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FINRA Member Fined over its Retail Commission Policy
February 14, 2011
Brecek & Young Advisors (Folsom, CA) agreed to pay $25K to settle FINRA charges it failed to have in place a supervisory system for adequately monitoring markups or markdowns and commissions that customers were charged on equity securities transactions. That included having inadequate WSPs, as it pertained to amount charged by RR - i.e., its Commission Policy. Specifically, the firm:
- failed to sufficiently train or guide its RR's, traders or OSJ managers to detect violations of the firm’s Commission Policy;
- failed to adequately use an exception reports to review commission charges assessed by RR's;
- didn't have WSP's or adequate processes for handling a violation of the Commission Policy.
This is FINRA Case #2008011574401. [Refer to FINRA Disciplinary Actions for January]
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