co. must pay more than $300 million to settle U.S. allegations that it allegedly did not properly inform clients regarding alleged numerous… Read more »

Fidelity Brokerage Services—Dishonest and Unethical Conduct

Fidelity Brokerage Allegedly Engaged in Dishonest and Unethical Behavior Fidelity Brokerage Services allegedly engaged in dishonest and unethical behavior for purportedly allowing unregistered investment advisers to make trades through the Fidelity broker-dealer platform, thereby generating fees for both the firm and the unregistered advisers, according to a statement from secretary of the commonwealth William Galvin…. Read more »

Raymond James Financial Services, Inc.– Failure to Establish and Maintain an Adequate Supervisory System

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Raymond James Financial Services, Inc. Allegedly Imparted Disadvantages to Certain Retirement Plan and Charitable Organization Customers that Were Eligible to Purchase Class A Shares Raymond James Financial Services, Inc., from at least July 1, 2009 through December 31, 2014, allegedly disadvantaged certain retirement plan and charitable organization clients that were eligible to purchase Class A… Read more »

Woodbury Financial Services, Inc.—Failure to Apply Sales Charge Discounts

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Woodbury Financial Services, Inc. Allegedly Failed to Apply Sales Charge Discounts to Approximately 744 Eligible UIT (Unit Investment Trust) Purchases resulting in customers paying excessive sales charges of approximately $98,937.31 Woodbury Financial Services, Inc., a broker with its principal place of business in Oakdale, Minnesota, allegedly failed to apply sales charge discounts to approximately 744… Read more »

ES Financial—Charging Transaction Fee and Custody Fee in Addition to Commission on Fixed Income Transactions

ES Financial Allegedly Charged Transaction Fee and Custody Fee in Addition to Commission on Fixed Income Transactions ES Financial (ESF) allegedly charged a transaction fee and a custody fee in addition to a commission on fixed income transactions, according to recent FINRA Letter of Acceptance, Waiver and Consent (AWC) currently under review by attorneys Joe… Read more »

Douglas Leone, Andre LaBarbera, David Levy, Antonio Costanzo, Donald Bartelt, Brokers with Newport Coast Securities- Suspected Churning

Douglas Leone, Andre LaBarbera, David Levy, Antonio Costanzo, Donald Bartelt, Allegedly Excessively Traded and Churned Customers’ Accounts Newport Coast Securities and five of its brokers, Douglas Leone, Andre LaBarbera, David Levy, Antonio Costanzo, Donald Bartelt, allegedly excessively traded and churned twenty-four customers’ accounts, according to a FINRA documents currently under review by Peiffer Rosca Wolf… Read more »

Edward Jones, Stifel Financial Corp’s Stifel Nicolaus & Co, Janney Montgomery Scott LLC, AXA SA’s AXA Advisors LLC and Stephens Inc—Failure to Waive Sales Charges

Edward Jones, Stifel Financial Corp’s Stifel Nicolaus & Co, Janney Montgomery Scott LLC, AXA SA’s AXA Advisors LLC and Stephens Inc Allegedly Failed to Waive Mutual Fund Sales Charges on Over 25,000 Charitable and Retiree Accounts Edward Jones, Stifel Financial Corp’s Stifel Nicolaus & Co, Janney Montgomery Scott LLC, AXA SA’s AXA Advisors LLC and… Read more »