Key Investment Services LLC Fined by FINRA
An AWC was issued in which the firm was censured, fined $425,000, ordered to pay $589,221.66, plus interest, in restitution to customers, ordered to pay disgorgement to customers in the amount of $134,169.40, plus interest, and is also required to certify in writing to FINRA that it has implemented supervisory systems and WSPs reasonably designed to address each of the areas of conduct identified in the AWC, and to achieve compliance with suitability requirements for unit investment trust (UIT) transactions. In determining the appropriate sanction in this matter, FINRA considered, among other factors, that the firm previously paid $470,818.75 in restitution to complaining and non-complaining customers.
