On December 31, 2019, the firm Wilson-Davis & Co., Inc., and brokers Byron Bert Barkley, and James C. Snow Jr were fined $1,100,000, and had to pay disgorgement in the amount of $51,624, prejudgment interest and are required to retain an independent consultant to recommend changes to its WSPs. There were additional fines, sanctions, and suspensions.
The sanctions were based on findings that the firm was engaged in short selling which is a violation of Rule 203(b)(1) of Regulation SHO of the Securities Exchange Act of 1934 (Reg SHO). ( FINRA Disciplinary Actions March 2020).”
Barkley and Snow were allegedly involved in various violations and activities including: