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TAG | brokerage purchasing minicipal securities from customer for own account

Jun/12

21

Edward Jones & Co, St. Louis, Fined and Sactioned by FINRA

Comments off · Posted by Securities Lawyer in FINRA

 

Edward D. Jones & Co., L.P. dba Edward Jones (CRD #250, St. Louis, Missouri)

 

was censured, fined $55,000 and ordered to pay $13,231.52, plus interest, in restitution to customers. Without admitting or denying the findings, the firm consented to the described sanctions and to the entry of findings that in corporate fixed income transactions for or with an individual customer, they failed to use reasonable diligence to arrive at the best inter-dealer market, and failed to buy or sell in such market so that the price to its customer was as favorable as possible under the prevailing market conditions.

FINRA’s findings stated that the firm’s supervisory system did not comply with the applicable securities laws, regulations and FINRA rules concerning the best execution of corporate fixed income transactions.

These findings also stated that the firm purchased municipal securities for its own account from a customer and/or sold municipal securities for its own account to a customer at an aggregate price. FINRA’s findings also included that the firm submitted incorrect short interest position reports to NASD® or FINRA.

(FINRA Case #2006005438901)

This information was obtained on FINRA’s website under “Disciplinary and Other Actions, June, 2012.”

 

Soreide Law Group, PLLC, has represented clients nationwide. If you have sustained investment losses due to Edward Jones, St. Louis, MO,  please call for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552, or visit our website at: http://www.securitieslawyer.com.

 

 

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Apr/12

24

Banc of America Investment Services, Inc., Sanctioned by FINRA

Comments off · Posted by Securities Lawyer in FINRA

The following information is from FINRA’s website under “Disciplinary Actions, April, 2012:”
 

Banc of America Investment Services, Inc. dba Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD #7691, New York, New York) 

submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $55,000. The firm has already paid restitution to the customers involved with the transactions. Without admitting or denying the findings, the firm consented to the described sanctions and to the entry of findings that it purchased municipal securities for its own account from a customer and/or sold municipal securities for its own account to a customer at an aggregate price (including any markdown or markup) that was not fair and reasonable, taking into consideration all relevant factors, including the best judgment of the broker, dealer or municipal securities dealer as to the fair market value of the securities at the time of the transaction and of any other securities exchanged or traded in connection with the transaction, the expense involved in effecting the transaction, the fact that the broker, dealer or municipal securities dealer is entitled to a profit, and the total dollar amount of the transaction.

( FINRA Case #2009018104101)

The information from FINRA’s website has ended.
 
Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, has represented clients nationwide.
For a free consultation with an attorney, please call 888-760-6552, or visit our website at: www.securitieslawyer.com. 

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