A Long Island financial services firm has reached a nearly $1.6 million settlement with the Financial Industry Regulatory Authority to resolve allegations it excessively traded some clients’ accounts, the brokerage regulator said.
Worden Capital Management LLC in Garden City, N.Y., and its owner, Jamie Worden, didn’t create or enforce oversight measures to comply with FINRA’s excessive trading rules from 2015 to 2019, according to a letter the brokerage industry self-regulatory organization released Thursday.
Worden Capital Management’s excessive trading caused it to take in more than $1.2 million in commissions from customers, according to the FINRA letter. The firm will return ...
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