Category: Fined

Posted on

Fined: Alexander Capital, L.P. Fined by FINRA

Fined

Alexander Capital, L.P. Fined by FINRA

A Letter of Acceptance, Waiver and Consent (AWC) was issued in which the firm was censured and fined $45,000, and Sullivan was fined $5,000, suspended from association with any FINRA® member in any financial and operations principal (FINOP) capacity for one month and required to requalify by examination as a FINOP. Without admitting or denying the findings, the firm and Sullivan consented to the sanctions and to the entry of findings that the firm conducted a securities business while failing to maintain its minimum net capital requirement.

Read full report.

 

Posted on

Fined: World Equity Group, Inc. Fined by FINRA

Fined

World Equity Group, Inc. Fined by FINRA

An AWC was issued in which the firm was censured and fined $18,500. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to report to the Trade Reporting and Compliance Engine (TRACE®) transactions in TRACE-eligible corporate debt securities within the time required. The findings stated that the firm’s late reporting resulted from delays caused by firm employees and untimely amendments or corrections made to TRACE reports previously submitted by the firm or its clearing firm.

Read full report.

Posted on

Fined: Wallachbeth Capital LLC Fined by FINRA

Fined

Wallachbeth Capital LLC Fined by FINRA

An AWC was issued in which the firm was censured and fined $60,000. 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 written policies and procedures that were reasonably designed to prevent trade-throughs of protected quotations that did not fall within an exception, in violation of Rule 611(a) of Regulation NMS (Reg NMS) of the Securities Exchange Act of 1934.

Read full report.

Posted on

Fined: RBC Capital Markets, LLC Fined by FINRA

Fined

RBC Capital Markets, LLC Fined by FINRA

An AWC was issued in which the firm was censured, fined $2,900,000 and required to provide a written certification to FINRA that it has established and implemented a supervisory system and written procedures reasonably designed to achieve compliance with FINRA rules and the federal securities laws applicable to prospectus delivery. 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 reasonable supervisory system governing the delivery of prospectuses for exchange-traded funds (ETFs), exchangetraded notes (ETNs) and mutual funds and failed to enforce its WSPs.

Read full report.

 

Posted on

Fined: Insight Securities, Inc. Fined by FINRA

Fined

Insight Securities, Inc. Fined by FINRA

An AWC was issued in which the firm was censured and fined $30,000. No restitution is provided for in the AWC as the firm already paid restitution to the affected customers. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that its pricing of corporate bond transactions traded for its own account failed to be fair taking into consideration all relevant circumstances, including market conditions with respect to each bond at the time of the transaction, the expense involved, and the fact that the firm was entitled to a profit.

Read full report.

 

 

Posted on

Fined: Dougherty & Company LLC Fined by FINRA

Fined

Dougherty & Company LLC Fined by FINRA

An AWC was issued in which the firm was censured, fined $25,000 and required to revise its written supervisory procedures (WSPs). Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to make timely submissions or to submit accurate information regarding the result of an interest rate reset for variable rate demand obligations to the Municipal Securities Rulemaking Board’s (MSRB) Short-Term Obligation Rate Transparency (SHORT) system.

Read full report.

 

Posted on

Fined: ABN AMRO Clearing Chicago LLC Fined by FINRA

Fined

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.

Read full report.

Posted on

Fined: Newbridge Securities Corporation Fined by FINRA

Fined

Newbridge Securities Corporation Fined by FINRA

An AWC was issued in which the firm was censured, fined $225,000 and required to retain an independent consultant to conduct a comprehensive review of the reasonableness of the firm’s policies, systems and procedures (written or otherwise) and training with respect to its participation in private placement and minimum contingency offers. Jordan was fined $5,000 and suspended from association with any FINRA member in any principal capacity for two months. Without admitting or denying the findings, the firm and Jordan consented to the sanctions and to the entry of findings that the firm failed to establish, maintain and enforce a supervisory system and WSPs reasonably designed to supervise its representative’s recommendations of structured products, despite the fact that structured products comprised a significant portion of the firm’s business.

Read full report.

 

Posted on

Fined: Meyers Associates, L.P. nka Windsor Street Capital, LP Fined by FINRA

Fined

Meyers Associates, L.P. nka Windsor Street Capital, LP Fined by FINRA

A Securities and Exchange Commission (SEC) decision became final in which the firm was fined $700,000, and Bruce Meyers was barred from association with any FINRA member in any principal or supervisory capacity and fined $100,000. The SEC sustained the findings and the sanctions imposed by the National Adjudicatory Council (NAC). The sanctions were based on findings that the firm and Bruce Meyers used unbalanced and misleading communications with the public.

Read full report.

Posted on

Fined: Hilltop Securities Inc. Fined by FINRA

Fined

Hilltop Securities Inc. Fined by FINRA

An AWC was issued in which the firm was censured, fined $250,000 and required to submit to FINRA a written certification that it has completed a review of its systems and procedures regarding SEC Rule 10b-16(a)(1) and, as of the date of the certification, the firm’s policies, systems and procedures are reasonably designed to achieve compliance with this rule. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to establish procedures reasonably designed to assure that customers received initial margin interest rate disclosures and failed to establish, maintain and enforce a supervisory system, including WSPs, reasonably designed to achieve compliance with Rule 10b-16(a)(1).

Read full report.

 

Posted on

Fined: Ace Diversified Capital, Inc. Fined by FINRA

Fined

Ace Diversified Capital, Inc. Fined by FINRA

An AWC was issued in which the firm was censured, fined $20,000, ordered to pay $9,442, plus interest, in restitution to customers and required to revise its supervisory systems, including its written procedures, to address the deficiencies described in the AWC as they related to the sale of non-traditional exchange-traded funds and notes; quantitative suitability related to potentially excessive trading; and options trading. A lower fine was imposed after considering, among other things, the firm’s revenue and financial resources. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to reasonably supervise a former representative’s sale of non-traditional exchange-traded funds (ETFs) and exchangetraded notes (ETNs) to his customers.

Read full report.

THE DOLLAR HAS NO INTRINSIC VALUE : DO YOUR ASSETS?