According to the Business Record, DeWaay Financial Network LLC of Clive and three other Iowa investment brokers are among 49 firms that have been sued in connection with the bankruptcy of a company accused of running a $485 million Ponzi scheme involving allegedly bogus oil and gas investments. Provident Royalties LLC, based in Dallas, filed [...]
In February 2010, the Financial Industry Regulatory Authority (FINRA) announced that it had fined Penson Financial Services, a Dallas-based securities clearing firm, $450,000 for failing to establish and implement an adequate anti-money laundering (AML) program to detect and trigger reporting of suspicious transactions, as required by the Bank Secrecy Act and FINRA rules and other [...]
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm. The White Law Group has its offices in Chicago, Illinois and Boca Raton, Florida because of the obvious benefits of being located so close to the FINRA Dispute Resolutions offices in those cities (FINRA’s Southeast headquarters [...]
FINRA recently announced that Sheila Dawnell Dowling, formerly of Fidelity Brokerage Services, LLC in Keller, Texas, has been barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Dowling consented to the findings that she exercised discretion in a customer’s account, and effected transactions and electronic fund transfers primarily [...]
FINRA recently announced that Penson Financial Services, Inc. has been fined $38,000 and ordered to pay $22,663, plus interest, in restitution to customer, and required to revise its written supervisory procedures with respect to TRACE reporting requirements. Without admitting or denying the findings, Penson Financial Services consented to the findings that it sold or bought [...]
Penson Financial Services, Inc. was recently fined $27,500 by FINRA. Without admitting or denying the findings, Penson Financial Services consented to the entry of findings that it transmitted reports to OATS that contained inaccurate, incomplete or improperly formatted data in that they contained inaccurate account type codes. The findings also included that the firm reported [...]
As reported in the Dallas Morning News, the Securities and Exchange Commission filed an emergency civil action against a Plano financier, alleging he was misleading clients, providing bogus statements and misappropriating funds. The suit filed in Dallas federal court targets 2Randall Consulting Group Inc. and Brion Gary Randall. The suit alleges Randall, 47, operated an [...]