Merrill Overcharged Clients $32M in Fees, FINRA Says
The overcharges in fees affected 95,000 accounts over an eight-year period, making it a significant supervisory issue, experts say.
FINRA on Pace to Match Record Enforcement Actions
FINRA brought a record number of enforcement cases in 2011—approximately 1,500—and is on pace to bring just as many cases in 2012.
FINRA Fines Citigroup for Inaccurate Mortgage Data
FINRA announced Tuesday that it had fined Citigroup Global Markets $3.5 million for providing inaccurate mortgage performance information, supervisory failures and other violations related to mortgage-backed securities.
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.