Monthly Archives: December 2012

WASHINGTON — The Financial Industry Regulatory Authority (FINRA) today announced that it has sanctioned five firms a total of more than $4.48 million for unfairly obtaining the reimbursement of fees they paid to the California Public Securities Association (Cal PSA) from the proceeds of municipal and state bond offerings.

FOR IMMEDIATE RELEASE 2012-280 Washington, D.C., Dec. 26, 2012 — The Securities and Exchange Commission today announced additional charges in an insider trading case against two brokers who traded on nonpublic information ahead of IBM Corporation’s acquisition of SPSS Inc. Additional Materials SEC Complaint In an amended complaint filed in federal court in Manhattan, the… Read more »

FOR IMMEDIATE RELEASE 2012-279 Washington, D.C., Dec. 26, 2012 — The Securities and Exchange Commission today issued an Investor Bulletin to help purchasers of municipal bonds better assess the bonds’ credit risks. Additional Materials Municipal Bonds: Understanding Credit Risk The bulletin provides several factors for investors to consider including the type of the bond, the… Read more »

WASHINGTON – The Financial Industry Regulatory Authority (FINRA) announced today that it has ordered Pruco Securities, LLC of Newark, New Jersey, to pay more than $10.7 million in restitution, plus interest, to customers who placed mutual fund orders with Pruco via facsimile or mail (paper orders) from late 2003 to June 2011 and received an… Read more »

FOR IMMEDIATE RELEASE 2012-277 Washington, D.C., Dec. 21, 2012 — The Securities and Exchange Commission today unanimously approved new rules requiring broker-dealers to conduct searches for holders of securities with whom they have lost contact.  Additional Materials Draft Final Rule: Lost Securityholders and Unresponsive Payees A similar rule already applied to recordkeeping transfer agents, who… Read more »

WASHINGTON — Better Business Bureau and the FINRA Investor Education Foundation today launched a new consumer website, BBB Smart Investing, which is designed to help investors make smarter investing decisions while avoiding fraud, risky investments and unlicensed brokers.

WASHINGTON — The Financial Industry Regulatory Authority (FINRA) today announced that Carol Anthony (John) Davidson, retired Senior Vice President, Controller and Chief Accounting Officer of Tyco International, will join FINRA's Board of Governors. Mr. Davidson, who will begin his term on Jan. 1, fills the seat vacated by Ellyn Brown.

WASHINGTON — The SEC's Office of Investor Education and Advocacy and the Financial Industry Regulatory Authority (FINRA) have issued a new Investor Alert called Year-End Investment Considerations for Individual Investors.