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Stories of Interest
- Wells Fargo Has Shown Us Its Contemptible Values
- UBS to Counter Trading Troubles With M&A Work
- SEC Moves Quickly To Shut Down Fake Pre-IPO Share Scam
- SEC Testimony: Oversight of the SEC Division of Enforcement
- FINRA Modifies 'Agency Debt Security' in Rule 6710
- Is Jamie Dimon Doing a U-Turn on Bitcoin?
- After New Yorker's Racist Rant Goes Viral, His Law Firm Gets Pummeled with 1-Star Yelp Reviews
- Bill O’Donnell is New CFO at MetLife
- Trump Still Owes Deutsche Bank, Others as Much as $480Mn
- Wells Fargo Scandals Hurt Its Retirement Business
- Michigan State to Pay $500Mn to Victims of Larry Nassar's Abuse
- Top Lawyer at Novartis Leaving Over $1.2Mn Contract with Michael Cohen's Consulting Firm
- Cadwalader Adds Mark Chorazak to its Financial Regulation Practice
- Deutsche Bank: It's A Short According to Eisman of ‘The Big Short’ Fame
- Up In Smoke: Bank of Montreal Goes All-In on Pot Deals
- RBS to Pay $4.9Bn to Settle Toxic MBS Probe with U.S.
- Apple and Goldman Sachs Team Up to Release New Credit Card
- Robinhood, A Stock, Trading App Rejected by 75 Investors, Now Worth $5.6Bn
- Wells Fargo Reportedly Pocketed Fire And Police Department Pension Fund Fee Rebates
- Trading App Robinhood Surpasses E*Trade In User Numbers
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NEWSLETTERS & ALERTS
FINRA Mutual Fund Sweep Claims Sanctions Against 9 More Firms
by Howard Haykin
From April through October 2017, 12 B/D’s were ordered to reimburse their customers nearly $11 million in overcharges plus pre-judgment interest. Three of those firms were hit with fines totaling $195,000. In February 2018, 9 B/D’s were ordered to reimburse customers over $2.25 million in overcharges plus pre-judgment interest. Four of those firms were hit with fines totaling $400,000.
HERE'S THE LINEUP FOR FEBRUARY 2018 and respective settlements :
- FSC Securities Corp'n (Atlanta, GA) - $100K in fines, ~$381K in restitution, $34K in interest.
- Royal Alliance Associates (Jersey City, NJ) - $150K in fines, ~$459K in restitution, $61K in interest.
- SagePoint Financial (Phoenix, AZ) - $75K in fines, ~$170K in restitution, $26K in interest.
- Woodbury Financial Services (Oakdale, MN) - $75K in fines, ~$114K in restitution, $25K in interest.
- BB&T Investment Services (Charlotte, NC) - $-0- in fines, ~$332K in restitution, $41K in interest.
- Investacorp (Miami, FL) - $-0- in fines, ~$215K in restitution, $33K in interest.
- Investors Capital Corp. (Lynnfield, MA) - $-0- in fines, ~$377K in restitution, $61K in interest.
- J.P. Turner & Company (Atlanta, GA) - $-0- in fines, ~$176K in restitution, $37K in interest.
- VSR Financial Services (Overland Park, KS) - $-0- in fines, ~$40K in restitution, $8K in interest.