A unit of Credit Suisse was fined by the U.K. markets regulator for promoting a product that garnered $1.35bn in investments and had about a 0% chance of reaching its maximum return.
The Financial Industry Regulatory Authority (FINRA) has announced that it has fined Merrill Lynch, Pierce, Fenner & Smith $1m for failing to arbitrate disputes with employees relating to retention bonuses.
The Financial Services Authority (FSA) has issued its largest ever retail fine of £10.5m to HSBC because of inappropriate investment advice provided by one of its subsidiaries, NHFA Limited (NHFA) to elderly customers.
The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Morgan Stanley & Co. Inc. and Morgan Stanley Smith Barney LLC $1m and ordered $371,000 in restitution and interest to customers for excessive markups and markdowns charged to customers on corporate and municipal bond transactions, and related supervision violations.
The Financial Services Authority (FSA) has fined Coutts & Company (Coutts) $10m for failings in connection with the sale of an AIG fund (the Fund).
The Financial Industry Regulatory Authority (FINRA) has announced that it has fined UBS Securities LLC $12m for violating Regulation SHO (Reg SHO) and failing to properly supervise short sales of securities.