Category: Fines

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…

The violations occurred between January 2021 and April 2023. They reportedly involved inadequate asset segregation, poor risk management, and unsatisfactory customer treatment during BinckBank's migration to Saxo Bank. The AFM investigation was prompted by consumer complaints and a critical assurance report from BinckBank's accountant. Customers reported delayed transactions, incorrect charges, and missing shares. The AFM…

The fine stems from lapses identified between February 2018 and June 2023. BofA Securities reportedly failed to meet the requirements of the Trade Reporting and Compliance Engine (TRACE) on several counts. According to FINRA, the firm failed to report approximately 5,200 transactions in TRACE-eligible securities in a timely manner. This included late reporting of agency…

The violations are said to have involved more than 330 million trade confirmations issued between February 2014 and November 2024, which contained misleading or incomplete disclosures regarding average trade prices. FINRA found that UBS either incorrectly indicated that a trade price "may" be an average price when it was not or failed to disclose that…

In its disciplinary action document, the regulator said the violations occurred over a seven-year period from October 2015 to December 2022 and involved more than 4.2 million transactions in options and issued options. Free-riding, a prohibited practice under U.S. securities regulations, involves customers buying and selling securities before paying for them in options and issued…