FINRA, the financial industry watchdog, recently fined Wells Fargo a whopping $3.4 million dollars for unsuitable recommendations and supervisory failures related to volatility-linked exchange-traded products or ETFs.
Each month and again on a quarterly basis, the agency that regulates the financial industry, FINRA (Financial Industry Regulatory Authority), produces a detailed report that runs down all disciplinary actions recently taken against brokerage firms and brokers. This long list of alleged wrongdoing and misconduct reads a lot like a police blotter. We strongly encourage any investor who suspects their broker and/or broker-dealer of having lost them money on dubious terms to at least skim this report to see if you recognize any names, schemes, products, or securities.
Last month, the Financial Industry Regulatory Authority (FINRA) published its Regulatory and Examinations Priorities Letter. While the express purpose of this letter is to advise stock brokers and compliance officers about the focus of the accreditation exams many of them will be taking in 2015, the letter also indirectly puts investors and securities professionals on notice.