Supervisory and compliance professionals at broker-dealers that raise funds through private offerings, especially for affiliated entities, should scrupulously comply with the offering's disclosures and representations, the Financial Industry Regulatory Authority suggested in a ruling Tuesday. The alert came as a $7,500 fine and a one-month suspension in any capacity against Wade H. Bradley, the president and chief compliance officer of IndieVest Securities, Inc. , a broker that raised funds for an affiliated movie production company for which he was the chief executive. The warning will become increasingly important as more issuers use the capital-raising reforms of the Jumpstart Our Business Startups, or JOBS, Act to raise funds through offerings that are exempt from registration pursuant to Rule 506 of Regulation D under the Securities Act of 1933. FINRA has also warned of increased scrutiny over private placements generally. Bradley consented to the sanctions without admitting
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