FINRA Sanctions Robert W. Baird & Co. Inc., Milwaukee, WI
According to FINRA’s August Disciplinary report, on June 7, 2019, the regulator reportedly sanctioned Robert W. Baird & Co. Incorporated (CRD #8158, Milwaukee, Wisconsin) with a censure and fine of $150,000.
Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it published seven research reports about an issuer without disclosing that the research analyst who authored the reports was engaged in employment discussions with the issuer that constituted an “actual, material conflict of interest.”
According to FINRA’s findings, the research analyst’s candidacy for employment at the issuer was clearly viable, and the issuer and the research analyst were reportedly in the midst of employment discussions.
The research analyst apparently authored and the firm published the research reports on the issuer without disclosing that the research analyst was engaged in the employment discussions with it.
FINRA finds that the firm’s alleged failure to disclose the actual, material conflict of interest arising from the research analyst’s employment discussions with the issuer in the research reports authored by him and published by the firm made those reports misleading.
For FINRA’s full findings, see FINRA Case #2017052842901.
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