Credit Suisse Stockbroker Wins Expungement of Suspicious Customer Complaint (BrokeAndBroker.com Blog)
From January 2015 until January 2018 (the "Relevant Period"), SunTrust failed to establish, maintain and enforce a supervisory system, including written supervisory procedures ("WSPs") that were reasonably designed to ensure compliance with FINRA Rule 2111 in relation to solicited sales of non-traditional exchange traded funds ("NTETFs") by its registered representatives. These supervisory failures resulted in losses during the Relevant Period of $584,466.13 in 95 SunTrust customer accounts, which SunTrust has already voluntarily fully paid in restitution to these customers. As a result, SunTrust violated FINRA Rules 3110(a), 3110(b) and 2010.
Here we go again, a Large FINRA Member Firm with NO "relevant disciplinary history,"RELEVANT DISCIPLINARY HISTORYRespondent does not have any relevant disciplinary history with the Securities and Exchange Commission, any state securities regulators, FINRA, or any other self-regulatory organization.
See: FINRA Says Impeccable Merrill Lynch Has No Relevant Disciplinary History (BrokeAndBroker.com Blog / May 19, 2020)
According to FINRA's online BrokerCheck files as of May 20, 2020, SunTrust Investment Services, Inc. has 11 "Final" regulatory events dating back to 2005 and running up to 2017, excluding the 2020 AWC at issue today. Amazing how FINRA can't wait to issue a press release but, gee, once the publicity has made its way into print, none of the bad acts ever seem to amount to a prior "relevant disciplinary history." What a dubious bit of exalting form over substance. Makes you wonder if, at its heart, FINRA is more about publicity than regulation.
FINRA Fines SunTrust Investment Services $700,000 for Fee-Based Account and Excessive Commission Violations / Firm Also Required to Certify Voluntary Refunds of $713,362 to Customers (FINRA Release / October 15, 2008)https://www.finra.org/media-center/news-releases/2008/finra-fines-suntrust-investment-services-700000-fee-based-account-andFINRA Orders SunTrust Investment Services to Pay $1.44 Million for Unsuitable UIT, Closed-End Fund and Mutual Fund Transactions / Sanction Includes $540,000 in Restitution to Disadvantaged Customers; Broker Barred in Separate Action, Former Branch Manager Suspended (FINRA Press Release / July 22, 2010)https://www.finra.org/media-center/news-releases/2010/finra-orders-suntrust-investment-services-pay-144-million-unsuitableFINRA Fines SunTrust Robinson Humphrey, SunTrust Investment Services a Total of $5 Million for Auction Rate Securities Violations (FINRA Release / July 2011)https://www.finra.org/media-center/news-releases/2011/finra-fines-suntrust-robinson-humphrey-suntrust-investment-servicesSunTrust Charged With Improperly Recommending Higher-Fee Mutual Funds (SEC Release / September 14, 2017)
[H]endricks worked administrative jobs at several Florida medical clinics. She used these jobs to gain access to medical records and patients' birthdates and Social Security numbers. She then sold the stolen identities to others for cash, or used them herself to defraud businesses. In May 2019, Hendricks unwittingly sold stolen patient identities to an undercover law enforcement officer. When agents searched her home and car, they located 113 distinct sets of stolen identities from clinic patients.
Amid a busy March betting on the direction of volatility, trading in exchange-traded products has turned downright sleepy. Last week, around $3.4 billion worth of shares changed hands, down from a peak of $54.7 billion in a single week in March, according to data compiled by Bloomberg Intelligence. To put that in a wider perspective, trading in January never fell below $4.9 billion shares a week.
Tiny investors are historically bullish. Last week, the smallest of options traders (those who trade 10 contracts or fewer at a time) positioned themselves to bet on a rally, buying bullish calls and selling bearish puts at a record pace, according to Sundial Capital Research."When we look at a group of traders who tend to be wrong at emotional extremes, the warning sign is clear," said Jason Goepfert, the president of Sundial. "There is no data we follow that is more worrying than this."
So much for Walmart's big and expensive effort to take on Amazon with a digitally-native brand. Amid the coronavirus crisis and its impact on the retail industry, today the retail giant quietly announced in its quarterly report that it would be discontinuing Jet.com, the online-only marketplace that it acquired when it was just over one year old for $3 billion (plus $300 million in earn-outs over time), as it struggles to bring its e-commerce operations into that black after reportedly seeing a loss of $2 billion in the division in 2019 and shifting how to deliver its e-commerce strategy: by betting on giant stores, rather than online warehouses, as the hubs of its online delivery model.
Housing starts tumbled 30.2% to a seasonally adjusted annual rate of 891,000 units last month, the lowest level since early 2015. The percentage decline was the biggest since the government started tracking the series in 1959. Starts dropped 18.6% in March. Economists polled by Reuters had forecast housing starts would fall to a pace of 927,000 units in April.
"More than the idea that we're going to revolutionize the menu, we're trying to rebuild our business and see what it can look like," says Lennard. She and Smillie are enhancing the meat section, for instance, adding what they call "a concierge butcher" for specific cuts, as well as options such as porchetta, shoulder roll roast, and fresh sausages.The deli display and shelves take up about one-fifth of the restaurant space; prior to the pandemic, these accounted for only 10% to 15% of sales, says Lennard. Market sales now make up 50% to 60% of business at the restaurant, which reopened a week ago. "And then, if it settles at 25 to 30% of our business, that will be amazing," she says.