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The Financial Industry Regulatory Authority said it ordered Citigroup Inc. (C) to pay more than $1.2 million in fines, restitution and interest related to alleged excessive markups and markdowns on corporate and agency bond transactions. Finra said that from July 2007 to September 2010, Citi International Financial Services LLC, a subsidiary of the global bank, […]
FINRA is examining sales of certificates of deposit tied to derivatives after banks sold a record number of the investments last year. The industry-backed regulator wants to make sure the so- called structured CDs, where principal is protected by the Federal Deposit Insurance Corp., are properly understood by investors given their increasing complexity and lengthening […]
Summary Arbitration Statistics October 2011 New Case Filings through October: 2009 2010 2011 2011 vs 2010 6,114 4,768 4,033 -15% Number of Cases Closed through October: 2009 2010 2011 2011 vs 2010 3,683 5,129 5,196 -1% Turnaround Time* (in months) through October: 2009 2010 2011 2011 vs 2010 Overall 11.5 12.5 14.2 14% […]
The Financial Industry Regulatory Authority (FINRA) announced today that it has fined HSBC Securities (USA) Inc. $375,000 for recommending unsuitable sales of inverse floating rate Collateralized Mortgage Obligations (CMOs) to retail customers. HSBC failed to adequately supervise the suitability of the CMO sales and fully explain the risks of an inverse floating rate or other […]
James Shorris, executive director of enforcement at the Financial Industry Regulatory Authority (FINRA) has been quoted by Investment News as saying that enforcement cases on multiple private placement deals can be expected to begin by next year. Private placement memorandum (PPM) deals, also known as Reg D offerings, have come under increased scrutiny after enjoying […]