The Financial Industry Regulatory Authority imposed fines of $59 million in 2024, down by 35% from the previous year, according to an analysis by Eversheds Sutherland released this week.
The report noted, however, that the 2023 figure was skewed by a $24 million fine against one firm. Absent that single large fine — against Bank of America's securities arm for spoofing in Treasury markets — the 2023 fine total would have been $65 million, or 10% more than in 2024.
Brian Rubin and Adam Pollet, Eversheds Sutherland partners, based their analysis on reviews of FINRA’s monthly disciplinary reports, press releases and online databases.
In 2024, FINRA reported 552 disciplinary actions, a year-over-year increase of 22%. Before that, the number of cases had declined for eight consecutive years.
Fifteen sanctioned firms received what FINRA calls “supersized” fines of $1 million or more, up from 14 in 2023. But only one outfit got hit with a “mega” fine of $5 million or more, compared with four that did in 2023.
See the accompanying gallery for the top five enforcement issues in 2024 by total fines assessed.
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