FINRA, the Financial Industry Regulatory Authority, recently fined four firms for violations of municipal securities rules.
The four firms and fines included:
1. Edward D. Jones & Co. with $160,000, FINRA alleged that, in 87 transactions between Oct. 1 and Dec. 31 2008, St. Louis-based Edward Jones sold securities for the firm’s own account at prices that were not fair and reasonable.
2. Alluvion Securities LLC with $45,000, On Feb. 2, 2012, FINRA allegedly found the Tennessee based Alluvion failed to provide an official statement to customers whose transactions settled that day. The firm filed the OS three days late, FINRA said, during which time 31 affected transactions totaling $10.7 million took place.
3. Robert W. Baird & Co. with $45,000, according to FINRA, the Milwaukee based firm allegedly sold securities at unreasonable prices during two stretches between July 1 and Sept. 30, 2009 as well as between Jan. 1 and March 31, 2011.
4. Tullet Prebon Financial Services LLC with $5,000. London-based Tullett Prebon, which has offices in the U.S., accepted a fine for allegedly failing to accurately report time of trade or other required information on more than 100 transactions between Oct. 1 and Dec. 31 2010. The firm also agreed to pay $220,000 in non-muni violations.
Soreide Law Group offers a free consultation and portfolio analysis to decide if you have legal grounds to pursue a FINRA arbitration. To speak with a lawyer call (888) 760-6552.
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