FINRA Slaps Haywood Securities Inc. with $175K Fine for Alleged Violations! 🚨 Haywood Securities (USA) Inc faces the music, agreeing to a $175,000 fine in a settlement with FINRA. 📜💸 🔍 Key Findings: From 2014 to the present, Haywood USA allegedly recommended sales totaling $11 million without proper due diligence on 53 different private placements. 🤔 ❌ Rule Violations: Failed to establish a supervisory system (2014-2020) Breach of FINRA Rule 2111, Rules 3110 and 2010, and NASD Rule 3010 Continued non-compliance from June 30, 2020, regarding Regulation Best Interest (Reg BI) 🔒 Penalties: Apart from the hefty fine, the firm faces a censure. A senior management member must certify in writing that the identified issues are resolved, and a robust supervisory system, including written procedures, is in place for Reg BI compliance. 📝🔒 🌐 Impact: This enforcement action signals FINRA's commitment to maintaining market integrity and protecting investors. 🌐💼 📢 Haywood Securities Statement: "We take this matter seriously and have taken immediate steps to rectify the situation. Our commitment to compliance and client protection remains unwavering." #HaywoodSecurities #FINRA #ComplianceAlert #FinancialNews
