Finra bars former Merrill rep accused of churning
Charles Kenahan had already been barred by the state of New Hampshire in December.
January 26, 2021
Former Merrill Lynch broker Charles Ernest Kenahan has been barred by the Financial Industry Regulatory Authority Inc. for failing to take part in an investigation into his conduct at the firm, which discharged him in July 2019.
At the time, Merrill Lynch gave as its explanation for Kenahan’s firing “customers’ allegations of unauthorized trading, unsuitable investment recommendations and excessive trading.”
In December 2020, the New Hampshire Bureau of Securities Regulation issued a permanent bar against Kenahan as a result of allegations of unauthorized trading, mismarked tickets, inappropriate ETFs, overcharges and excessive trading. New Hampshire also fined Merrill Lynch $2 million, with the wirehouse agreeing to pay $24.3 million back to clients as part of a settlement over Kenahan’s excessive trades, commissions and
Regulators must address savers’ cognitive decline
Today, unfortunately, cases of cognitive decline are prevalent, and the informal and below-the-radar approaches that addressed the issue in the past are inadequate to meet the current challenge.
January 25, 2021 2 MINS
The aging of the American population raises issues that at one time received little attention. Over the past several years, for example, more and more financial institutions have come to be concerned about what they should do when they detect evidence of cognitive decline in their older clients. In the past, when there were fewer such incidents and perhaps less concern about personal privacy, a banker or adviser might informally check with family members or sometimes personally take steps to make sure the client did nothing untoward.
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WASHINGTON, Jan. 22, 2021 /PRNewswire/ Certified Financial Planner Board of Standards, Inc. (CFP Board) announced that it has imposed an interim suspension of the CFP® certification against Andrew D. Slocum, which was effective as of January 19, 2021.
On January 19, 2021, CFP Board issued an automatic interim suspension order suspending Andrew D. Slocum s right to use the CFP® certification marks. CFP Board imposed an automatic interim suspension after receiving evidence that Mr. Slocum was permanently barred by Financial Industry Regulatory Authority, Inc. (FINRA) from association with any FINRA member in any capacities on August 24, 2020, wherein FINRA made findings that Mr. Slocum: (1) failed to respond to FINRA s May 21, 2020 and June 15, 2020 requests for the production of information and documents. FINRA determined that Mr. Slocum s failure to respond to FINRA s requests warranted a permanent bar under FINRA Rule 9552(h). Unde
401(k) sponsors in the dark about cognitive decline
A Department of Labor advisory council compiled a wealth of testimony on the challenges that plan sponsors, advisers, record keepers and others face in identifying retirement savers’ cognitive decline and what options they have when they suspect it.
January 19, 2021 4 MINS
Retirement plan fiduciaries often have limited resources and little information when it comes to plan participants with dementia or other cognitive decline but that could change.
Last month, a Department of Labor advisory council compiled a wealth of testimony on the challenges that plan sponsors, advisers, record keepers and others face in identifying retirement savers’ cognitive decline and what options they have when they suspect it.