FINRA Fines Broker-Dealer for Multiple Violations
FINRA ordered a broker-dealer to pay fines and restitution for multiple violations, including failures of supervision, reporting and recording and for excessive, unsuitable, and unauthorized trading.
According to FINRA's Default Decision, Accelerated Capital Group, Inc. ("ACG") was fined for:
- neglecting to supervise a former registered representative in violation of NASD Rules 3010(a) and (b), and FINRA Rules 3110(a) and (b) and 2010;
- failing to reasonably monitor the trading activity of registered representatives who engaged in "excessive, unsuitable, and unauthorized trading" in violation of FINRA Rules 2111 and 2010;
- allowing the use of "pre-signed and altered customer forms and documents" in violation of FINRA Rules 4511 and 2010; and
- failing to report required information (e.g., complaint and disclosure filings) to FINRA in violation of FINRA’s By-Laws and FINRA Rules 4530 and 2010.
FINRA issued its Default Decision after ACG failed to appear for a pre-hearing conference. According to the Default Decision, ACG filed a Broker-Dealer Withdrawal ("BDW") form, and the SEC and FINRA terminated the broker dealer's registration in December 2018.