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.
