- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2024-08-22T20:26:00
Cantor Fitzgerald agreed to pay more than $151,000 and be censured as part of a settlement with the Financial Industry Regulatory Authority (FINRA) over alleged supervisory failures in respect to over-the-counter (OTC) securities.
Cantor failed to provide best execution for nearly 2,400 orders in OTC securities that it received from other broker-dealers, according to FINRA’s disciplinary action published Tuesday. The firm agreed to pay a $100,000 fine, more than $51,000 in restitution plus interest, and be censured.
From July 2017 through May 2019, the firm failed to establish and maintain a supervisory system reasonably designed to achieve compliance with its best execution obligations for customer orders in OTC securities in violation of FINRA rules 5310, 3110 and 2010, the self-regulatory organization said.
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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.
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.
Santander U.S. Capital Markets agreed to pay $100,000 to settle allegations by the Financial Industry Regulatory Authority regarding supervision failures related to misuse of material nonpublic information.
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.
