Bond trader fined and suspended

Piggy Bank

David Sirianni, Oppenheimer's head municipal bond trader, was fined $100,000 and suspended for 60 days by the Financial Industry Regulatory Authority for overcharging customers.

Bloomberg reports that Sirianni marked up bonds as much as 16% from July 2008 through June 2009, Finra said Monday in a statement. Oppenheimer was also ordered to pay a $675,000 fine and $246,000 in restitution. The brokerage and the trader settled the case without admitting to the allegations, Wall Street’s self-regulator said in the statement.

'Finra has no tolerance for firms or individuals who charge customers excessive markups,' Thomas Gira, Finra’s head of market regulation, said in the statement.

The investigation involved 89 transactions in which the brokerage added more than 5% to the cost of the bonds, Finra said.

To access the complete Bloomberg article hit the link below:

Oppenheimer's Sirianni Suspended For Muni-Bond Price Gouging

Banks Poised to Reduce Rate-Swap Trading as Revenue Seen Reduced

image: © Lisamarie Babik

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