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Tagged with "restitution"

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FINRA Enforcement Numbers for 2019

Posted on March 9th, 2020 at 3:06 PM
FINRA Enforcement Numbers for 2019

In 2019, FINRA Enforcement ordered firms and associated persons to pay $70 million in fines, restitution and disgorgement.  Of the $70 million, $44 million was in the form of fines, including 9 fines of over $1 million.  These 9 “supersized” fines totaled $27.9 million.  Additionally, FINRA ordered roughly $24 million in restitution and $2 million in disgorgement in 2019.

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Wells Fargo Agrees to Pay $575 Million to 50 State Regulators Over Fake Account Scandal and Other Activities

Posted on January 11th, 2019 at 1:28 PM
Wells Fargo Agrees to Pay $575 Million to 50 State Regulators Over Fake Account Scandal and Other Activities

In a statement announced by Iowa Attorney General Tom Miller, Wells Fargo has agreed to pay $575 million to state attorney generals in all 50 states in order to resolve claims against the bank for violations of consumer protection laws relating to the opening of millions of fake accounts as well as other fraudulent activities.

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FINRA Expels Red River Securities

Posted on February 16th, 2017 at 9:21 AM
FINRA Expels Red River Securities

Red River Securities, a Plano, Texas-based broker-dealer, has been expelled from FINRA for fraudulent sales in five oil and gas joint ventures. 

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Mulholland Twins Sentenced 10 to 20 Years in Prison for Ponzi Scheme

Posted on October 6th, 2016 at 1:15 PM
Mulholland Twins Sentenced 10 to 20 Years in Prison for Ponzi Scheme

A Michigan judge has sentenced twins James Mulholland of St. Petersburg, Florida and Thomas Mulholland of Midland, Michigan to10 to 20 years in prison and ordered them to pay approximately $208,000 in restitution.

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Latest Articles
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Read More »
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October 15th, 2020 at 10:02 AM
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