- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Jeff Dale2024-10-01T15:36:00
The Financial Industry Regulatory Authority (FINRA) 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.
FINRA ordered Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S) to pay a $2 million fine over its alleged failure to accurately report to the Trade Reporting and Compliance Engine (TRACE) more than two million retail customer transactions, the self-regulatory organization announced in disciplinary action Monday.
The regulator noted that $50,000 of the $2 million will cover the firm’s alleged misconduct related to more than 65,000 municipal securities transactions for retail customers that should not have been reported.
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2025-01-03T14:44:00Z By Jeff Dale
The Financial Industry Regulatory Authority issued fines against four large banks to end 2024, all for different alleged misconduct, but all related to the firms’ failures to implement a supervisory system reasonably designed to achieve compliance with FINRA rules.
2024-08-30T15:44:00Z By Adrianne Appel
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.
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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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The Federal Trade Commission (FTC) filed a lawsuit against Uber, alleging the ride-hailing company signed customers up for its Uber One subscription without consent, then made it hard for them to cancel. The move marks the U.S. government’s latest broadside against big tech companies, and the first major action from ...
2025-04-18T17:45:00Z By Oscar Gonzalez
The U.S. Consumer Financial Protection Bureau continues to unravel amid pressure from Trump administration officials to shutter the agency. Not only has the agency informed its employees that it will no longer be a watchdog for the financial services industry, it has also laid off employees despite court orders blocking ...
2025-04-15T07:30:00Z By Aaron Nicodemus
The Consumer Financial Protection Bureau dropped yet another consumer protection lawsuit against a bank or fintech provider since Donald Trump was sworn in as president in January. This time, it was with Comerica Bank.
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