- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2024-08-30T15:44:00
A subsidiary of Bank of America (BofA) agreed to pay $3 million and take remedial measures to resolve allegations that its surveillance system didn’t detect manipulative trading, the Financial Industry Regulatory Authority (FINRA) said.
BofA Securities will pay $669,000 to FINRA and the remainder to exchanges, including Choe BYX and Nasdaq, the self-regulatory agency announced in a disciplinary action Wednesday.
Between 2015 and 2024, the surveillance system of Bank of America Merrill Lynch and since 2019, of BofAS, was too limited to detect that manipulative wash trading and pre-arranged trading was taking place, FINRA said.
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New York-based investment firm Drexel Hamilton will pay more than $1.1 million in penalties, with four current and former employees paying fines as well over committing hundreds of violations of rules regarding the sale of municipal bonds.
The Financial Industry Regulatory Authority issued two separate fines against Merrill Lynch and BofA Securities totaling nearly $2.3 million for reporting violations and failing to timely file amendments on registration forms for their registered representatives.
UBS Financial Services, a subsidiary of the Swiss banking giant UBS, has been fined $850,000 for failing to properly monitor transactions between its broker-dealers and third parties.
USAA Federal Savings Bank has been hit with its third cease and desist order from the Treasury Department’s Office of the Comptroller of the Currency in the past five years for failing to correct unsafe and unsound banking practices.
Becton Dickinson medical device company will pay $175 million for “repeatedly” misleading investors about its Alaris infusion pump, a product the company knew was flawed and was sold without the required patient-safety approvals, the Securities and Exchange Commission said.
The Securities and Exchange Commission charged bankrupt fashion retailer Express with failing to disclose nearly $1 million in perks to a former chief executive, but did not levy a financial penalty thanks to its cooperation, the SEC said.
