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The Financial Industry Regulatory Authority (FINRA) fined Pointe Capital Inc. $300,000 for charging its customers improper brokering fees. Pointe Capital now operates as JHS Capital Advisors Inc., and is a subsidiary of Tampa-based JHS Capital Holdings Inc., following a 2009 merger.
FINRA says Pointe Capital understated its transaction fees by “mischaracterizing” commission charges as fees for handling services. Pointe Capital charged customers up to $95 in handling fees, in addition to regular commission payments.
By complying with FINRA's directions and paying its fine, Pointe Capital is considered to have settled with the regulator, and thus technically avoids admitting any wrongdoing.
Last year, JHS Capital Advisors moved its operations to Tampa, subleasing 20,000 square feet in the M&I Bank Plaza building from law firm Fowler White Boggs. In January, the firm named Scott Bendert its CEO.
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