Violation Tracker Individual Record

Company: 
Sigma Financial Corporation
Penalty: 
$135,000
Year: 
2004
Date: 
December 9, 2004
Offense Group: 
financial offenses
Primary Offense: 
investor protection violation
Secondary Offense: 
financial institution supervision failures
Violation Description: 

NASD censured and fined Sigma Financial Corporation of Ann Arbor, MI and its president $135,000 for violating NASD's Code of Arbitration Procedure-by frivolously pursuing legal action against an elderly couple who had won an arbitration award against the firm.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Financial Industry Regulatory Authority
Civil or Criminal Case: 
civil
Source of Data: 

NASD Fines Sigma Financial for Suing Customers in Violation of NASD's Arbitration Code, PR Newswire, December 9, 2004 (via Nexis).

Notes: 

FINRA is a securities industry self-regulatory body authorized by the federal government. This case was handled by its predecessor, the National Association of Securities Dealers (NASD).

Source Notes: 
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Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.