U.S. regulators are warning international investors that advance-fee fraudsters are impersonating regulators as part of their scams.The Financial Industry Regulatory Authority issued an updated investor alert warning international investors about a new twist in advance-free fraud involving low-priced US securities. Con artists have been misusing FINRA’s name and impersonating FINRA employees in email communications in […]
CIBC World Markets, TradeStation., and E*Trade Securities fined for order audit trail violations
Comments due June 13
Allegations against “unnamed” brokers going unreported
Complex products can lose their value if a triggering event occurs
In the wake of recent episodes of so-called “rogue trading”, the Financial Industry Regulatory Authority issued guidance to firms outlining best practices for detecting and preventing such unauthorized proprietary trading.FINRA’s regulatory notice on the issue is intended to assist firms in the process of reviewing and modifying their internal controls against unauthorized trading. Sound practices […]
Market participants asked to monitor internal controls
Authority doled out fines, suspensions and one ban
Merrill Lynch, Prudential Securities, Pruco and UBS fined a total of US$2.4 million
Improper trades made on behalf of hedge fund client