FINRA Issues First Reg BI-Related Fine

October 17, 2022 by Melanie Waddell

In its first disciplinary move related to Regulation Best Interest, the Financial Industry Regulatory Authority has fined a former registered rep $5,000 and issued a six-month suspension.

From July 2020 through November 2021, Charles V. Malico willfully violated Reg BI’s Care Obligation and also violated FINRA Rule 2010 “by recommending a series of transactions in the account of one retail customer that was excessive in light of the customer’s investment profile and therefore was not in that customer’s best interest,” FINRA’s order explained.

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Originally Posted at ThinkAdvisor on October 12, 2022 by Melanie Waddell.