The Financial Industry Regulatory Authority (FINRA) imposed fines worth up to $90.1 million in 2021, which was a substantial increase from the $57 million issued in 2020.
The Financial Industry Regulatory Authority (FINRA) has fined National Securities over a host of issues, including artificially influencing the market for securities it had underwritten and negligently omitting to inform GPB Capital private placement investors that the company had failed to timely file its audited financial statements.
The Financial Industry Regulatory Authority (FINRA) issued $91 million in fines in 2021, which constitutes a 60% increase from $57 million in 2020, according to ThinkAdvisor. The 2021 fine total is the highest since 2016 when FINRA imposed $174 million in fines. However, much of FINRA’s 2021 total constitutes Robinhood’s payment of $57 million in fines and $12.6 million in restitution relating to supervisory failures and investor harm.
The Financial Industry Regulatory Authority (FINRA) has fined Emerson Equity $1.7 million, citing several years of faulty supervision of short-term mutual fund trades.
The Financial Industry Regulatory Authority (FINRA) has levied a $1.2 million fine against Merrill Lynch for allegedly failing to comply with two separate FINRA enforcement investigations, which lead to the suspension of one advisor and the barring of another.
The Financial Industry Regulatory Authority (FINRA) has ordered Merrill Lynch to pay a $950,000 fine for allegedly failing to detect flaws in its fraud detection systems, which allowed two advisors to misappropriate $6 million. Both advisors received prison sentences.
The Financial Industry Regulatory Authority (FINRA) has fined RBC Wealth Management $1 million over its alleged failure to monitor client accounts for overallocation in high-yield or “junk” bonds.
The Securities and Exchange Commission (SEC) has ordered two Kestra Financial divisions to pay a total of $10.3 million for failing to report compensation earned after investing client assets in certain mutual funds.
Sanctuary Wealth has agreed in a settlement to pay at least $530,000 in fines and restitution over the firm’s supervisory failures.
The Financial Industry Regulatory Authority (FINRA) reports that fines and restitution jumped by 44%.
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The Financial Industry Regulatory Authority (FINRA) has released an announcement reminding firms that recommend options trading for clients to be constantly monitoring for “red flags” on customer applications.
The Financial Industry Regulatory Authority (FINRA) has ordered Morgan Stanley to pay $697,897, including a $200,000 fine and $497,897 in restitution, for failing to adhere to its own procedures for supervising its advisors’ high-risk recommendations.
The Financial Industry Regulatory Authority (FINRA) has barred a former Northwestern Mutual advisor after he failed to cooperate with the regulator’s probe into the Certified Financial Planner Board of Standards’ (CFP Board’s) decision to bar the advisor for alleged “exam misconduct.”
