FINRA Wallops Merrill: $8M Fine, $24M in Restitution for Overbilling Charities, Small Businesses
Merrill sold the retirement plans more costly mutual fund share classes and failed to waive sales fees, FINRA said.
FINRA Fines Morgan Stanley $5M Over IPO Share Sales
FINRA said Morgan Stanley had “supervisory failures” in initial public offerings for Facebook, Yelp and 81 others.
LPL Financial Fined $950,000 by FINRA Over Alt Sales
LPL's sale of alternative investments, including nontraded REITs, violated concentration limit guidelines, FINRA said.
FINRA Fines Triad, Securities America $1.2M
Supervisory failures at the two Ladenburg Thalmann-owned IBDs led to customer reports that had false information and concealed misconduct, FINRA says.
FINRA Fines Berthel Fisher $775,000 Over Sales of Alternatives
The IBD must hire a consultant to shape up its supervision of nontraded REITs and leveraged/inverse ETFs, the regulatory group says.
FINRA Wallops Brown Bros. Harriman With Its Biggest-Ever AML Fine
FINRA fined Brown Brothers Harriman & Co. $8 million for failing to monitor trades of 6 billion penny stock shares.
Regulators Zoom in on Leveraged, Inverse ETFs
Is labeling really the issue, or does the sector require better rulemaking and clarity?
Leveraged ETFs: What Brokers Don’t Know Could Cost Them
FINRA has ordered Stifel Nicolaus and Century Securities to pay more than $1 million combined for improper sales of leveraged and inverse ETFs.
SEC, FINRA Enforcement: Swiss-Based Firm Bilks U.S. Investors of $11M
Meanwhile, FINRA fined Deutsche Bank Securities for deficiencies in its lending program while Argentus Securities was censured and fined on AML failures.
FINRA Whacks Wells Fargo, Merrill Lynch $5M Over Unsuitable Floating-Rate Bank Loan Funds
Firms were fined $2.15 million and ordered to pay $3 million in restitution to customers for losses incurred from unsuitable sales of floating-rate bank loan funds.