FINRA’s Department of Enforcement investigated Blau’s alleged misconduct and found he mismarked 60 order tickets as unsolicited when, in fact, the trades were solicited from June 2013 to July 2015. Blau’s misconduct caused Shearson Financial’s books and records to be inaccurate in violation of FINRA Rule 4511.
Based upon the foregoing misconduct, FINRA alleged Blau violated FINRA Rules 2010 and 4511. FINRA Rule 4511 is based on the general recordkeeping requirements of NASD Rule 3110(a) and NYSE Rule 440. FINRA Rule 4511 requires firms to preserve for a period of at least six years those FINRA books and records for which there is no specified retention period under the FINRA rules or applicable SEA rules.
Lufrano Law, LLC is a national securities litigation firm and has experience representing investors who have investment disputes with brokers and broker-dealers. If you suffered investment damages with Blau through Shearson Financial, you may be able to recover your losses through FINRA arbitration. Please contact us for a free, no-commitment initial consultation or contact one of our attorneys at (800) 627-2179 to schedule a free consultation or complete our free case evaluator.