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First Trust Portfolios to Pay $10M Over Excessive Gifts to Reps
News November 03, 2025 at 01:41 PM
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What You Need To Know
- In certain instances, First Trust preconditioned the gifts on client firm reps achieving sales targets, FINRA said.
- The value of the gifts, including basketball and concert tickets, far exceeded FINRA's recently proposed gift limit increase.
- First Trust wholesalers also falsified internal expense records relating to more than $650,000 worth of non-cash compensation, according to FINRA.
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