The Tampa, Florida-based Calton & Associates, Inc. has agreed to pay $37,500.00 to settle Financial Industry Regulatory Authority (FINRA) charges that it allegedly violated municipal securities rules, including allegedly failing to disclose required mark-up and mark-down information on hundreds of retail customer confirmations.
According to an article from Fidelity.com, the $37,500.00 fine for violating Municipal Securities Rulemaking Board rules was imposed as part of a wider FINRA disciplinary action that fined Calton & Associates for a total of $75,000.00. The settlement document that fined and censured Calton & Associates was accepted by FINRA on May 20, 2025.
The allegations against Calton & Associates appear on FINRA’s BrokerCheck, available to the public on FINRA’s website. Without admitting or denying the findings, Calton consented to sanctions and FINRA's findings that it allegedly failed to disclose required mark-up or mark-down information on hundreds of retail customer confirmations for municipal securities transactions and corporate and agency debt securities transactions.
According to the Fidelity article, FINRA found that between May of 2018 and April of 2021, Calton & Associates issued approximately 250 confirmations for municipal securities transactions to retail customers that failed to include any of the mark-up or mark-down information required under MSRB Rule G-15. FINRA also found that between July of 2018 and May of 2022, the firm allegedly violated MSRB Rule G-14 by failing to report the correct time of trade "to the second" when reporting more than 7,800 municipal securities transactions to the MSRB's Real-time Transaction Reporting System. Also, Calton violated MSRB Rule G-27 by failing to set up and maintain a supervisory system reasonably equipped to achieve compliance with the applicable disclosure and reporting obligations of MSRB Rules G-14 and G-15.
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