HomeWebcastFINRA’s Crackdown on High-Risk Brokers: Recent Trends and Developments You Can’t Ignore

FINRA’s Crackdown on High-Risk Brokers: Recent Trends and Developments You Can’t Ignore

Live Webcast Date: Tuesday, December 11, 2018 from 12:00 pm to 1:30 pm (ET)
Risk and Compliance CLE & CPERecording


Join us for this Knowledge Group Online CLE FINRA Webinar. In April 2018, the Financial Industry Regulatory Authority (FINRA) issued a guidance on when intensified broker-dealer oversight of associated persons, may be necessary. The guidance proposes rule amendments that would heighten restrictions on member companies employing brokers with history of past misconduct. Reminding broker-dealers of their supervisory responsibilities, Regulatory Notice 18-15 requires FINRA member firms to implement supervisory procedures for associated persons.

Our panel of key thought leaders and practitioners organized by The Knowledge Group will offer a discussion of the fundamentals as well as recent updates regarding the latest and significant issues surrounding FINRA’s regulation of high-risk brokers. This Webcast aims to help you to avoid common pitfalls and risk issues by adopting best compliance practices in light of the guidance.

Key topics include:

  • FINRA’s Guidance on High-Risk Brokers: Overview
  • Recent Enforcement Trends
  • Overlap with State Regulatory Focus
  • Regulatory Updates
  • Emerging Pitfalls and Risks
  • Best Practices: Supervision and Compliance

Who Should Attend

  • Broker-dealers
  • Finance Lawyers
  • Capital Market Analysts
  • Corporate Governance Attorneys
  • Banking & Finance Attorneys
  • Investment Attorneys
  • Securities Attorneys
  • Financial Executives & Officers
  • Bank and Financial Executives
  • Legal and Compliance Executives
  • Investors
  • Broker-dealer Firms
  • Other related & Interested Professionals

Preview Podcast

Please click the podcast below to hear the speakers discuss the key topics for this webcast.


Tracey Salmon-Smith
Drinker Biddle & Reath LLP
Corin Swift
Sidley Austin LLP
Rogge Dunn
Rogge Dunn Group, PC

Click Here to Read Additional Material


Tracey Salmon-Smith, Partner
Drinker Biddle & Reath LLP
  • FINRA’s Guidance on High-Risk Brokers: Overview
  • FINRA’s 2017 Priorities Letter
  • FINRA’s High-Risk Broker Unit
  • Regulatory Notices 18-15(Heightened Supervision) and 18-16 (High-Risk Brokers)

Corin Swift, Partner
Sidley Austin LLP
  • Recent Enforcement Trends and Focus on Recidivist Brokers and “Cockroaching”
  • Overlap with State Regulatory Focus
    • State Crackdown on High-Risk Brokers
    • Defining “High-Risk”
  • Resolution of regulatory inquiries and consideration of Heightened Supervision

Rogge Dunn, Partner
Rogge Dunn Group, PC
  • Practical Tips on How FAs can Avoid Compliance Problems;
  • What You Should do When the Compliance Dept. Comes Calling;
  • Responding to a Letter of Education or Heightened Supervision;
  • Fired for Compliance Issues:  Protecting Your U-5 and Reputation
  • Know Your Rights if Fired: Negligent Investigation, Expungement, Wrongful Discharge and Recovering Forfeited Deferred Compensation



Tracey Salmon-SmithPartnerDrinker Biddle & Reath LLP

Tracey Salmon-Smith is a partner at Drinker Biddle & Reath LLP. She assists clients in commercial disputes, employment litigation, securities law, and internal investigations. In the securities space, Ms. Salmon-Smith represents broker-dealers before the Financial Industry Regulatory Authority (FINRA) in arbitrations and mediations related to allegations of fraud, misrepresentation and unsuitability. She also handles expungement proceedings. As an employment litigator, Tracey has defended corporate clients against claims related to age, race and gender discrimination, workplace sexual harassment, whistleblowers, and wrongful discharge. She also advises clients on e-discovery and information management issues.

Previously, Ms. Salmon-Smith served as Director and Associate General Counsel at UBS Financial Services Inc., and served seven years as an Assistant United States Attorney for the Eastern District of New York (EDNY). During her time as an assistant U.S. attorney, Tracey served as both the Acting Chief of Environmental Litigation and the Chief of Bankruptcy.


Corin SwiftPartnerSidley Austin LLP

CORIN SWIFT is a partner in Sidley’s Securities & Derivatives Enforcement and Regulatory group. She has 15 years of experience in representing broker-dealers, corporations, investment advisers and banks in government investigations and enforcement proceedings. She has substantial experience representing both institutions and individuals before the Securities and Exchange Commission and in defending clients facing multijurisdictional and overlapping investigations. She has appeared in state and federal court as well as FINRA arbitration proceedings on behalf of her clients. Corin has a commitment to public service and has represented a wide range of pro bono clients in matters including immigration proceedings and counseling for not-for-profit clients. She was one of the authors of the Boston Bar Association’s amicus brief in the landmark Goodridge case in Massachusetts, the first decision by a state’s highest court establishing the right of same-sex couples to marry under state law. Corin is recognized as a “Lawyer of the Year” in 2015 and 2018 in Securities Regulation and is listed as a “Best Lawyer” in Securities/Capital Markets Law (2014–2019) in The Best Lawyers in America. Corin earned her law degree from The University of Michigan Law School and her A.B. from Occidental College.


Rogge DunnPartnerRogge Dunn Group, PC

Rogge Dunn is a trial attorney and counselor for Fortune 500 companies, wirehouses and prominent Financial Advisors, executives and entrepreneurs.  Dunn has developed a specialty involving significant matters in the financial industry.  This includes regulatory issues, wrongful discharge, moving teams, OTRs, non-competes, the Protocol for Broker Recruiting, promissory note defense and forfeiture of deferred compensation.

He has twice set the largest wrongful discharge arbitration award against Goldman Sachs for FAs in California.  (Breaking Dunn’s own record).  Most recently he obtained a $7.6 million Award against Goldman Sachs in a FINRA arbitration in Los Angeles.

Dunn has won more than $2 billion in judgments and settlements for his clients.  He has represented more than 10 FAs in Barron’s national top 100 financial advisors.  Dunn has won million dollar jury verdicts or arbitration awards in California, Texas, Louisiana and Arkansas.


Course Level:

Advance Preparation:
   Print and review course materials

Method Of Presentation:
   On-demand Webcast

   General knowledge of financial industry regulation

Course Code:

NY Category of CLE Credit:
   Areas of Professional Practice

Total Credits:
    1.5 CLE

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About the Knowledge Group

The Knowledge Group

The Knowledge Group has been a leading global provider of Continuing Education (CLE, CPE) for over 13 Years. We produce over 450 LIVE webcasts annually and have a catalog of over 4,000 on-demand courses.

About the Knowledge Group

The Knowledge Group

The Knowledge Group has been a leading global provider of Continuing Education (CLE, CPE) for over 13 Years. We produce over 450 LIVE webcasts annually and have a catalog of over 4,000 on-demand courses.

Drinker Biddle & Reath LLP is a national, full-service law firm providing litigation, regulatory and business solutions to public and private corporations, multinational Fortune 100 companies and start-ups. Building on a rich 168-year history, our more than 635 lawyers across 12 offices uphold our firm’s reputation for outstanding legal results and bring a sophisticated, forward-thinking approach to every client engagement. We draw upon a wealth of experience to assist clients in the financial services industry - including broker-dealers, investment banks, private banks, commercial lenders, private equity firms and asset managers - in staying ahead of today’s ever-changing economic and regulatory environments. Our attorneys defend clients in litigations, arbitration, regulatory investigations and represent them in mediation. In addition, we guide clients in navigating the maze of state and federal compliance requirements.

Website: https://www.drinkerbiddle.com/

Sidley Austin LLP provides a broad range of legal services to meet the needs of its diverse client base. The strategic establishment of its offices in the key corporate and financial centers of the world has enabled it to represent a broad range of clients that include multinational and domes- tic corporations, banks, funds and financial institutions. With over 2,000 lawyers in 20 offices around the world, talent and teamwork are central to Sidley’s successful results for clients in all types of legal matters, from complex transactions to ‘bet the company’ litigation to cutting-edge regulatory issues.

Website: https://www.sidley.com/en/global

We have extensive experience handling a variety of matters across the U.S. in the financial industry space.  Indeed, one of our partners, Josh Iacuone, is a licensed FINRA arbitrator.  We have taken on and defeated the big firms like Goldman Sachs, BBVA, and UBS.

We transition teams to new firms, handle TROs, fight off non-competes and non-solicits, ensure that the broker recruiting protocol is followed (for signatories), defend against promissory note enforcement, help financial advisors, Branch Managers  and financial executives with severance, regulatory issues, letters of education and FINRA investigations.  We have a track record of recovering FAs/RMs deferred compensation forfeited by former employers.  We assist FAs, Branch Managers and financial executives protect their reputations, handle expungements and the marking and filing of U-4s and U-5s.  We have represented more than a dozen of Barron’snational top 100 financial advisors.

Website: https://roggedunngroup.com/

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