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Financial Industry Regulatory Authority FINRA
FINRA Sanctions Three Brokers for Sales of CMOs to Retail Investors
September 20th, 2008
The Financial Industry Regulatory Authority (FINRA) announced that it has barred two brokers from the Boca Raton branch office of the now defunct brokerage firm, SAMCO Financial Services, Inc. - and suspended a third broker for two years - for misconduct in connection with selling complex mortgage-backed securities called Collateralized Mortgage Obligations (CMOs) to retail customers. Brokers Cindy Schwartz (CRD No. 4649760) and Brian Berkowicz (CRD No. 4787371) were permanently barred from the securities industry. Broker John Webberly (CRD No. 4537227) was suspended. No monetary sanctions were imposed against Webberly due to his demonstrated inability to pay. ...
Source: Law & Health Weekly (2008-09-20)
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