The latest compliance news: regulatory developments, punishments, guidance, permissions and new product and service offerings.

FINRA
The US Financial Industry Regulatory Authority, the industry group overseeing a chunk of the wealth management sector, has barred a broker who formerly worked at NYLife Securities Inc and sold Future Income Payments, an alleged Ponzi scheme, a report said (source: InvestmentNews, Jan 24).

The broker, Kari M Bracy, worked at NYLife Securities from 2009 to 2019. The report said that Bracy was under investigation by FINRA as a result of her sale of the investments. The organization barred her, however, because she did not appear for testimony related to the investigation, a violation of securities industry rules, the report said. 

The report also said that Bracy agreed to the FINRA settlement without admitting or denying its allegations. It added that Bracy did not return a call about the matter for comment.