News

It was recently reported that the Securities and Exchange Commission is investigating whether Barclays Plc violated securities laws relating to its marketing practices for certain bonds backed by commercial property. The SEC’s probe allegedly involves sales in 2018 of bonds backed by hotels. The probe allegedly began after Barclays’ former head of commercial real estate [...]

FINRA recently announced sanctions against Summit Brokerage Services, Inc. for supervisory failures relating to excessive trading. Summit has agreed to pay over $880,000 for its supervisory failures, including over $500,000 in restitution to customers whose accounts were excessively traded. According to FINRA, a former Summit registered representative – who FINRA previously had barred – committed [...]

The SEC recently barred James T. Booth – a former registered representative of LPL Financial LLC and Invest Financial Corporation (IFC) – after Booth pled guilty to misappropriating nearly $5 million from dozens of investors. According to the SEC’s order, Booth pled guilty to one count of securities fraud on October 22, 2019 in a [...]

The U.S. Commodity Futures Trading Commission (CFTC) recently issued orders filing and settling charges against two interdealer brokers, BGC Financial, LP and GFI Securities, LLC. According to the orders, BGC’s and GFI’s brokers in their respective emerging-markets foreign-exchange-options (EFX options) departments posted fake trades to induce clients to trade in EFX options. The firms paid [...]