South Florida Arbitration & Litigation Lawyer Blog
Tribal Capital Markets, LLC. a/k/a Blue Capital Securities, Inc. – CMO Risk Disclosure – Boca Raton, Florida FINRA Arbitration 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:
August 2015 Disciplinary and Other FINRA Actions
Broker Check: http://www.finra.org/Investors/ToolsCalculators/BrokerCheck/
Tribal Capital Markets, LLC aka Blue Capital Securities, Inc. (CRD #38901, New York, New York) submitted an AWC 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 in connection with selling collateralized mortgage obligations (CMOs), it provided marketing materials for a proposed CMO transaction to customers that failed to adequately disclose and present a balanced discussion of certain risks involved in the transaction. The findings stated that the firm failed to provide required CMO educational materials prior to its sales of CMOs to retail customers. The findings also stated that the firm violated books and records rules in connection with its mortgage-backed securities (MBS) and CMO business, in that its order memoranda transactions were incomplete or contained inaccuracies. Order tickets failed to identify the registered representative who entered the order, contained inaccurate order execution times, and were marked as unsolicited when that was not the case. The findings also included that the firm violated FINRA’s TRACE rules in connection with its MBS and CMO business. The firm failed to report transactions, failed to report transactions within 15 minutes of the execution time, and failed to accurately report times of order receipt, order entry and order execution for transactions in TRACE-eligible securitized products to TRACE. To review the complete release, please follow the above link.
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