FINRA Expels Monmouth Capital Management
Retrieved on:
Friday, July 7, 2023
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FINRA announced today that it has expelled Monmouth Capital Management for churning and excessively trading customer accounts in violation of Regulation Best Interest (Reg BI), failing to supervise its representatives, and providing false and misleading disclosures to retail customers on its client relationship summary (Form CRS).
Key Points:
- FINRA announced today that it has expelled Monmouth Capital Management for churning and excessively trading customer accounts in violation of Regulation Best Interest (Reg BI), failing to supervise its representatives, and providing false and misleading disclosures to retail customers on its client relationship summary (Form CRS).
- “Monmouth abdicated its responsibility to reasonably supervise its representatives’ trading, resulting in substantial harm to customers, including Gold Star families.
- FINRA also found that between Nov. 9, 2020, and Feb. 28, 2023, Monmouth made false and misleading statements on its Form CRS.
- This matter originated from a customer complaint made to FINRA concerning a former Monmouth registered representative.