Enforcement Actions
Financial Industry Regulatory Authority (FINRA)
CASES OF NOTE
2009
NOTE: Stipulations of Fact and Consent to Penalty (SFC); Offers of Settlement (OS); and Letters of Acceptance Waiver, and Consent (AWC) are entered into by Respondents without admitting or denying the allegations, but consent is given to the described sanctions & to the entry of findings. Additionally, for AWCs, if FINRA has reason to believe a violation has occurred and the member or associated person does not dispute the violation, FINRA may prepare and request that the member or associated person execute a letter accepting a finding of violation, consenting to the imposition of sanctions, and agreeing to waive such member's or associated person's right to a hearing before a hearing panel, and any right of appeal to the National Adjudicatory Council, the SEC, and the courts, or to otherwise challenge the validity of the letter, if the letter is accepted. The letter shall describe the act or practice engaged in or omitted, the rule, regulation, or statutory provision violated, and the sanction or sanctions to be imposed.
November 2009
Investment Professionals, Inc.
OS/2007008650302/November 2009
The Firm failed to establish and maintain supervisory systems and failed to establish, maintain and enforce written procedures reasonably designed to achieve compliance with applicable securities laws and regulations.
Investment Professionals, Inc.: Censured; Fined $40,000; Required to amend or supplement its written supervisory procedures to adopt additional procedures designed to prevent unauthorized changes of address for customer accounts and to prevent changes of address that were not in compliance with the firmís prohibitions,restrictions, procedures or policies.
Tags:  changes of address    WSPs    supervisory system     |    In: Cases of Note : FINRA
Bill Singer's Comment
The sanction here is the interesting aspect of this case -- the requirement to "prevent unauthorized changes of address."
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