Broker-Dealer Fraud, Misrepresentation, Mismanagement And Negligent Supervision FINRA Arbitration And Litigation Attorney Russell L. Forkey, Esq.
In addition to the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA), states have passed securities laws and adopted various rules and regulations relating thereto. For example, the Florida Legislature has adopted Florida Statute 517, which is known as the Florida Securities and Investor Protection Act. The law provides that the provisions of the statute and the rules and regulations promulgated thereunder are to be enforced by the Florida Office of Financial Regulation. The statute and rules can be found on the department’s website by following the highlighted link. The Statute. The Regulations.
If you are a frequent visitor of this site, you are familiar with the fact that we try to inform investors about certain enforcement actions that have been commenced by the various state security regulatory authorities against both brokerage firms and other security licensed individuals, including account executives.
Part of each state’s regulatory responsibility is its oversight of brokerage firms and their account executives. This oversight is usually conducted through periodic audits conducted by the agency to, in part, make sure that the firms are in compliance with all relevant securities laws, rules and regulations.
If the state regulatory authority determines that a registered firm or individual has violated any of these rules, regulations or statutes, it will commence an enforcement action against the perpetrator.
There are a number of enforcement matters that are announced on the respective website of each administrator. We review these matters and try to present what we believe to be decisions of interest to investors.
As a result of the fact that the amount of information that we had previously posted on our site, relative to these enforcement actions, became so voluminous, we have been required to move this section of our website to our securities blog located at www.floridastockfraudblog.com. To review these items, please follow the highlighted link and go to the section labeled State Regulatory Enforcement Actions located under “categories.”