News & Events
VALIC Fined $1.75M by FINRA
A recent FINRA News Release found that Houston-based VALIC Financial Advisors, Inc. (VFA) created a conflict of interest by providing registered representatives a financial incentive to recommend that customers move funds, while failing to maintain systems and procedures of monitoring and supervision.
Four Tips for Safe, Fun Mardi Gras
You don’t have to live in New Orleans to get caught up in the excitement of Mardi Gras. If you’re one of the millions across the country that will join in the celebration on February 28th, we would like to share four tips to help keep your Mardi Gras festivities safe and fun!
Happy Presidents Day
The Law Office of Anthony B. Bingham, P.C. will be closed on February 20, 2017 in observance of Presidents Day.
FINRA Permanently Bars LPL Financial’s Dominic DeBruin
Dominic T. DeBruin has been permanently barred by FINRA from acting as a broker or otherwise associating with firms that sell securities to the public. DeBruin allegedly placed client funds into a bank account that he controlled and reportedly did not disclosed the activity to LPL Financial LLC.
Ameriprise Financial Services, Inc. Fined $850K
FINRA fined Ameriprise Financial Services, Inc. $850K for failing to supervise the transmission of funds from their customer brokerage accounts. A Registered Representative converted more than $370K without detection for two years. The lack of an established supervisory system by Ameriprise led to missed red flags that would have uncovered the misconduct.
FINRA Proposal Protects Elderly
FINRA filed a proposed rule with the SEC in an effort to protect elderly investors from financial exploitation. The proposed rules would 1) require Firms to make a reasonable effort to obtain the name and contact information of a trusted member of an elderly client’s family before authorizing a suspected trade; and 2) permit Firms to place a temporary hold on funds or securities where there’s a reasonable belief of exploitation or fraud. Read More.
Churning & Unsuitable Trading Results in FINRA Suspension of Donald Bartelt
Donald Andrew Bartelt, Cave Creek, Arizona, was suspended by FINRA from November 21, 2016 thru February 20, 2017 for unsuitable trading in customer accounts. Bartelt was found to be trading for his own benefit, completing excessive and inconsistent trading activity, churning, and disregarding client investment objectives. See Page 21.
Happy New Year!
The Law Office of Anthony B. Bingham, P.C. will be closed on December 30th and January 2nd in observance of the New Year. Have a safe and Happy New Year!
$6.2 Million Fine for Supervisory Failures Related to Variable Annuity L-Shares
Eight Firms are fined a total of $6.2 by Financial Industry Regulatory Authority (FINRA) for failuring to supervise sales of variable annuities.
Merry Christmas from the Law Office of Anthony B. Bingham, P.C.!
The Law Office of Anthony B. Bingham, P.C. will be closed on December 23rd and December 26th in observance of Christmas. We wish you and your family a Merry Christmas!