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Churning

Churning is a breach of the National Association of Securities Dealers (NASD) Fair Practice Rules in which brokers trade client assets in order to increase their own commission. Churning is also a breach of rules set out by the Securities and Exchange Commission (SEC) and the New York Stock Exchange (NYSE). Brokers or advisors who participate in churning must be bound by fiduciary duty, or have enough control over a client's account to trade without specific authorization. A turnover ratio may be calculated to determine if trading is excessive. A turnover ratio is a comparison between the number of purchases made in an account and the equity in the account.

Fast Facts

Issue name: Churning
Applicable law/agency: Securities and Exchange Commission (SEC), National Association of Securities Dealers (NASD)
Related topics: Securities, breach of fiduciary duty, failure to supervise, stock market losses, unauthorized trading
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Securities Laws Prohibit Excessive Trading Solely For Broker Gain

Churning is an unethical practice employed by some financial advisors/brokers to increase their commissions by excessively trading in a client's account. This practice... read more

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Jury Verdicts Related to Churning

______ VERDICT - ALLEGED FRAUD - "CHURNING" OF OPTION ACCOUNTS - UNSUITABILITY OF OPTIONS - NEGLIGENT SUPERVISION OF BROKER SERVICING THE ACCOUNTS - LOSS OF MORE THAN $300,000 IN INDEX OPTIONS.

______ VERDICT INCLUDING $3,500,000 PUNITIVE AWARD - CLASS ACTION BY HOMEOWNERS OF RESIDENTIAL AREA ALLEGING DEFENDANT PROJECT OWNER/GENERAL CONTRACTOR AND CO-DEFENDANT SUBCONTRACTOR PERMITTED EXCESSIVE DUST FROM CONSTRUCTION SITE TO BLOW INTO THE RESIDENTIAL AREA OCCUPIED BY THE PLAINTIFFS - EMOTIONAL DISTRESS DAMAGES CLAIMED FOR AGGRAVATION, FRUSTRATION AND INCONVENIENCE SUFFERED DUE TO CONSTANT BATTLE WITH INSIDIOUS DUST - PUNITIVE DAMAGES CLAIM BASED UPON DEFENDANT'S MALICIOUS AND OPPRESSIVE CONDUCT IN

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Videos Related to Churning

Information about Churning

Churning Information

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MSN Newsfeeds Related to Churning

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News Articles Related to Churning

New Report Finds the State's Poorest Children Vulnerable to Being Dropped from Medi-Cal and Healthy Families Even Though They Remain Eligible

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Useful Web Sites Related to Churning

Anapol Schwartz, Securities Fraud Attorneys

Burg Simpson, Securities Attorneys

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Wikipedia Entries Related to Churning

Churning (stock trade)

Fiduciary

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Books Related to Churning

Investment Management and Mismanagement : History, Findings, and Analysis (Innovations in Financial Markets and Institutions)

Churning of the Heart, Vol. III : Union with the Infinite

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