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FINRA Expels Brokerage Firm For Laundering

Law360 (November 6, 2007, 12:00 AM EST) -- Franklin Ross Inc. was expelled Monday from the Financial Industry Regulatory Authority amid allegations that it helped facilitate money laundering, and the brokerage firm's current and former presidents were fined $25,000 and $35,000, respectively.

Franklin Ross and its fined principals, former president Mark G. Ross Jr. and current president Kevin K. Herridge did not admit the allegations but consented to the expulsion and fines, FINRA said.

FINRA had accused the Princeton, N.J.-based firm of violating several of the agency's anti-money-laundering provisions. The agency also accused the...
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