Dawson James Securities failed to retain more than 10,000 business-related texts, including consumer complaints and client conversations, over 10 years, according to FINRA.
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Apr 08, 2024
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The settlement with the self-directed trading firm comes several weeks after FINRA's first enforcement action targeting firms' use of social media influencers.
Firm employees sent and received “thousands” of off-channel business-related messages during the time in question, according to the SEC.
The court ruling concludes a legal fight with the commission that started in 2019.
Don Trone shares why he believes the fiduciary framework should no longer be the cornerstone of the financial services profession.
The firm settled similar charges in 2014.
Supporters and critics of the proposed rule are setting up discussions with the Office of Management and Budget, one of the last steps before the final rule will be revealed.
In one case, an unnamed broker stole over $100,000 from an elderly customer’s account.
The settlement follows a 2021 targeted exam looking into how firms work with social media influencers.
