- 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.
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.
