The Financial Industry Regulatory Authority Inc. has censured Securities America and fined it $125,000, saying that the firm violated the Securities and Exchange Commission’s privacy rules.
In a letter of acceptance, waiver and consent, Finra said that Securities America caused 12 registered representatives, whom the firm was recruiting, to take nonpublic personal customer information from the firms where the representatives were then registered and to disclose it to a third party without the knowledge or consent of the other broker-dealers or the customers.
The third party was a vendor hired to help the recruits transition to Securities America.
The matter originated from an examination into an investor’s complaint.
Executives from LPL Financial, Cresset Partners hired for key roles.
Geopolitical tension has been managed well by the markets.
December cut is still a possiblity.
Canada, China among nations to react to president-elect's comments.
For several years, Leech allegedly favored some clients in trade allocations, at the cost of others, amounting to $600 million, according to the Department of Justice.
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