Regulation and Compliance issues for Wealth Professionals can be challenging to navigate especially when the SEC is involved. Catch the latest news and analysis on compliance updates that impact financial advisors.
The SEC’s commissioners are scheduled to decide Wednesday whether to finalize measures that would alter the way brokers, market makers and exchange businesses operate.
According to the commission, Donald Anthony Wright made false statements when selling promissory notes to clients to fund the purchase of a Texas-based media marketing company.
According to the settlement letter, the brokerage regulator argued Raymond James didn’t properly check that personnel were filling out forms to ensure that written customer complaints were submitted to FINRA quarterly.
The firm relied on “third-party automated surveillances” to check for potentially manipulative wash and prearranged trading which had overly narrow parameters, according to FINRA.
Two investors filed suits this week against the brokerage, claiming the Raymond James Bank Deposit Program benefitted the company at the expense of customers.
