As usual, I'm up on a Friday morning reviewing the FINRA website to see if any new disciplinary actions or notices have been published. As usual, I'm not disappointed. As you can see by clicking the link below, it is a very bad idea to take money from clients and then try to cover it up with bogus account statements. Remember that you'll need to use the BACK arrow on your browser to return to the blog. See the full announcement at:
http://www.finra.org/Newsroom/NewsReleases/2009/P119769
Also, I see a broker and her firm being sanctioned for talking people into taking out home equity loans in order to buy variable life insurance. This action is probably just the tip of the iceberg; I know of at least one firm who trains their new rep's to do exactly that--or did when the housing market made such loans readily available. See the full announcement at:
http://www.finra.org/Newsroom/NewsReleases/2009/P119744
Today's Friday Free Broadcast covers industry rules and regulations. Sometimes I think every Friday should cover that topic.
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