FINRA Fines Santander Securities LLC $6.4 Million For Supervisory Failures
FINRA mandated that Santander Securities LLC pay about $4.3 million in restitution to a number of clients who were solicited to buy Puerto Rican Municipal Bonds. Further, the firm will pay restitution of $121,000 and make offers of rescission to buy back the securities sold to particular customers impacted by the firm’s failure to supervise […]
FINRA August 2015 Disciplinary Actions: Part I
Dempsey Lord Smith, LLC and Jerry Eskel Dempsey, Jr. of Rome, Georgia submitted a letter of acceptance, waiver and consent (“AWC”) in which the firm was censured and fined $10,000. Dempsey is joint and severally liable for half of that with the firm. Similarly, Dempsey was fined $10,000, half of which the firm is joint […]
Edward Jones To Pay $20M For Bond Overcharges
Edward D. Jones & Co. will pay $20 million to settle allegations by the Securities Exchange Commission that the firm overcharged its retail customers on new municipal bond sales. The SEC claims that between 2009 and 2012 Edward Jones allegedly overcharged its clients by $4.6 million at minimum by offering the bonds at a higher […]
Broker-Dealers Fined for Wrongful Bond Trades
The SEC charged nearly two dozen companies and individuals who bought and sold securities for a Chicago-based trading firm without registering as a broker-dealer with the SEC as required under the federal securities laws. The securities laws regulating broker-dealer registration ensure the protection of investors by allowing the SEC to conduct periodic inspections of firms […]
