INTL FCStone Securities Inc. (CRD #45993, Winter Park, Florida)
was censured, fined $70,000, ordered to pay $62,297.13 plus interest in restitution to customers, and required to revise its WSPs (Written Supervisory Procedures).
According to the FINRA report, allegedly INTL FCStone Securities Inc., partially executed customer limit orders in OTC (over-the-counter) securities after it traded each subject security for its own market-making account at a price that would have satisfied each client’s limit order.
FINRA's findings also stated that INTL FCStone Securities' supervisory system did not provide reasonable supervision regarding customer limit order protection.
(FINRA Case #2010021400901)
Soreide Law Group, (888) 760-6552, based in Fort Lauderdale, Florida, obtained this summary of information from FINRA’s website, listed under “Disciplinary and Other FINRA Actions, July, 2014.” Call for a free consultation with an attorney if you feel your losses are due to your stock broker or financial advisor's recommendations. We represent clients nationwide before FINRA.
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