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.
FINRA on Record Enforcement Pace in ’13, Enforcement Chief Says
“FINRA enforcement continues to have a strong caseload, with a record number of cases on the same pace this year as last,” said Brad Bennett, FINRA’s chief of enforcement.
FINRA Fines LPL $9M for Failing to Monitor Emails
FINRA announced Tuesday that it fined LPL for 35 separate, “significant email system failures,” and for making material misstatements to FINRA during its investigation.
FINRA Slams Three Firms for Anti-Money Laundering Violations
FINRA announced Wednesday that it has fined three firms a total of $900,000 for failing to establish and implement adequate anti-money laundering programs and other supervisory systems to detect suspicious transactions.