Finra Expels Firm Over Excessive Trading–Including Gold Star Family Accounts

Brokerage industry self-regulator Finra has expelled a New Jersey-based broker for allegedly racking up millions of dollars in excessive commissions through an aggressive trading strategy involving more than 100 clients’ accounts.

Finra says that representatives of Monmouth Capital Management generated $3.9 million in commissions and trading costs while saddling their clients with significant losses. Several of the accounts were held by relatives of fallen service members who had funded their accounts with a military gratuity…