FINRA, SEC Wallop UBS Puerto Rico With $33.5M in Penalties Over Closed-End Funds
Company failed to ensure suitability for clients of Puerto Rican CEFs that were highly invested in Puerto Rican municipal bonds; branch manager and rep charged.
Schwab Hit With $2M FINRA Fine Over Net Capital Deficiencies
On three occasions in 2014, Schwab was short on net capital by as much as $775 million.
Morgan Stanley, Scottrade Fined by FINRA for Failing to Detect Fraudulent Wire Transfers
The firms were alerted to gaps in their systems but went years without correcting them, FINRA says.
Enforcement: Deutsche Bank to Pay $2.4B Over LIBOR Manipulation
Meanwhile, RBC will pay $1.4 million to FINRA for failing to follow its own guidelines, resulting in unsuitable sales.
New Hampshire Hits LPL Over Nontraded REITs
New Hampshire has filed a $3.6 million legal action against the independent broker-dealer.
FINRA Enforcement: Monex Fined for Letting Unregistered Reps Advise Clients in Mexico
Meanwhile, Merrill was fined $300,000 for supervisory failures.
FINRA Fines Pershing $3M for Cash Reserve Shortfall
Pershing's failure to hold enough cash and securities in reserve broke the SEC's Customer Protection Rule, FINRA said.
SEC Fines Wedbush $2.4M in Market Access Case; FINRA Complaint on Deck
Los Angeles-based Wedbush Securities and two top officials agreed to settle a pending SEC case for market access violations.
Merrill to Pay FINRA $6 Million Over Reg SHO Violations
FINRA said Monday that it had fined Merrill's clearing and BD arms for not ensuring that fail-to-deliver positions in short sales were properly closed out.
Big Reg Charge Slashes LPL’s Q3 Earnings Forecast
One analyst says LPL's "inability to guide effectively on expenses," particularly regulatory ones, is a "recurring problem."