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The Financial Industry Regulatory Authority (FINRA) recently warned financial professionals that imposters are attempting to collect personal information of investors by spoofing financial professionals’ websites, reaching out to investors, and directing them to the fake websites.
The spoofers are able to go on a financial professional’s website or page, copy and paste the picture of…
New FinCEN Cryptocurrency Guidance Clarifies Applicability of Anti-Money Laundering Regulations to Virtual Currency Business Models
By Norman Roos on May 23, 2019
The Financial Crimes Enforcement Network (FinCEN) is the U.S. Treasury Department bureau charged with monitoring financial transactions in order to combat domestic and international money laundering, terrorist financing, and other financial crimes.
Under FinCEN’s Bank Secrecy Act/Anti-Money Laundering regulations, money transmitters and other money service businesses are required to develop anti-money laundering/countering the financing of…
Recent FINRA Consent Agreement – Sanctions Against Former Securities Employee Regarding Wire Transfers
By Robinson+Cole's Data Privacy + Cybersecurity Team on January 24, 2019
Posted in Enforcement + Litigation
The regulatory sword of the financial industry came down on a former securities employee for violations involving wire transfers out of a client’s account. The Financial Industry Regulatory Authority (FINRA) provides oversight of the financial industry. According to their website, in 2017, they brought 1,369 disciplinary actions against registered individuals and firms, levied fines totaling…
Initial Coin Offerings and Cryptocurrencies Will be a Priority for FINRA in 2018
By Linn Foster Freedman on January 11, 2018
Posted in Blockchain, Virtual Currency
In a ten page letter that previews the Financial Industry Regulatory Authority’s (FINRA) priorities for 2018, initial coin offerings (ICOs) and transactions involving cryptocurrencies. This follows previous warnings by both the Securities and Exchange Commission (SEC) and FINRA about the risks associated with investing in ICOs and virtual currencies, including Bitcoin. SEC Chairman Jay Clayton…
FINRA Fines Lincoln Financial Group $650,000
By Linn Foster Freedman on November 23, 2016
Posted in Enforcement + Litigation
A Lincoln Financial Group subsidiary has agreed to accept a $650,000 fine levied against it by the Financial Industry Regulatory Authority (FINRA) and to implement more robust security controls for a 2012 hacking that compromised the personal information of approximately 5,400 customers.
According to FINRA, despite paying a $450,000 fine to FINRA in 2011 over…
FINRA fines Raymond James $500,000
By Linn Foster Freedman on March 16, 2016
Posted in Enforcement + Litigation
Financial services firm Raymond James Financial Services Inc. (Raymond James) has agreed to settle an investigation by the Financial Industry Regulatory Authority (FINRA) for $500,000. The investigation stems from allegations that Raymond James requested that new financial advisers disclose and bring confidential customer information to Raymond James when joining the firm from other brokerage firms,…
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Robinson+Cole is a law firm serving regional, national and global clients from nine offices throughout the Northeast. Our Data Privacy + Security Team brings together lawyers from the firm’s Intellectual Property and Technology, Commercial Litigation, and E-Commerce Groups.
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