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FINRA Press Release: Disclosure of Wells Notices

Goldman Sachs to Pay $650,000 for Failing to Disclose Wells Notices

The Financial Industry Regulatory Authority (FINRA) issued a press release today announcing that

"it has fined Goldman, Sachs & Co. $650,000 for failing to disclose that two of its registered representatives, including Fabrice Tourre, had received formal notices from the Securities and Exchange Commission (SEC) that they were the subjects of investigations. Tourre's "Wells Notice" was issued in connection with the...

SEC Press Release: Fraud in Forex Trading

SEC Charges Massachusetts-Based Forex Traders and Their Firm With Fraud

The U.S. Securities and Exchange Commission (SEC) issued a press release today announcing that it had

"charged two foreign currency traders and their Boston-based company with operating a fraudulent scheme in which they sent investors misleading account statements while stealing their funds and incurring major trading losses."

The SEC alleges that Karlis and Akyil raised approximately $40 million from...

FINRA Press Release: Reverse Convertibles

FINRA Orders Ferris, Baker Watts to Pay Nearly $700,000 for Inappropriate Sales of Reverse Convertible Notes

The Financial Industry Regulatory Authority (FINRA) issued a press release today announcing that

it has fined the former Ferris, Baker Watts LLC, acquired by RBC Wealth Management, $500,000 for inadequate supervision of sales of reverse convertible notes to retail customers as well as unsuitable sales of reverse convertibles to 57 accounts held by elderly customers who were at...

FINRA Press Release: Illicit Equities Trading Strategy

FINRA Sanctions Trillium Brokerage Services, LLC, Director of Trading, Chief Compliance Officer, and Nine Traders $2.26 Million for Illicit Equities Trading Strategy

The Financial Industry Regulatory Authority (FINRA) issued a press release this week announcing that

it has censured and fined New York-based Trillium Brokerage Services, LLC, $1 million for using an illicit high frequency trading strategy and related supervisory failures. Trillium, through nine proprietary traders,...

FINRA Press Release: Inverse Floating Rate CMOs

FINRA Fines HSBC $375,000 for Unsuitable Sales of Inverse Floating Rate CMOs to Retail Customers and Related Supervisory Failures

The Financial Industry Regulatory Authority (FINRA) issued a press release today announcing that

"it has fined HSBC Securities (USA) Inc. $375,000 for recommending unsuitable sales of inverse floating rate Collateralized Mortgage Obligations (CMOs) to retail customers. HSBC failed to adequately supervise the suitability of the CMO sales and fully explain the...

FINRA Press Release: Unit Investment Trusts

Merrill Lynch to Pay More Than $2.5 Million Related to UIT Sales Charge Discount Failures

The Financial Industry Regulatory Authority (FINRA) issued a press release today announcing that

it has fined Merrill Lynch $500,000 for failing to provide sales charge discounts to customers on eligible purchases of Unit Investment Trusts (UITs). FINRA also found that Merrill Lynch failed to have an adequate supervisory system in place to ensure customers received appropriate UIT discounts....

FINRA Press Release: Subprime Securitizations

FINRA Fines Deutsche Bank Securities $7.5 Million for Negligent Misrepresentations Related to Subprime Securitizations

The Financial Industry Regulatory Authority (FINRA) issued a press release today announcing that

"it has fined Deutsche Bank Securities Inc. $7.5 million for negligently misrepresenting delinquency data in connection with the issuance of subprime securities."

The settlement is detailed in the FINRA AWC No. 20080128087. According to FINRA, Deutsche Bank Securities...

FINRA Press Release: FINRA Sanctions Citigroup

Citigroup Pays $1.5 Million for Supervisory Failures Related to Elaborate Scheme to Misappropriate Millions in Trust Funds Belonging to Cemeteries Located in Michigan and Tennessee

The Financial Industry Regulatory Authority (FINRA) issued a press release this week announcing that

"it has imposed a monetary sanction of $1.5 million against Citigroup Global Markets Inc. for supervisory violations relating to its handling of trust funds belonging to cemeteries in Michigan and Tennessee....

FINRA Press Release: Auction Rate Securities

FINRA Fines Nuveen $3 Million for Use of Misleading Marketing Materials Concerning Auction Rate Securities

The Financial Industry Regulatory Authority (FINRA) issued a press release this week announcing that

"it has fined Nuveen Investments, LLC, of Chicago, $3 million for creating misleading marketing materials used in sales of auction rate preferred securities (ARPS). The Nuveen Funds' ARPS were a form of auction rate securities, which are long-term securities with interest rates or...

FINRA Press Release: HSBC Securities

FINRA Fines HSBC Securities (USA) $1.5 million, US Bancorp $275,000 for Auction Rate Securities Violations

The Financial Industry Regulatory Authority (FINRA) issued a press release today announcing that

"it has settled charges with two additional firms relating to the sale of auction rate securities (ARS) that became illiquid when auctions froze in February 2008 - HSBC Securities (USA) and US Bancorp Investments, Inc."

The settlement is detailed in the FINRA AWC No. 20080130571...

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