Enforcement actions

Data from a Municipal Securities Rulemaking Board report released Wednesday showed a continuing decline in the number of dealers.

“Brogdon's substantial and ongoing failure to comply with the plan and court orders are egregious and ongoing,” a court-appointed monitor reported.

Bond Dealers of America members said they have spent an average of more than $17 million on regulatory costs since the beginning of the 2008 credit crisis.

While associated with J.P. Morgan, a broker allegedly cheated on her Series 52 exam, violating FINRA Rule 2010.

Banker Peter Cannava may be left to battle on alone, after the Securities and Exchange Commission and Wells Fargo told a federal court they have an agreement.

A hearing officer and a Circuit Court judge concluded Illinois failed to prove accusations of securities violations against Calvin Grigsby.

FINRA found the firm should have disclosed late payments and other material information to investors in COPs linked to Brogdon projects.

A Jan. 22 hearing has been set at which time a judge may order Dwayne Edwards to disgorge $766,850 plus interest and pay civil penalties.

The SEC has signaled a focus on pay-to-play and disclosure fraud.

Ex-Morgan Stanley broker Ami Forte made national headlines after allegedly violating multiple municipal securities and other rules, the Financial Industry Regulatory Authority found.