September 27, 2016 8:11 AM ET

Capital Markets

Company Overview of Financial Industry Regulatory Authority, Inc.

Company Overview

Financial Industry Regulatory Authority, Inc. (FINRA) is a trade association that provides regulatory, consulting, and advisory services focusing on financial services and securities brokerage companies. The organization offers registration, dispute resolution, federal securities law enforcement, market surveillance and analysis, and regulatory policy formulation and implementation services. FINRA, formerly known as National Association of Securities Dealers, Inc., was founded in 1938 and is headquartered in Washington, District of Columbia.

1735 K Street

Washington, DC 20006

United States

Founded in 1938





Key Executives for Financial Industry Regulatory Authority, Inc.

Executive Chairman of Board of Governors and Chief Executive Officer
Age: 65
Executive Vice President and Chief Financial Officer
Senior Vice President and Regional Director of New York Region
President of Dispute Resolution, Executive Vice President, and Chief Hearing Officer
Executive Vice President and Director of Dispute Resolution
Compensation as of Fiscal Year 2016.

Financial Industry Regulatory Authority, Inc. Key Developments

KCD Financial, Inc. Files an Application for Review of Disciplinary Action Taken Against it by Financial Industry Regulatory Authority

KCD Financial, Inc. filed an application, pursuant to Section 19(d)(2) of the Securities Exchange Act of 1934, for review of disciplinary action taken against the company by the Financial Industry Regulatory Authority. FINRA filed a copy of the index to the record on September 9, 2016, pursuant to Rule 420(d) of the Rules of Practice. Accordingly, it is ordered, pursuant to Rule 450(a) of the Rules of Practice, that a brief in support of the application for review shall be filed by October 21, 2016. A brief in opposition shall be filed by November 21, 2016, and any reply brief shall be filed by December 5, 2016. Pursuant to Rule 180(c) of the Rules of Practice, failure to file a brief in support of the application may result in dismissal of this review proceeding.

Financial Industry Regulatory Authority, Inc. Announces Appointment of Board of Governors

Financial Industry Regulatory Authority, Inc. at its Annual Meeting held on September 19, 2016, appointed Bob Muh, Chief Executive Officer, Sutter Securities, Inc. was elected as a Small Firm Governor, one of three representatives of small firms on the Board of Governors. The Nominating Committee nominated and the Board appointed two new public governors whose terms will begin as of the annual meeting: Eileen Murray, co-CEO of Bridgewater Associates; Hillary Sale, Walters D. Coles Professor of Law at Washington University in St. Louis Law School.

FINRA Fines Ameriprise Financial Services, Inc. for Failing to Supervise the Transmittal of Funds From Customer Brokerage Accounts

The Financial Industry Regulatory Authority announced that it has fined Ameriprise Financial Services, Inc. $850,000 for failing to detect the conversion of more than $370,000 from five customer brokerage accounts by one of its registered representatives. Ameriprise failed to adequately investigate red flags associated with nine third-party wire requests, including that the funds were being transmitted to a business bank account associated with an Ameriprise representative. The conversion went undetected for two years because Ameriprise failed to establish and enforce a supervisory system reasonably designed to adequately monitor the transmittal of funds from customer accounts to third parties, including those controlled by registered representatives of the firm. After Ameriprise discovered the misconduct, it paid restitution, plus interest and related fees, to the customers. FINRA barred the representative in June 2014. FINRA found that from October 2011 to September 2013, a registered representative of the firm who worked as a sales assistant and office manager took more than $370,000 from five Ameriprise customers. The customers were the office manager’s family members, including his mother, step-father and grandparents as well as his domestic partner. The office manager converted the funds through a two-step process. First, he submitted request forms to transfer funds from the customers’ Ameriprise brokerage accounts into the business bank account of the office in which he worked, allegedly for the intended purpose of making investments. He then took funds from that account in order to pay himself additional salary, commissions he had not earned and other money to which he was not entitled. FINRA found that Ameriprise failed to adequately follow up on red flags, including that the funds were being transferred to an account that the firm knew or should have known belonged to one of its registered representatives. The firm also failed to adequately investigate possible signature irregularities that it flagged on certain wire request forms. In addition, even though four of the nine wire requests were also flagged for further review for other reasons, Ameriprise failed to adequately follow up. The conduct was discovered in September 2013 when another office employee found evidence in a trash can that the office manager had been practicing signing the signature of a family member from whom he was scheming to convert funds.

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