Jefferies Fined $1m by FINRA Over Reserve Account Violations
According to FINRA, between September 2009 and July 2022 Jefferies inaccurately calculated its customer and proprietary accounts of broker-dealers (PAB) reserve formula. The errors are said to have led to 136 customer reserve deficiencies and three PAB reserve deficiencies, at times amounting to shortfalls of more than $500 million. FINRA said the failures resulted in…
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