Friday, July 24, 2009
Five Broker-Dealers Fined $1.65 Million For Sales Issues
The Financial Industry Regulatory Authority fined five bank broker-dealers a combined $1.65 million for deficient supervision and procedures related to the sale of variable annuities, mutual funds and unit investment trusts... The biggest fine was $450,000 for IFMG Securities, which was purchased in 2007 by LPL Financial, a broker/dealer which supports more than 12,000 financial advisers. Others fined included McDonald Investments, now part of KeyCorp (KEY), which received a $425,000 fine. Also sanctioned were Wells Fargo & Co. (WFC) with a $275,000 fine while PNC Financial Services Group Inc. (PNC) and JPMorgan Chase & Co. (JPM) were each fined $250,000...
CNN Money: Five Broker-Dealers Fined $1.65 Million For Sales Issues
CNN Money: Five Broker-Dealers Fined $1.65 Million For Sales Issues
Permalink posted by markw @ 4:36 AM 
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