FINRA Fines H&R Block Financial Advisors
(Feb 2010)
FINRA Fines H&R Block Financial Advisors $200,000 for Inadequate Supervision of Reverse Convertible Notes Sales, Suspends and Fines Broker for Unsuitable Sales to Retired Couple
The Financial Industry Regulatory Authority (FINRA) issued a press release today announcing that it had
[fined] H&R Block Financial Advisors, Inc., (n/k/a Ameriprise Advisor Services, Inc.) $200,000 for failing to establish adequate supervisory systems and procedures for supervising sales of [reverse convertible...
FINRA Regulatory Notice: Reverse Convertibles
(Feb 2010)
FINRA Reminds Firms of Their Sales Practice Obligations With Reverse Exchangeable Securities (Reverse Convertibles)
The Financial Industry Regulatory Authority (FINRA) published Regulatory Notice 10-09 reminding financial firms selling reverse convertibles notes (RCN) to provide fair and balanced sales materials and communications, including proper statement on the risks associated with such notes.
In an upcoming SLCG study on RCN, we have found that investors of RCNs have been...
