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The Financial Industry Regulatory Authority (“FINRA”) has acted on its promise to bring Reg BI to life, announcing last week that it has expelled member firm SW Financial, as well as...
SW Financial charged with, negligently misrepresenting and omitting material facts in disclosures to its investors, cloaking a conflict of interest the firm had with the securities at issue. The Financial Industry Regulatory Authority expelled member firm SW Financial
In its first disciplinary action related to Regulation Best Interest Reg BI, the FINRA levied a $5,000 fine and a six-month suspension for excessive trading, charging that a broker caused a client to pay tens of thousands of dollars in commissions to the broker.