- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-08-21T13:50:00
Cantor Fitzgerald agreed to pay $100,000 as part of a settlement with the Financial Industry Regulatory Authority (FINRA) regarding alleged disclosure failures about which the firm had previously been warned.
Cantor violated Regulation NMS (National Market System) when it published public quarterly reports on its handling of customers’ orders in securities that contained inaccurate and incomplete information, according to FINRA’s disciplinary action published Thursday. The firm was also faulted for deficiencies in its supervisory procedures.
In January 2020, Cantor published its required NMS report for the fourth quarter of 2019, which “failed to disclose … the material aspects of Cantor’s relationship with one of its specified execution venues, including a description of Cantor’s payment for order flow and profit-sharing relationship with the venue,” according to FINRA.
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Cantor Fitzgerald agreed to pay more than $151,000 and be censured as part of a settlement with the Financial Industry Regulatory Authority over alleged supervisory failures in respect to over-the-counter securities.
Network 1 Financial Securities and its chief compliance officer agreed to pay approximately $740,000 combined, plus interest, as part of a settlement with the Financial Industry Regulatory Authority addressing alleged Regulation Best Interest compliance failures.
Goldman Sachs agreed to pay $425,000 as part of a settlement with the Financial Industry Regulatory Authority addressing allegations of reporting and supervision violations regarding more than 1 million over-the-counter options positions.
Purported “testimonial and review” service Rytr agreed to stop selling its program that used artificial intelligence to create fake content as part of a consent order with the Federal Trade Commission.
Bank of America avoided a monetary penalty in agreeing to settle charges with the Treasury Department’s Office of the Comptroller of the Currency but was ordered to shore up previously disclosed deficiencies in its Bank Secrecy Act/anti-money laundering (BSA/AML) and sanctions compliance programs.
Aviation maintenance services provider AAR Corp. will pay nearly $56 million to settle charges that it violated the Foreign Corrupt Practices Act when it paid bribes to government officials in Nepal and South Africa.
