FINRA Enforcement Actions – January, 2010

FINRA Arbitration and Litigation Fraud, Theft Mismanagement, Negligent Supervision and Selling Away Attorney Attorney, Russell L. Forkey, Esq.

January, 2010:

Periodically, the Financial Industry Regulatory Authority, Inc. (FINRA) publically announces, on its website, enforcement actions that have either recently been settled by or commenced against broker/dealers and/or associated persons.

We review these settlements and filed actions each month and provide a brief description of those matters which we believe will be of interest to investors.

Please keep in mind that the complaints issued by FINRA represents FINRA’s initiation of a formal proceeding in which findings as to the allegations in the complaint have not been made, and does not represent a decision as to any of the allegations contained in the complaint. Because these complaints have not yet been adjudicated, you may wish to contact the respondents before drawing any conclusions regarding the allegations in the complaint.

January, 2010:

AXA Advisors, LLC (CRD® #6627, NewYork, NewYork) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $250,000. Read More.

January, 2011:

J.J.B. Hilliard, W.L. Lyons, LLC (CRD #453, Louisville, Kentucky) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured, fined $200,000 and required to place $133,817 into a segregated, interest-bearing account for a period of five years to reimburse customers who can reasonably demonstrate that they made deposits to their firmaccounts at a bank branch and that the firm failed to properly credit the deposits to their accounts. Read More.

January, 2011:

Newbridge Securities Corporation (CRD #104065, Ft. Lauderdale, Florida) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured, fined $37,500 and ordered to pay $4,063.95, plus interest, in restitution to customers. Read More.

January, 2010:

TIAA-CREF Individual & Institutional Services, LLC (CRD #20472, New York, New York) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $100,000. Read More.