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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

View the Churning Main Articles page here

Jury Verdicts Related to Churning

______ 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

______ 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.

View the Churning Jury Verdicts page here

Videos Related to Churning

Information about Churning

Churning Information

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MSN Newsfeeds Related to Churning

Giants Derail Patriots' Perfect Season

Some restaurants use locally grown, organic produce

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News Articles Related to Churning

Study - Business Churning Beneficial - NYTimes.com

Things are churning at the Creamery - TwinCities.com

View the Churning News Articles page here

Useful Web Sites Related to Churning

Burg Simpson, Securities Attorneys

Anapol Schwartz, Securities Fraud Attorneys

View the Churning Useful Web Sites page here

Wikipedia Entries Related to Churning

Churning (stock trade)

Fiduciary

View the Churning Wikipedia Entries page here

Books Related to Churning

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

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

View the Churning Books page here

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