January 29, 2015
M & T Securities, Inc. entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that from September 2005-December 2011, they failed to establish and maintain a supervisory system reasonably designed to ensure the delivery of prospectuses in connection with customer funds that were automatically swept to purchase money market funds.
FINRA found that M & T Securities failed to deliver money market mutual fund prospectuses to 45,172 account holders in 186,783 instances.
M & T Securities was censured and fined $300,000.
M & T Securities has been a FINRA member since 1986. It has about 1,500 registered representatives and 747 branch offices nationwide.
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.
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