BB&T Securities, LLC (CRD #142785, Richmond, Virginia)
was censured, fined $20,000 and ordered to pay $7,243.62, plus interest, in restitution to their clients for alleged excessive mark-ups on corporate bond transactions, excessive mark-down on a corporate bond transaction, and excessive mark-up on a municipal bond transaction.
FINRA’s findings said the mark-ups and mark-down were not fair and reasonable, including the individual prevailing market prices. As a result, BB&T Securities’ account holders were assessed $7,243.62 in excessive charges for those transactions.
Also, FINRA’s findings stated that BB&T Securities did not adequately implement or enforce its written supervisory procedures (WSPs), which required mark-ups and mark-downs to be calculated from the prevailing market price. BB&T Securities did not follow its stated procedures for reviewing and approving excessive mark-ups.
(FINRA Case #2013036202701)
This summation of information from FINRA’s website was listed under “Disciplinary and Other FINRA Actions, December 2014,” and ends here.
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