Chelsea Morgan Securities, Inc. dba Chelsea Financial Services Fined by FINRA
A Letter of Acceptance, Waiver and Consent (AWC) was issued in which the firm was censured, fined $15,000, ordered to pay $68,899, plus interest, in restitution to customers and required to review and revise, as necessary, its supervisory system and written supervisory procedures (WSPs) regarding supervision of excessive trading. A reduced fine was imposed after considering, among other things, the firm’s revenues and financial resources, as well as its agreement to pay full restitution to the affected customers.
