The Financial Industry Regulatory Authority (FINRA) fined Chicago based Howe Barnes Hoefer & Arnett $200,000 to resolve findings that the firm sold zero-coupon municipal bonds, US Treasuries and STRIPS to customers at prices that exceeded the firm’s markup guidelines for these securities.
The firm had previously made restitution payments to customers of over $64,000. FINRA found that Howe Barnes did not properly supervise it brokers in connection with these sales.
Howe Barnes Hoefer & Arnett was acquired by Raymond James Financial in 2011.
Rex Securities Law , located in Boca Raton, FL, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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