By Aaron Nicodemus2024-07-30T15:43:00
The Financial Industry Regulatory Authority (FINRA) ordered Western International Securities to pay $1.5 million for failing to implement a supervisory system to detect and respond to excessive trading, the firm’s fifth consent order with the regulator since 2019.
California-based Western will pay a $475,000 fine and $1 million in restitution, plus interest, to settle the allegations, according to FINRA’s order, published Monday.
Factors that should be considered to detect excessive trading include “the cost-to-equity ratio, turnover rate, and the use of in-and-out trading in a customer’s account,” FINRA said in its order.
2024-07-11T19:04:00Z By Aaron Nicodemus
UBS Financial Services, a subsidiary of the Swiss banking giant UBS, has been fined $850,000 for failing to properly monitor transactions between its broker-dealers and third parties.
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The Financial Industry Regulatory Authority fined a Bank of America subsidiary $90,080 for filing untimely or inaccurate notifications related to security distributions and failing to adopt an adequate supervisory system.
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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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CVS has vowed to appeal $948.8 million in fines and damages imposed by a judge Tuesday on its Omnicare unit, for billing Medicare for tens of thousands of false claims.
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Federal banking regulators have laid the blame for Discover Financial Services charging merchants $1 billion in excessive credit card fees over 17 years squarely at the feet of company executives.
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The Consumer Financial Protection Bureau has dropped a $95 million enforcement action against Navy Federal Credit Union, the latest regulatory pullback by the agency under President Donald Trump.
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