FINRA Charges Firm with Misuse of Customer Charitable Trust Funds

FINRA charged a Phoenix-based firm and its President and CEO with securities fraud in connection with the sale of millions of dollars' worth of municipal revenue bonds. FINRA also charged the CEO and his wife, the COO, with self-dealing saying they abused their positions as co-trustees of a charitable remainder trust and improperly used trust funds to indirectly prop up the struggling offerings.