supervisory systems

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  FINRA Slams Three Firms for Anti-Money Laundering Violations

  By Melanie Waddell, AdvisorOne  |  May 8, 2013

  FINRA announced Wednesday that it has fined three firms a total of $900,000 for failing to establish and implement adequate anti-money laundering programs and other supervisory systems to detect suspicious transactions.

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  Compliance Officers Behaving Badly

  By Melanie Waddell, AdvisorOne  |  April 5, 2013

  The law firm Sutherland found a bevy of violations during its annual look at SEC and FINRA disciplinary actions on chief compliance officers and in-house counsel for BDs and advisory firms.

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  FINRA Slaps Ameriprise for Rep’s Wire Transfer Fraud

  By Melanie Waddell, AdvisorOne  |  March 4, 2013

  FINRA said Ameriprise and its clearing firm missed several red flags, including transfers to accounts in the broker's name.

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  SEC, FINRA Enforcement Roundup: Cantor Fitzgerald Hit by FINRA

  By Marlene Y. Satter, AdvisorOne  |  October 25, 2012

  Among recent SEC and FINRA actions were Cantor Fitzgerald being censured and fined and FINRA imposing a $14 million settlement on a Hong Kong-based firm charged with insider trading.

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  FINRA Suspends David Lerner, Forces $12M Payback on Apple REITs

  By Melanie Waddell, AdvisorOne  |  October 22, 2012

  Lerner, the CEO and president, misled customers, calling the Apple REITs a ‘fabulous cash cow’ and a ‘gold mine,’ FINRA says.

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  Playing With Fire: CCOs and Lawyers Who Got Burned by Regulators

  By Melanie Waddell, AdvisorOne  |  October 12, 2012

  After analyzing disciplinary actions taken by the SEC and FINRA against CCOs and in-house counsel from June 2011 through June 2012, Sutherland found a slew of violations.

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  SEC Enforcement Roundup: Broker Charged With Stealing to Pay for Mortgage, Groceries

  By Marlene Y. Satter and Melanie Waddell, AdvisorOne  |  September 13, 2012

  Among recent SEC enforcement actions were charges that a broker stole client funds and used them to pay for his own personal expenses, including groceries and a mortgage.

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  SEC Charges 3 Brokers for Churning, Costing Clients $2.7 Million

  By Melanie Waddell, AdvisorOne  |  September 10, 2012

  The SEC said Monday that it has charged three former brokers at an Atlanta-based brokerage firm, JP Turner & Co., for “churning” the accounts of customers with conservative investment objectives, causing the customers to lose $2.7 million.

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  BDs Beware: Social Media Privacy Laws May Conflict With FINRA Rules

  By Melanie Waddell, AdvisorOne  |  July 12, 2012

  “Legislation that limits access to social media information may pose significant challenges for a large number of broker-dealers,” lawyers from Sutherland Asbill & Brennan wrote in a Law360 article.

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  FINRA Backs Off on Social Media Reporting for BDs

  By Marlene Y. Satter, AdvisorOne  |  January 5, 2012

  FINRA has at least partially bowed to comments from member firms and decided not to require social media postings to be regarded as subject to a post-use filing requirement.