FINRA – Financial Industry Regulatory Authority

2007 0910 - FINRA - Remarks at the SEC Seniors Summit, Mary L. Schapiro, Chief Executive Officer - [link]
- The second new sweep targets deceptive early retirement seminars, often relying on IRS Regulation 72t, which permits early withdrawal from a retirement account without the usual tax penalty.
  - These programs pressure individuals who are still working to move their retirement assets to a specific firm or representative, often promising unrealistic returns on an investment through the use of misleading projections.
  - In the past year, FINRA has fined two firms $5.5 million and ordered them firm to pay $26 million in restitution related to early retirement investment schemes aimed at Exxon and Bell South employees.