Ford O'Brien, LLP

regulatory issues (sec, finra) Archives

FINRA sanctions target unauthorized solicitation of cryptocurrency investments

A former broker was recently sanctioned by the Financial Industry Regulatory Authority (FINRA) for allegedly engaging in outside cryptocurrency business activities. According to FINRA, the ex-Wells Fargo broker attempted to start a cryptocurrency company without first disclosing his intent and obtaining approval from Wells Fargo. FINRA further claimed that the broker provided false information to Wells Fargo to try to conceal his outside activity.

Recent trends in FINRA disciplinary actions

As you may know, the Financial Industry Regulatory Authority (FINRA) is a self-regulating association that conducts investigations into its members with regard to securities law compliance. FINRA oversees disciplinary actions for its broker-dealer members who violate FINRA rules or SEC regulations. 

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