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Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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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.