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On January 6, 2017, the Financial Industry Regulatory Authority filed a Complaint against broker Kelly Clayton Althar, a former registered representative of Financial West Group (“FWG”). The Complaint alleges that between April 2011 and March 2014, Althar made unsuitable investment recommendations and engaged in excessive trading (often referred to as…
On July 3, 2016, John William Hoekman, a former senior vice president of investments for Wells Fargo Advisors in the Greater New York area, was permanently barred from the securities brokerage industry following allegations that he participated in undisclosed and unauthorized outside business activities and private securities transactions. According to statements published by…
Brokerage firm First Financial Equity Corp. (“FFEC”) has been fined and censured by FINRA for wide-ranging supervisory and compliance failures, including inadequate supervision of sales of non-traditional ETFs and multi-class variable annuities. According to FINRA’s published findings, during the period of June 24, 2013 through April 7, 2015, FFEC failed…
The U.S. Court of Appeals for the Tenth Circuit ended 2016 with a bang last week when it ruled that the SEC’s long-standing practice of using “non-appointed” Administrative Law Judges (“ALJs”) to preside over agency enforcement hearings violates the Appointment Clause of the U.S. Constitution. The decision in Bandimere v SEC was accompanied by a…