by Brian Mahany Unfortunately, story titles such as this one are all too common. Companies should welcome employees who are looking after the long term interests of the business and reporting internal wrongdoing. Unfortunately they often don’t, especially in the financial industry. According to published reports, a risk manager from Morgan Stanley Smith Barney claims […]
As The World Churns – FINRA Socks Stockbroker For $1.9 Million
by Brian Mahany Churning is a bad word in the securities industry. It happens when a stockbroker engages in excessive buying and selling of securities in a customer’s account. The motive is almost always high commissions. Each transaction generates a commission – the more turnover in an account the more the broker makes. (Investment advisers […]
SEC Shuts Down Broker Who Defrauded Elderly Nuns
Not one week into the new year and the SEC has shut down another fraud scheme, this one targeting the Sisters of Charity, a congregation of mostly elderly nuns in the Bronx section of New York City. The SEC charged Paul Chironis with churning two accounts owned by the nuns. The accounts were to be […]