- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2024-05-10T16:55:00
Merrill Lynch was assessed an $825,000 penalty by the Financial Industry Regulatory Authority (FINRA) for alleged supervision failures regarding the execution of marketable equity orders entered into its electronic order systems.
The firm failed to establish and maintain written supervisory procedures reasonably designed to achieve compliance with its best execution obligations, FINRA said in a disciplinary notice published Thursday.
The self-regulatory organization found Merrill Lynch violated FINRA Rules 3110 and 2010.
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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.
The Financial Industry Regulatory Authority 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.
A subsidiary of Bank of America 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 said.
A bank examiner and senior manager at the Federal Reserve Bank of Richmond pled guilty to insider trading after allegedly misappropriating confidential information on seven banks to make profitable trades.
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.
A publicly traded cryptocurrency mining company will pay $10 million and completely change its business model to one with “lower corruption risk” as part of a settlement over violations of the Foreign Corrupt Practices Act (FCPA), two regulators announced.
