Firms pay total of US$1.4 million
U.S. securities regulators have charged several brokers with fraud for selling collateralized mortgage obligations (CMOs) as securities suitable for risk-averse investors.The U.S. Securities and Exchange Commission filed a complaint in federal district court in West Palm Beach, Fla., alleging that 10 brokers who worked for now-defunct Brookstreet Securities Corp. did not clearly define the risks […]
Settlements include total fines of US$850,000
The U.S. Financial Industry Regulatory Authority is proposing to expand its broker database to make the records of final regulatory actions against brokers permanently available to the public, regardless of whether they continue to be employed in the securities industry, FINRA said Monday.Under current rules, a broker’s record generally becomes unavailable to the public two […]
The Financial Industry Regulatory Authority announced that it has fined Morgan Stanley & Co. US$3 million — and ordered it to pay more than US$4.2 million in restitution to 90 retirees – to resolve charges that its supervisory system failed to detect and prevent brokers from persuading workers to take early retirement based upon unrealistic […]
The Financial Industry Regulatory Authority announced that it has fined 25 broker-dealers a total of US$2,145,000 for failures related to their completion of FINRA’s self-assessment of mutual fund breakpoint discount compliance.The self-assessment required firms that sold front-end load mutual funds to review their compliance in providing breakpoint discounts to customers during 2001 and 2002 and […]
Program would apply to proposed central counterparty for CDS trades
The Financial Industry Regulatory Authority announced Tuesdayy that it has imposed a US$2 million fine against Citigroup Global Markets for various trade reporting violations.The sanction relates to the erroneous publication of non-bona fide quotations and transactions at and around the NASDAQ market opening on a Quadruple Witch Expiration Friday; systemic Order Audit Trail System reporting […]
Proposal would bring transparency to primary market, government agency and GSE debt
Current head of New York Stock Exchange Regulation will retain post as FINRA chairman as well