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- Latham & Watkins Chair Bill Voge Resigns Over Sexual Messages
- Jefferies Equity Trading Slips Even as Volatility Increases
- Can Jes Staley Fix Barclays Fast Enough?
- Deutsche Bank Slides 6.2% After Warning of $550Mn Q1 Headwind
- UBS to Pay $230Mn to N.Y. in Mortgage Securities Probe
- With At Least 190 Cryptocurrency Exchanges, Here's How to Pick Right One
- Mark Zuckerberg Lost $9Bn in Wealth Over Past 48 Hours
- Keynote Address, ICI 2018 Mutual Funds & Investment Management Conference
- SEC Announces Largest-Ever Whistleblower Awards
- From a $126Mn Bonus to Jail: Fall of a Star Trader
- Barclays Shares Surge as Activist Takes 5.2% Stake
- Standard Chartered Puts Compliance Head Neil Barry on Leave
- Goldman Sachs Pays Women in U.K. 56% Less Than Male Colleagues
- Deutsche Bank Leads Bulls with Higher Trading Revenue Forecast
- SocGen Cuts Traders' Bonus Pool by a Quarter
- Point72's Haynes Resigns as Cohen Seeks a New Type of Leader
- Steve Eisman, Who Called the 'Big Short' During Financial Crisis, Sleeping Easy Now
- Bitcoin's ‘Death Cross’ Looms as Strategist Eyes $2,800 Level - From Current Price of $8,120
- U.K. Brokerage Firm, Investment Manager, CEO Manipulated Trading in U.S. Microcap Stocks - SEC
- Billionaire Investor John Paulson's Hedge Fund Is 'Rightsizing', And a Bunch of Senior Staff are Leaving
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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.