FINRA Fines On a Rapid Rise

Posted on August 13th, 2014 at 9:00 AM

From the Desk of Jim Eccleston at Eccleston Law Offices:

During the first half of 2014, FINRA has reported fines against broker-dealers and associated persons in the amount of $42.4 million, compared to $23 million during the first half of 2013, and $57 million for the entire year of 2013.

However, the number of disciplinary actions reported by FINRA has declined to 558 for the first six months of 2014 from 597 for the same period last year.

 FINRA reported five fines greater than $1 million through the first half of 2014. One of those cases was the February fine against Brown Brothers Harriman in the amount of $8 million for alleged anti-money laundering compliance failures involving penny stock transactions.

Moreover, there have been 61 cases regarding books and records violations, resulting in $13.7 million in fines, and 92 cases of trade reporting violations resulting in $6.7 million in fines.

The attorneys of Eccleston Law Offices represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 50 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston

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