The Financial Industry Regulatory Authority, Inc. (FINRA) is a self-regulatory authority assigned the responsibility, by the Securities and Exchange Commission, to license, regulate and discipline securities broker/dealers and their employees, including account executives. In the event that FINRA elects to institute an enforcement action, firms and licensed individuals have the responsibility to reflect such action on their U-4 and/or U-5 filings, which can be viewed on the FINRA website under the broker-check section of the site or by viewing the monthly disciplinary information also provided on the FINRA site.
The monthly disciplinary information is referenced on the FINRA site generally in alphabetical order. This post relates to the following company or individuals. If the reader would like to review the entire FINRA release or the broker-check information concerning this matter, you can follow these highlighted links:
June 2014 Disciplinary and Other FINRA Actions:
Carolina Financial Securities, LLC (Brevard, North Carolina) submitted a Letter of Acceptance Waiver and Consent in which the firm was censured and fined $50,000. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that is sold a private placement offering that was unregistered pursuant to the exemption provided with Rule 506 of Regulation D to the investors for a total investment of approximately $1.1 million. The findings stated that the firm had procedures in place for the supervision of the sale of private placements, but failed to follow its own procedures for the review and verification of statements made in offering documents. (Case # 2011025755101). To review the full release, please follow the highlighted link.
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