{"id":1515,"date":"2014-09-13T19:27:48","date_gmt":"2014-09-13T19:27:48","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2014\/09\/finra_fines_minneapolis_broker"},"modified":"2022-03-11T13:24:21","modified_gmt":"2022-03-11T19:24:21","slug":"finra-fines-minneapolis-broker","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/finra-fines-minneapolis-broker\/","title":{"rendered":"FINRA Fines Minneapolis Broker-Dealer $1M for Inadequate Supervision of Penny Stocks"},"content":{"rendered":"

\t\t\t\tThe Financial Industry Regulatory Authority<\/a> has issued an enforcement action charging Feltl & Company for not notifying certain customers of the suitability and risks involving certain penny-stock transactions, as well as for failing to issue customer account statements showing each penny stock’s market value. The brokerage firm is based in Minneapolis, Minnesota.<\/p>\n

FINRA claims that the firm failed to properly document transactions for securities that temporarily may not have fulfilled the definition of a penny stock and did not properly track penny-stock transactions involving securities that didn’t make a market.<\/p>\n

Feltl made a market in nearly twenty penny stocks. The brokerage firm made $2.1 million from at least 2,450 customer transactions that were solicited in 15 penny stocks between 2008 and 2012. The SRO says it isn’t clear how much the firm made from selling penny stocks that it didn’t keep track of but that revenue from this would have been substantial.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The Financial Industry Regulatory Authority has issued an enforcement action charging Feltl & Company for not notifying certain customers of the suitability and risks involving certain penny-stock transactions, as well as for failing to issue customer account statements showing each penny stock’s market value. The brokerage firm is based in Minneapolis, Minnesota. FINRA claims that […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3739,3777,3741],"tags":[2545],"class_list":["post-1515","post","type-post","status-publish","format-standard","hentry","category-finra","category-inadequate-supervision","category-securities-fraud","tag-penny-stock-fraud"],"yoast_head":"\nFINRA Fines Minneapolis Broker-Dealer $1M for Inadequate Supervision of Penny Stocks — Investor Lawyers Blog — September 13, 2014<\/title>\n<meta name=\"description\" content=\"FINRA has issued an enforcement action charging Feltl & Company for not notifying certain customers of the risks involving certain penny stocks.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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