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Fined: NTB Financial Corporation Fined by FINRA

Fined

NTB Financial Corporation Fined by FINRA

10 December 2018

A Letter of Acceptance, Waiver and Consent (AWC) was issued in which the firm was censured and fined $45,000. Prior to the issuance of this AWC, the firm voluntarily paid customers restitution for the subject transactions in the total amount of $43,142.06. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it charged its customers prices that were not fair in principal transactions involving a single corporate bond. The findings stated that the transactions and mark-ups charged were not fair when considering the relevant factors that should be taken into consideration when determining the fairness of markups charged to a firm’s customers. As a result, the firm charged its customers $43,142.06 in excessive mark-ups on these corporate bond transactions.

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Release: Investor Alert Levi & Korsinsky, LLP Notifies Futures Contract Investors of an Investigation Involving Possible Violations of the Commodity Exchange Act by JPMorgan Chase & Co.

Release

Levi & Korsinsky, LLP Notifies Futures Contract Investors of an Investigation Involving Possible Violations of the Commodity Exchange Act by JPMorgan Chase & Co.

Levi & Korsinsky, LLP

AP News, 20 November 2018

Levi & Korsinsky announces it has commenced an investigation of JP Morgan Chase & Co. on behalf of investors who purchased or sold any NYMEX platinum futures contract, NYMEX palladium futures contract, COMEX silver futures contract, COMEX gold futures contract, or option on these contracts between January 1, 2009 and December 31, 2015.

On November 6, 2018, the U.S. Department of Justice issued a press release announcing that two former JP Morgan Chase traders pleaded guilty to “commodities fraud and spoofing conspiracy that was perpetrated through the U.S. commodities markets. One of the traders also pleaded guilty for his participation in a second commodities fraud and spoofing conspiracy at another financial services firm based in Chicago, Illinois.

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Fined: Melvin Securities, L.L.C. Fined by FINRA

Fined

Melvin Securities, L.L.C. Fined by FINRA

19 November 2018

An AWC was issued in which the firm was censured and fined $15,000. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to make and keep current an accurate trial balance, general ledger and net capital calculation by failing to timely accrue liabilities for certain invoices.

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Fined: Third500, LLC fka Healthios Capital Markets, LLC Fined by FINRA

Fined

Third500, LLC fka Healthios Capital Markets, LLC Fined by FINRA

15 November 2018

An AWC was issued in which the firm was censured and fined $50,000. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it allowed four individuals to conduct investment banking activities without requiring that they pass the Investment Banking Representative (Series 79) examination, and become qualified and registered as investment banking representatives.

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Release: Ribbon Communications, Inc. Investor Alert Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed in the United States District Court for the District of Massachusetts against Ribbon Communications, Inc. (f/k/a Sonus Networks, Inc.)

Release

Ribbon Communications, Inc. Investor Alert Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed in the United States District Court for the District of Massachusetts against Ribbon Communications, Inc. (f/k/a Sonus Networks, Inc.)

15 November 2018

Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action class action lawsuit has been filed in the United States District Court for the District of Massachusetts against that a class action lawsuit has been filed against Ribbon Communications, Inc. (f/k/a Sonus Networks, Inc.) (“Ribbon” or the “Company”) (NASDAQ: RBBN) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Ribbon securities between January 8, 2015 through March 24, 2015, inclusive (the “Class Period”).

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Article: How ex-JP Morgan silver trader’s guilty plea could boost manipulation claim against bank

Article - Media

How ex-JP Morgan silver trader’s guilty plea could boost manipulation claim against bank

Dawn Giel, Dan Mangan

CNBC, 13 November 2018

A previously secret guilty plea by a former commodity trader at J. P. Morgan Chase, who admitted that he rigged precious metals markets, has drawn the attention of a lawyer who has already accused traders at the nation’s largest bank of similar conduct.

The lawyer, David Kovel, told CNBC he was struck by how much in common his civil case pending in New York federal court against J. P. Morgan Chase has with the conduct outlined in the ongoing criminal case in Connecticut against John Edmonds.

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Fined: RBC Capital Markets, LLC Fined by FINRA

Fined

RBC Capital Markets, LLC Fined by FINRA

8 November 2018

An AWC was issued in which the firm was censured and fined $215,000. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to implement and enforce a supervisory system reasonably designed to achieve compliance with the applicable securities laws and regulations, including SEC and FINRA rules, regarding the close-out of fail-to-deliver positions.

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Fined: J.V.B. Financial Group, LLC Fined by FINRA

Fined

J.V.B. Financial Group, LLC Fined by FINRA

6 November 2018

A Letter of Acceptance, Waiver and Consent (AWC) was issued in which the firm was censured and fined $50,000. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to establish, document and maintain a system of risk management controls and supervisory procedures reasonably designed to manage the financial, regulatory and other risks associated with market access.

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Fined: Investment Placement Group Fined by FINRA

Fined

Investment Placement Group Fined by FINRA

26 October 2018

An AWC was issued in which the firm was censured and fined $10,000. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it made payments of approximately $3.85 million in commissions earned by registered representatives to unregistered entities instead of directly to the representatives. The findings stated that each representative was a co-owner of the entity to which the firm paid the commissions.

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Fined: Avalon Investment & Securities Group, Inc. Fined by FINRA

Fined

Avalon Investment & Securities Group, Inc. Fined by FINRA

25 October 2018

An AWC was issued in which the firm was censured, fined $12,000, ordered to pay $1,515, plus interest, in restitution to customers and required to retain an independent consultant to conduct a comprehensive review of the adequacy of the firm’s policies, systems and procedures (written and otherwise) and training relating to the violations identified in the AWC.

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Fined: Maxim Group LLC Fined by FINRA

Fined

Maxim Group LLC Fined by FINRA

19 October 2018

An AWC was issued in which the firm was censured, fined $65,000, ordered to pay $167,780.49, plus interest, in restitution to customers and required to review and revise, as necessary, its systems, policies and procedures (written and otherwise) and training with respect to the sale of Unit Investment Trusts (UITs). Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to establish and maintain a supervisory system, and establish, maintain and enforce WSPs, reasonably designed to detect and prevent unsuitable short-term trading in UITs.

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Fined: Morgan Stanley & Co. LLC Fined by FINRA

Fined

Morgan Stanley & Co. LLC Fined by FINRA

October 18, 2018

An AWC was issued in which the firm was censured and fined a total of $56,000, of which $8,000 is payable to FINRA. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to take reasonable steps to establish that intermarket sweep orders (ISOs) it had routed met the definitional requirements set forth in the Securities Exchange Act of 1934 Rule 600(b)(30) of Regulation NMS primarily due to systems issues. The findings stated that as a result of the systems issues, the firm routed ISOs to multiple markets, which potentially traded through protected quotations in NMS stocks.

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Fined: MBSC Securities Corporation Fined by FINRA

Fined

MBSC Securities Corporation Fined by FINRA

18 October 2018

An AWC was issued in which the firm was censured and ordered to pay $971,289.07, plus interest of $242,955.64, in restitution to customers. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to establish, maintain and enforce a supervisory system and Written Supervisory Procedures (WSPs) reasonably designed to monitor the transmittal of funds from customer accounts to third parties.

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