LAWSUITS NEWS & LEGAL INFORMATION
Unauthorized Searches
New York, NY: (Oct-24-07) The Financial Industry Regulatory Authority (FINRA) brought charges against GunnAllen Financial of Tampa, Florida, alleging that a GunnAllen computer was used for 205 unauthorized searches. FINRA runs the widely used BrokerCheck, an online database of 5,100 securities firms and 672,000 brokers and other people who require a license to do business with the public. It is a non-governmental body that sources claim, polices its dues-paying members through a Wall Street wonder known as self-regulation.
As part of a settlement reached, GunnAllen Financial agreed to pay a $50,000 fine to resolve allegations. Authorities stated that while some violators do tap into the industry-only database to troll for prospects, others do it for inexplicable reasons. The settlement with GunnAllen contains a mysterious reference to the firm's computers having been used to search the background of industry regulators. [BLOOMBERG: FINRA VIOLATIONS]
Published on Oct-26-07
As part of a settlement reached, GunnAllen Financial agreed to pay a $50,000 fine to resolve allegations. Authorities stated that while some violators do tap into the industry-only database to troll for prospects, others do it for inexplicable reasons. The settlement with GunnAllen contains a mysterious reference to the firm's computers having been used to search the background of industry regulators. [BLOOMBERG: FINRA VIOLATIONS]
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