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A U.S. appeals court has upheld a $1.45 million arbitration award in favor of retired NBA basketball player Horace Grant. Grant sought reimbursement for losses he incurred from investing in risky bond funds that had been marketed to him as safe investments. The U.S. Court of Appeals for the Ninth Circuit, in an unpublished decision, […]
A Financial Industry Regulatory Authority hearing panel has hit Wedbush Securities with a $300,000 fine, and issued its president and founder, Ed Wedbush, a 31-day suspension along with a $25,000 fine. The August 2nd decision is a culmination of a range of offenses, inquiries and disciplinary actions dating back over a decade to February of […]
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 […]
The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Merrill Lynch, Pierce, Fenner & Smith $1 million for failing to arbitrate disputes with employees relating to retention bonuses. Registered representatives who participated in the bonus program had to sign a promissory note that prevented them from arbitrating disagreements relating to the note, […]