- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2023-10-04T20:35:00
The institutional broker-dealer arm of Santander in the United States agreed to pay $100,000 to settle allegations by the Financial Industry Regulatory Authority (FINRA) regarding supervision failures related to misuse of material nonpublic information (MNPI).
Santander U.S. Capital Markets agreed to be censured in reaching settlement for failing to establish, maintain, and enforce a supervisory system and written procedures reasonably designed to achieve compliance with FINRA rules, the self-regulatory organization said in a disciplinary action published Friday.
From April 2019 through December 2021, Santander U.S. did not have reasonably designed systems and procedures to monitor affiliate employees accessing MNPI, FINRA said. The firm’s procedures relied on a manual process requiring affiliate employees with access to be identified to firm personnel and their communications be documented to prevent trading in MNPI.
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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.
OEP Capital Advisors agreed to pay a $4 million penalty as part of a settlement with the Securities and Exchange Commission addressing alleged deficiencies regarding the prevention of misuse of material nonpublic information.
TD Private Client Wealth agreed to pay a $600,000 penalty levied by the Financial Industry Regulatory Authority for allegedly failing to review millions of employee emails as required by the self-regulatory organization’s rules.
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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.
