FINRA Fines and Suspends Rep for Undisclosed Bankruptcy in PPM (BrokeAndBroker.com Blog)
Bill Singer
A critic of the inept and incompetent, and an advocate for economic and political sanity. It's a lonely journey but I walk it. Wall Street legal, regulatory, and compliance veteran since 1982.
FINRA Fines and Suspends Rep for Undisclosed Bankruptcy in PPM (BrokeAndBroker.com Blog)
https://www.brokeandbroker.com/5916/finra-awc-bankruptcy/
If you run afoul of FINRA, you may be given the opportunity to enter into a regulatory settlement without admitting or denying the facts. Frankly, that's a deal that most respondents should jump at. Perhaps acknowledging that some who settle would like to offer their side of things in the published Acceptance, Waiver and Consent document, FINRA allows respondents to attach a Corrective Action Statement, which is supposed to be a "statement of demonstrable corrective steps taken to prevent future misconduct. Respondent understands that he may not deny the charges or make any statement that is inconsistent with the AWC in this Statement." BrokeAndBroker.com publisher Bill Singer is no fan of the Corrective Action Statement. He almost never recommends the option. He regularly argues against it. In a recent FINRA AWC, Bill takes the opportunity to show why FINRA's policy is misguided and inconsistent.