Morgan Stanley settled with FINRA and neither admitted nor denied the charges, but consented to the entry of FINRA’s findings that Morgan Stanley had supervisory failures concerning the solicitations of 83 Initial Public Offerings (IPOs) of stock, including Facebook and Yelp, from February 16, 2012, to May 1, 2013. http://www.finra.org/Newsroom/NewsReleases/2014/P498150 For a free case evaluation or… Read more »
WASHINGTON — The Financial Industry Regulatory Authority (FINRA) announced today the launch of a pilot program offering parties in simplified cases pro bono or reduced-fee telephone mediation. Participation in the pilot program, which began on January 15, is voluntary and open to cases involving claims of $50,000 or less.
FOR IMMEDIATE RELEASE 2013-6 Washington, D.C., Jan. 15, 2013 — The Securities and Exchange Commission today announced that Gregg E. Berman has been named Associate Director of the Office of Analytics and Research in the SEC’s Division of Trading and Markets. Mr. Berman has been a senior advisor to the Director of the Division of… Read more »
FOR IMMEDIATE RELEASE 2013-5 Washington, D.C., Jan. 15, 2013 — The Securities and Exchange Commission today announced that David Grim has been appointed Deputy Director of its Division of Investment Management. Mr. Grim has worked in the division for 17 years, most recently as Assistant Chief Counsel in its Office of Chief Counsel, and has… Read more »
WASHINGTON — The Financial Industry Regulatory Authority (FINRA) Investor Education Foundation today released Five Tips to Keep Your Finances From Going Off a Cliff. While the new year is beginning with improving economic conditions, the financial situation of many Americans remains fragile. The FINRA Foundation's five tips can help consumers and investors keep their finances… Read more »
WASHINGTON — The Financial Industry Regulatory Authority (FINRA) today issued a voluntary Interim Form for Funding Portals designed for prospective crowdfunding portals under the JOBS Act. Those intending to become a funding portal may voluntarily submit information regarding their business on the interim form.
FOR IMMEDIATE RELEASE 2013-4 Washington, D.C., Jan. 9, 2013 — The Securities and Exchange Commission today charged three former executives at Norfolk, Va.-based Bank of the Commonwealth for understating millions of dollars in losses and masking the true health of the bank’s loan portfolio at the height of the financial crisis. Additional Materials SEC Complaint… Read more »
FOR IMMEDIATE RELEASE 2013-3 Washington, D.C., Jan. 9, 2013 — The Securities and Exchange Commission today announced that Enforcement Director Robert Khuzami will leave the agency after nearly four years of leadership. During Mr. Khuzami’s tenure, the Enforcement Division filed scores of significant actions connected to the financial crisis and brought record numbers of cases… Read more »
FOR IMMEDIATE RELEASE 2013-2 Washington, D.C., Jan. 9, 2013 — The Securities and Exchange Commission today charged two auditors at KPMG for their roles in a failed audit of a Nebraska-based bank that hid millions of dollars in loan losses from investors during the financial crisis and eventually was forced to file for bankruptcy. Additional… Read more »
WASHINGTON — The Financial Industry Regulatory Authority (FINRA) marked 2012 with significant accomplishments in detecting fraudulent activity, implementing cross-market surveillance, increased transparency of securities markets and fulfilling its regulatory mandate to protect investors, assessing $68 million in fines, ordering a record $34 million in restitution to harmed customers and taking measures to ensure market integrity.