ABN AMRO Clearing Chicago LLC Fined by FINRA
An AWC was issued in which the firm was censured and fined $150,000. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it understated the portfolio margin requirements for accounts at various points in time. The findings stated that the firm incorrectly treated certain overthe-counter (OTC) equity securities, which are not margin eligible, as marginable securities. As a consequence, the firm understated the margin requirements for these accounts by millions of dollars.
