Joel Beck

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  • Joel Beck, a former NASD Department of Enforcement lawyer, formed The Beck Law Firm, LLC in 2007. Joel's practices focuses on three main areas: 1) broker-dealer and registered investment adviser regulation/compliance, regulatory investigations and enforcement actions, and arbitration cases, 2) business formations and small business legal needs, and 3) basic estate planning.

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April 30, 2008

FINRA's National Adjudicatory Council Upholds $5 Million Fine against American Fund Distributors

In a Decision released today, FINRA's National Adjudicatory Council (essentially FINRA's appellate level hearing body) affirmed a Hearing Panel decision that found that American Fund Distributors violated FINRA's (then known as NASD) Anti-Reciprocal Rule.  The NAC found that AFD directed $98 million in brokerage commmissions to 46 broker-dealers that were the top sellers of its mutual funds.  The NAC affirmed the hearing panel fine of $5 Million.  The NAC Decision becomes FINRA's final action in the matter, and AFD may now appeal this decision to the SEC. 

Posted at 01:11 PM in Broker-Dealer/RIA Legal Issues |

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