Financial Industry Regulatory Authority (FINRA)

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The Financial Industry Regulatory Authority, Inc. (FINRA) is the largest independent regulator of securities firms doing business with the public in the United States.

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FINRA sanctions Merrill Lynch $6m for selling IPOs to industry insiders

Money On Hook

FINRA has announced that it has fined Merrill Lynch, Pierce, Fenner & Smith Inc. for improperly selling shares in initial public offerings (IPOs) to industry insiders, including its employees’ immediate family members and customers who were brokers at other brokerage firms. Merrill Lynch will pay a $5.5 million fine, and disgorge $490,530 it earned as revenue from the sales.

C Suisse brokers score partial victory against the bank

Dollars

Dozens of former Credit Suisse advisers who have been fighting for their deferred compensation after leaving the bank last year scored a partial victory on Friday when the brokerage industry’s main regulator said member firms cannot make workers waive their rights to settle disputes in the regulator’s own arbitration forum.

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JPMorgan fine equivalent of three minutes of profit

The world’s biggest bond dealers, including JPMorgan and Morgan Stanley, failed to properly report trades to the industry’s price-tracking system more than 11,000 times. JPMorgan’s penalty: About three minutes of its annual profit.

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Money On Hook

FINRA sanctions Merrill Lynch $6m for selling IPOs to industry insiders

FINRA has announced that it has fined Merrill Lynch, Pierce, Fenner & Smith Inc. for improperly selling shares in initial public offerings (IPOs) to industry insiders, including its employees’ immediate family members and customers who were brokers at other brokerage firms. Merrill Lynch will pay a $5.5 million fine, and disgorge $490,530 it earned as revenue from the sales.