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:
Dawson James Securities, Inc. (Boca Raton, Florida) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured, fined $75,000, and required to revise its WSPs. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that the firm’s WSPs failed to provide for one or more of the four minimum requirements for adequate WSPs in several subject areas, including registered representatives’ disclosure of potential conflicts of interests to clients; registered representatives’ trading in the opposite direction of solicited customer transactions, sales practice concerns, including unauthorized trading, suitability, excessive trading and free-riding; concentration of securities in clients’ accounts, sharing of profits or losses in clients’ accounts, wash sales, coordinated trading, marking the open and marking the close; cancel-rebill transactions in clients’ accounts and the review of registered representatives’ electronic communications. (Case # 2008012546802). To review the full release, please follow the above highlighted link.
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