Category: Fines

According to the CMA, individual traders at each bank shared competitively sensitive pricing information via private one-to-one Bloomberg chatrooms between 2009 and 2013.  The unlawful exchanges were said to be related to gilt auctions, trading, and sales to the Bank of England. Deutsche Bank also participated in the chatrooms. However, it is exempt from a…

The firm was also found to have lacked a proper supervisory system and failed to comply with filing requirements. Between June 2018 and December 2021, Cova is said to have recommended three private placements without verifying key details about the issuers and investment risks.  As a result, FINRA determined that Cova willfully violated Regulation Best…

FINRA said in its release that the fine is for publishing inaccurate trade execution reports and failing to maintain adequate supervisory procedures.  New York-based GTS, which specialises in market-making and proprietary trading, also received a censure as part of the settlement. According to FINRA, between May 2019 and March 2021, GTS published 23 inaccurate monthly…

The fine follows an investigation by the firm into Apex’s handling of customer loans, disclosures, and supervisory systems between January 2019 and June 2023. According to FINRA, Apex entered into securities loans with certain customers without ensuring the loans were appropriate, as some customers did not receive loan fees for lending their shares.  Furthermore, from…

FINRA said that Berkshire Global Advisors failed to establish and enforce adequate supervisory systems and written supervisory procedures (WSPs) for monitoring its associated persons outside brokerage accounts. FINRA found that from October 2019, Berkshire’s oversight of outside brokerage accounts was inadequate.  The firm is said to have failed to implement effective processes to verify disclosures,…

It marks the Australian Securities and Investments Commission’s (ASIC) first civil penalty action against a distributor for DDO breaches. ASIC explained in a press release that the case centred on Firstmac’s marketing of its High Livez investment product, a registered managed investment scheme, to 780 existing term deposit holders between October 2021 and September 2022. …

The settlement, revealed in a Letter of Acceptance, Waiver, and Consent (AWC), arises from issues in UBS FSI’s reporting of “blue sheets” between December 2012 and September 2018. Blue sheets contain critical transaction details used by regulators to investigate potential market misconduct, including insider trading and market manipulation.  FINRA said UBS FSI misreported or omitted…

The Ohio-based broker-dealer was found to have violated several FINRA rules between June 2020 and September 2024. According to FINRA’s investigation, Investments for You did not implement policies to comply with Regulation Best Interest (Reg BI), which mandates brokers to act in the best interest of retail customers.  “Investments for You failed to establish and…

The fine comes as the regulator said the company failed to adequately supervise its employees' access to client data and the transmittal of funds from international stock plan services (SPS) accounts.  The violations, spanning from December 2012 to October 2020, resulted in an associated person converting approximately $750,000 from 37 international plan participants. FINRA's investigation…