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.
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.