Articles Tagged with First Standard Failure to Supervise Stockbroker

Michael Leahy of Redbank, New Jersey submitted a Letter of Acceptance, Waiver, and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) for allegedly failing to supervise one of the firm’s registered representatives. Leahy was a Compliance Officer for First Standard and was responsible for supervising representatives to ensure there were no FINRA Conduct Rule violations. However, FINRA found that while Leahy was an acting compliance officer, he failed to supervise a representative that had continuous red flags with unauthorized trades and excess commissions. FINRA found Leahy, as a Compliance Officer, did not conduct any investigations of these red flags in violation of FINRA Rules 3110 and 2010.  Without admitting or denying the FINRA findings, Leahy agreed to the sanctions and was barred from association with any FINRA member and fined $5,000. Continue Reading

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