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March 17, 2014 at 08:13 AM
The Financial Industry Regulatory Authority sanctioned and fined Triad Advisors and Securities America $650,000 and $625,000, respectively, for failing to supervise the use of consolidated reporting systems.
The weakness in reporting resulted in statements with inaccurate valuations being sent to customers, according to a statement March 12 by FINRA. The agency said the firms also failed to retain consolidated reports in accordance with securities laws.
Triad in addition was ordered to pay $375,000 in restitution.
The companies consented to entry of FINRA’s findings. Neither one admitted or denied the charges.
