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.
FINRA Slaps Ameriprise for Rep’s Wire Transfer Fraud
FINRA said Ameriprise and its clearing firm missed several red flags, including transfers to accounts in the broker's name.
FINRA Fines Five ING Affiliates $1.2M for Email Violations
FINRA announced Tuesday that it had fined five affiliates of ING $1.2 million for failing to retain or review millions of emails.
Major Wirehouses Hit by FINRA for Lobbyist Payments
FINRA announced Thursday that it had sanctioned five firms for fees paid to a lobbyist.
FINRA Suspends David Lerner, Forces $12M Payback on Apple REITs
Lerner, the CEO and president, misled customers, calling the Apple REITs a ‘fabulous cash cow’ and a ‘gold mine,’ FINRA says.
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...