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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2024-01-22T14:00:00
An affiliate of Wells Fargo agreed to pay a $425,000 penalty as part of a settlement with the Financial Industry Regulatory Authority (FINRA) addressing allegations of disclosure lapses affecting millions of trade confirmations and related supervisory failures.
Wells Fargo Securities’ supervisory system was not reasonably designed to achieve compliance with Exchange Act Rule 10b-10 and FINRA Rule 2232, the self-regulatory organization said in its disciplinary action published Friday.
From June 2015 to August 2021, Wells Fargo sent institutional customers approximately 2.27 million trade confirmations that did not disclose, for orders effected via multiple executions, the prices reported were average prices and that details on the average prices could be provided upon request, according to FINRA.
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News and analysis for the well-informed compliance or audit exec.
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Our lowest price ($1 per day) for one year.
2024-02-16T19:21:00Z By Aaron Nicodemus
Morgan Stanley will pay a $1.6 million fine levied by the Financial Industry Regulatory Authority for failing to close out certain municipal securities transactions over a five-year period.
2024-02-07T21:06:00Z By Aaron Nicodemus
The Financial Industry Regulatory Authority fined Goldman Sachs $512,500 for allegedly failing to properly surveil certain types of securities for potential manipulative trading activity for more than a decade.
2024-01-09T18:09:00Z By Aaron Nicodemus
A new report from the Financial Industry Regulatory Authority provides observations from examiners on emerging issues affecting the industry, including surveilling potential use of off-channel communications by employees, crypto-asset developments, cybersecurity trends, and more.
2024-07-02T20:35:00Z By Adrianne Appel
Three former executives of Chicago-based Outcome Health, a healthcare technology company, were sentenced for misleading an auditor, clients, lenders, and investors about a scheme to sell $45 million in overbilled advertisements.
2024-07-02T14:42:00Z By Adrianne Appel
A home health company operating in Indiana, Ohio, and Texas agreed to pay nearly $4.5 million to settle allegations it filed false claims by giving sports tickets and other kickbacks to assisted living facilities in exchange for referrals.
2024-07-02T13:50:00Z By Aaron Nicodemus
Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor more than $1 trillion worth of customer transactions.
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