FINRA Fines Firms for Violations in 2015

FINRA Fines Firms for Violations in 2015

FINRA Fines Firms for Violations in 2015 150 150 Rex Securities Law

January 8, 2015

The Investment News published a summary of the largest penalties handed out in 2015 by the Financial Industry Regulatory Authority (FINRA), which included:

  • Puerto Rican Bonds-A fine of $7.5 million and restitution order of $11 million to UBS Financial Services in connection with the sale of Puerto Rican closed-end funds. Santander Securities was ordered to pay over $4 million in restitution and a fine of $2 million for their sale of similar funds.
  • Mutual Fund OverchargesWells Fargo Advisors was ordered to pay $15 million in restitution for overcharges on the sale of mutual funds. Edward Jones paid $13.5 million in a similar action.
  • LPL Financial Supervisory Failures– FINRA fined LPL a couple of times, once in May , a $10 million fine for supervisory failures related to nontraditional exchange traded funds, and $1.7 in million in restitution to customers.
  • Rogue Oppenheimer Broker Mark Hotton– FINRA fined Oppenheimer $2.5 million and ordered restitution of over $1 million for failure to properly supervise broker Mark Hotton who was barred from the industry in 2013.
  • Brookville Capital– was fined $500K and ordered to pay a $1 million fine for sales violations related to private placements.

If you have losses in your brokerage account that you feel are the result of the improper handling of your account, call to learn about your legal options.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 


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