National Cause Program News Today

WASHINGTON—FINRA announced today that it has appointed Bill St. Louis to Executive Vice President and Head of its National Cause and Financial Crimes Detection Program (NCFC). St. Louis, currently Senior Vice President and Firm Group Leader in FINRA’s Member Supervision department, will begin his new role on December 13 and report to Greg Ruppert, Executive Vice President and Head of Member Supervision. St. Louis will succeed Ruppert, who previously led the NCFC.

A FINRA panel also warned reps to be careful what they say in their social media posts.

What You Need to Know Firms that dont clearly state why a broker has been terminated in a Form U5 can expect a call from FINRA, it warns. Forms U4 and U5 issues are the top source of FINRA investigations. FINRA enforcement brings about 700-800 disciplinary actions a year of the more than 25,000 matters it looks into. Most of the enforcement actions taken by the Financial Industry Regulatory Authority are focused on brokers who are “bad actors” and made “clear-cut violations” of FINRA me...