The U.S. securities industry self-regulatory organization, the Financial Industry Regulatory Authority (FINRA), reports that it brought more disciplinary cases last year.
FINRA said Tuesday that it brought 1,541 disciplinary actions in 2012 (up from just under 1,500 in 2011). It also levied fines totaling more than $68 million during the year, and it ordered restitution of $34 million to harmed investors. FINRA reports that it also expelled 30 firms from the securities industry, barred 294 individuals, and suspended 549 brokers from association with FINRA-regulated firms.
The SRO says that disciplinary highlights for the year include cases involving complex products, such as exchange-traded funds (ETFs), structured products and non-traded REITs, as well as research analyst conflicts, inadequate disclosure and mispricing.
Additionally, FINRA notes that it initiated 1,846 routine examinations, more than 800 branch office examinations, and 5,100 cause examinations in response to events such as customer complaints, terminations for cause and regulatory tips, during the year.
And, it says that the FINRA Investor Education Foundation approved 25 new grants totaling $2.68 million, and managed 111 existing projects, dealing with financial and investor education.