My former colleague from my days at NASD's Enforcement Department, Brian Rubin, now with the law firm Sutherland, recently published a study of FINRA's disciplinary actions in 2008. According to the study by Rubin, Deborah Heilizer and Shanyn Gillespie, FINRA brought fewer disciplinary cases in 2008, and obtained lower fines from respondents. According to the trio's study, the top five issues, in terms of fines imposed, were mutual fund cases, suitability cases, licensing and registration cases, excessive commissions (markups and markdowns) cases, and electronic communication cases. They also outlined several trends exhibited by the cases resolved in 2009. You can read the white paper here. Its a good read for legal and compliance folks, and I think its always a good idea to stay current with news from the regulatory front.
Joel Beck
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June 09, 2009
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