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.
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.