- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-11-21T16:56:00
Registered broker-dealer Laidlaw and Company agreed to pay more than $800,000 as part of a settlement with the Securities and Exchange Commission (SEC) addressing multiple alleged violations of Regulation Best Interest (Reg BI).
Laidlaw, which is based in the United Kingdom, with offices in the United States, was fined approximately $223,000 and agreed to pay about $548,000 in disgorgement and $52,000 in prejudgment interest, the SEC announced in an administrative proceeding Monday. The firm was faulted for running afoul of Reg BI’s care and compliance obligations.
Two registered representatives at the firm, Richard Michalski and Michael Murray, also agreed to settlements with the SEC alleging violations of Reg BI. Michalski agreed to pay more than $100,000 in penalties, disgorgement, and interest, while Murray’s total payments fell short of $50,000.
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First Horizon Advisors will pay a $325,000 fine to settle allegations from the Securities and Exchange Commission that it violated Regulation Best Interest in part due to issues with incorporating a merged firms’ accounts into its systems.
A subsidiary of the Teachers Insurance and Annuity Association of America agreed to pay more than $2.2 million as part of a settlement with the Securities and Exchange Commission for not acting in the best interest of its retail customers regarding their retirement accounts.
Citigroup Global Markets and Citi International Financial Services agreed to pay a total of nearly $2 million as part of a settlement with the Securities and Exchange Commission resolving allegations they violated the disclosure obligations of Regulation Best Interest.
Capital One promised very high interest rates on millions of savings accounts but the bank didn’t deliver, losing customers more than $2 billion, the Consumer Financial Protection Bureau alleged.
Robinhood, a disruptive force in the market for Main Street investors but also a serial offender of securities laws, will pay a total of $45 million to settle numerous violations of SEC rules and regulations by two of its broker-dealers.
A broker-dealer subsidiary of Toronto-based BMO Financial Group will pay nearly $41 million in penalties to the Securities and Exchange Commission to settle allegations that its traders issued misleading disclosures on bonds for three years, causing $19 million in harm to its customers.
