FINRA Sanctions Citigroup, Wells Fargo, Morgan Stanley and UBS for ETF Violations
The Financial Industry Regulatory Authority (FINRA) announced Tuesday that it has sanctioned Citigroup Global Markets, Inc; Morgan Stanley & Co.; UBS Financial Services; and Wells Fargo Advisors, a total of more than $9.1 million for selling leveraged and inverse exchange-traded funds (ETFs) without reasonable supervision and for not having a...
FINRA, SEC Fine Goldman $22M for ‘Trading Huddles’
The firm settled over failure to supervise research analysts who met with traders and clients, and to monitor possible subsequent firm and client trading, said FINRA's head of enforcement, Brad Bennett.
FINRA Fines Merrill $1M Over Retention Bonus Disputes
The disagreements involved about 90 advisors out of the 5,000-plus that received $2.68 billion in retention-bonus payments after BofA bought Merrill Lynch in early 2009.
FINRA Fines Citigroup Global Markets $725,000
FINRA announced Wednesday that it has fined Citigroup Global Markets $725,000 for failure to disclose conflicts of interest in its research reports and research analysts' public appearances.
FINRA Fines Credit Suisse $1.75 Million
FINRA announced Tuesday that it has fined Credit Suisse Securities $1.75 million for violating Regulation SHO and failing to properly supervise short sales of securities and marking of sale orders.
FINRA Fines Barclays Capital on Subprimes
FINRA has fined Barclays Capital $3 million for misrepresenting delinquency data and for inadequate supervision in connection with the issuance of RMBS.
FINRA Fines Wells Fargo $2M on Sales to Elderly
FINRA announced Thursday that it has fined Wells Fargo Investments $2 million over sales of unsuitable reverse convertibles to the elderly and a failure to provide breakpoints on unit investment trust sales.
FINRA Smacks 18 Firms, Workers Tied to Private Placements
FINRA said Tuesday that it sanctioned eight firms and 10 individuals and ordered restitution of more than $3.2 million for sales of private placements, including some issued by Provident Royalties and Medical Capital Holdings.
FINRA Fines Wells Investment Securities Over ‘Misleading’ REIT Materials
FINRA fines Wells Investment Securities $300,000 over non-traded timberland REIT advertising and sales materials which contained 'misleading, unwarranted and exaggerated statements.'
FINRA Fines Chase $1.7 Million, Orders Customer Reimbursement
FINRA announced Tuesday that it had ordered Chase Investment Services Corp. to reimburse customers more than $1.9 million for losses stemming from unsuitable unit investment trust and floating-rate loan fund sales.