Tag Archives: churning

FINRA Fine Churning of Senior

On Sep. 17, FINRA fined Vanderbilt $100k for undue churning. Vanderbilt Securities, and Barry Alan Champney fined $100k and 5k respectively. Alleged Violations Procedures acknowledged regular trades in the same security may be unsuitable. But did not give guidance for detecting or preventing excess trading or churning. No systemic tracking of turnover rates and cost-to-equity…
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SEC Charge Brokers Churning

On Sep. 10, SEC charged brokers for recommending excess trades. Charges for Florida resident Emil Botvinnik, and NY resident Jovannie Aquino. Were representative with Meyers Associates, LP, (later Windsor Street Capital). For recommending excessive level of trading that are costly to retail customers. Follows similar SEC charges of excessive trading, in Jan., Sep., and Dec.…
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