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Articles Posted in securities and exchange act of 1934

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FINRA Bars Broker Over Allegations of Churning (Excessive Trading) and Unauthorized Trading in Customer Accounts

The Financial Industry Regulatory Authority (FINRA) has barred Chad David Kelly (Kelly) concerning allegations of churning (excessive trading) and unauthorized trading.  “Churning” is excessive investment trading activity that serves little useful purpose or is inconsistent with the investor’s objectives and is conducted solely to generate commissions for the broker.  Churning…

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Robert Gist Fined $5.4 Million by the SEC and Barred From the Financial Industry

Robert Gist (Gist) was recently fined $5.4 million by the Securities and Exchange Commission (SEC) and barred from association with any broker-dealer by the Financial Industry Regulatory Authority (FINRA).  Gist has been accused by both regulators of converting the funds of at least 30 customers in order to pay personal…

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The Dangers of Low-Priced (Penny Stocks) Securities

A “penny stock” is defined by the Securities and Exchange Commission (SEC) as a security issued by a very small company, micro-cap or less than $100 million in market capitalization, and trades at less than $5 per share.  Penny stocks generally are quoted over-the-counter, such as on the OTC Bulletin…

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