South Florida Arbitration & Litigation Lawyer Blog
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/
HLM Securities, Inc. (Chicago, Illinois) and Terrance Richard Hennessy (Valparaiso, Indiana) submitted a Letter of Acceptance, Waiver and Consent in which the firm was fined $100,000 of which $10,000 is joint and several with Hennessy. Hennessy was assessed a deferred fine of $50,000, which includes the $10,000 joint and several fine, and suspended from association with any FINRA member in any capacity for 18 months. Without admitting or denying the findings, the firm and Hennessy consented to the sanctions and to the entry of findings that although the firm was aware, Hennessy failed to provide written notice to the firm prior to or even subsequent to, his participation in the purchase of membership interests in limited-liability companies, as required by the firm’s written supervisory procedures. The findings stated that Hennessy’s failure to provide written notice of his participation in the private securities transactions, as well as the firm’s failure to include those transactions in its books and records, deprived FINRA of its ability to oversee Hennessy’s and the firm’s securities activities, since the firm did not have any record of those activities. (Case #2012034822601). To review the full release, please follow the above highlighted link.
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