- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2024-09-12T15:11:00
The Financial Industry Regulatory Authority (FINRA) fined JPMorgan Securities $190,000 for unregistered investment banking activities and not having a supervisory system reasonably designed to achieve compliance with FINRA registration requirements.
The firm permitted 10 individuals in its U.S. Investment and Corporate Banking Group (ICB) to perform investment banking activities without required registration with FINRA, the self-regulatory agency said in a disciplinary action Monday.
From October 2020 through January 2022, the unregistered persons worked as part of investment banking deal teams and engaged in activities requiring registration, such as “advising clients on securities offerings or drafting marketing materials for offerings,” FINRA said.
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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.
A subsidiary of JPMorgan Chase will pay an additional $100 million to the Commodity Futures Trading Commission to settle charges it failed to adequately monitor and supervise its trading system.
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.
Illinois-based manufacturer John Deere will pay approximately $10 million in penalties and disgorgement to the Securities and Exchange Commission for violating the Foreign Corrupt Practices Act with bribes paid by a Thai subsidiary.
Nine investment advisers will pay a total of $1.24 million to settle allegations that they violated the Securities and Exchange Commission’s marketing rule by disseminating advertisements with untrue or misleading information.
A privately held family company and its CEO, who announced a $10 billion bid to buy U.S. Steel without having the cash on hand, will pay $600,000 in penalties to the Securities and Exchange Commission for making materially false statements.
