Tag: FINRA fine

SFC fines
February 06, 2018 BY Valentina Kirilova

Wedbush Securities fined $1.5 million for customer fund protection issues

The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Wedbush Securities Inc. $1.5 million for violating the Securities and Exchange Commission’s (SEC) Customer Protection and Net Capital Rules, and for related supervisory and books and records failures. The SEC Customer Protection Rule creates requirements to protect customers' funds and securities. To ensure…

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Morgan Stanley fine
September 25, 2017 BY LeapRate Staff

Morgan Stanley hit with $13 million FINRA fine for short term sales of UITs

The U.S. Financial Industry Regulatory Authority (FINRA) has announced that it has fined the Morgan Stanley Smith Barney LLC unit of global investment bank Morgan Stanley (NYSE:MS) $3.25 million and required the firm to pay approximately $9.78 million in restitution to more than 3,000 affected customers for failing to supervise its representatives’ short-term trades of…

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SFC fines
September 12, 2017 BY LeapRate Staff

C.L. King & Associates fined $750,000 around AML failures related to 'Death Put' investments

The U.S.  Financial Industry Regulatory Authority (FINRA) announced today that a FINRA extended hearing panel censured Albany, NY-based broker-dealer C.L. King & Associates, Inc. and fined the firm $750,000 for negligently making material misrepresentations and omissions to issuers in connection with the firm’s redemptions of debt securities on behalf of a hedge fund customer. The…

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October 18, 2016 BY LeapRate Staff

Merrill Lynch fined $2.8 million by FINRA for trade reporting violations

U.S. securities regulator FINRA (Financial Industry Regulatory Authority) has announced that it has fined the Merrill Lynch, Pierce, Fenner and Smith Inc. unit of Bank of America Corp (NYSE:BAC) $2.8 million for systemic trade reporting, Order Audit Trail System (OATS) reporting, books and records, and related supervisory violations that occurred over a period of several years.…

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August 08, 2016 BY LeapRate Staff

Deutsche Bank hit with $12.5 million FINRA fine for internal hoots and squawks

U.S. securities industry regulator The Financial Industry Regulatory Authority (FINRA) has announced it has fined the Deutsche Bank Securities Inc. unit of German banking giant Deutsche Bank AG (USA) (NYSE:DB) $12.5 million for significant supervisory failures related to research and trading-related information it disseminated to its employees, called 'hoots' or 'squawks,' over internal speakers commonly known as…

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August 04, 2016 BY LeapRate Staff

FINRA fines Barclays $1.3 million for order reporting violations

U.S. Securities industry regulator The Financial Industry Regulatory Authority (FINRA) announced that it has fined the Barclays Capital Inc. unit of UK based banking giant Barclays PLC (ADR) (NYSE:BCS) $1.3 million for systemic Order Audit Trail System (OATS) reporting violations and related supervisory failures. FINRA rules require firms to transmit to OATS complete and accurate data relating…

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June 23, 2016 BY LeapRate Staff

Bad day for Merrill Lynch - assessed $430 million in fines for misusing customer cash and misleading investors

Investment giant Merrill Lynch, a unit Bank of America Corp (NYSE:BAC), has been assessed a total of $430 million in fines by the U.S. Securities and Exchange Commission and The Financial Industry Regulatory Authority (FINRA). The fines relate to a misuse of client funds by Merrill Lynch, as well as misleading investors in the sale of structured…

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May 18, 2016 BY LeapRate Staff

Raymond James gets $17 million FINRA fine for systemic Anti-Money Laundering (AML) failures

US securities regulator The Financial Industry Regulatory Authority (FINRA) has announced a fine against units of Raymond James Financial, Inc. (NYSE:RJF) totaling $17 million for what it called widespread failures related to the firm's anti-money laundering (AML) programs. The fines were for failing to establish and implement adequate AML procedures, which resulted in Raymond James' failure…

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May 12, 2016 BY LeapRate Staff

FINRA fines broker Stephens Inc. $900,000 over flash emails

U.S. Securities industry regulator FINRA (Financial Industry Regulatory Authority) has announced today that it has censured Stephens Inc. of Little Rock, Arkansas, and fined the firm $900,000 for inadequately supervising firm-wide internal "flash" emails sent by its research analysts. In settling this matter, Stephens neither admitted nor denied the charges, but consented to entry of…

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