South Florida Arbitration & Litigation Lawyer Blog
Miami, Hollywood, Fort Lauderdale and Boca Raton, Florida False and Misleading Research Report FINRA Arbitration and Litigation Attorney:
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
Broker Check: http://www.finra.org/Investors/ToolsCalculators/BrokerCheck/
Gilford Securities Incorporated (New York, New York) submitted a letter of Acceptance, Waiver and Consent in which the firm was censured and fined $125,000. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it published research reports that failed to disclose that that research analyst received compensation consisting of commissions on transactions by the analyst’s customers in the securities the securities the analyst covered. The findings stated that the front page of the firm’s research reports purported to refer to the page of the report on which the disclosures were found. However, the front page references to disclosures were deficient. The firm authorized a research analyst to post research related information and recommendations from firm research reports on his blog without including either disclosures required by NASD Rule 2711(h) or links to the research reports containing the disclosures. (Case # 2012030416501). To review a copy of the full release, please follow the above highlighted link.
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