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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2024-05-30T18:41:00
The Financial Industry Regulatory Authority (FINRA) fined a Bank of America subsidiary $90,080 for filing untimely or inaccurate notifications related to security distributions and failing to adopt an adequate supervisory system.
Bank of America Securities, a broker-dealer based in New York City, filed approximately 195 problematic notifications with FINRA between August 2019 and August 2022, according to the self-regulatory organization’s final notice released Tuesday. The firm also lacked written supervisory procedures describing how it would comply with FINRA Rule 5190, per the notice.
The notifications were required by Regulation M, the Securities and Exchange Commission’s anti-manipulation provision.
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2024-05-10T16:55:00Z By Kyle Brasseur
Merrill Lynch was assessed an $825,000 penalty by the Financial Industry Regulatory Authority for alleged supervision failures regarding the execution of marketable equity orders entered into its electronic order systems.
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Bank of America Securities agreed to pay $24 million in settling with the Financial Industry Regulatory Authority for allegedly failing to supervise the “spoofing” activities of two former traders in U.S. Treasury markets.
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Bank of America will pay a $12 million penalty for allegedly reporting false mortgage lending data to the federal government, under a settlement reached with the Consumer Financial Protection Bureau.
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Three former executives of Chicago-based Outcome Health, a healthcare technology company, were sentenced for misleading an auditor, clients, lenders, and investors about a scheme to sell $45 million in overbilled advertisements.
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A home health company operating in Indiana, Ohio, and Texas agreed to pay nearly $4.5 million to settle allegations it filed false claims by giving sports tickets and other kickbacks to assisted living facilities in exchange for referrals.
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Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor more than $1 trillion worth of customer transactions.
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