WASHINGTON — The Financial Industry Regulatory Authority (FINRA) and BATS Exchange1, Inc. announced today that they have jointly ordered Citigroup Global Markets Inc. to pay approximately $1.1 million in connection with short selling ahead of five public offerings of securities, in violation of Rule 105 of Regulation M. The payments include the disgorgement of more than $538,000, plus interest, of unlawful profits and improper financial benefits, and approximately $559,000 in fines.
News Releases & Statements
WASHINGTON — The Financial Industry Regulatory Authority (FINRA) announced today that it has sanctioned and fined two firms - Triad Advisors and Securities America - $650,000 and $625,000, respectively, for failing to supervise the use of consolidated reporting systems resulting in statements with inaccurate valuations being sent to customers, and for failing to retain the consolidated reports in accordance with securities laws. In addition, Triad was ordered to pay $375,000 in restitution.
WASHINGTON — The Financial Industry Regulatory Authority (FINRA) issued a new investor alert called Bitcoin: More than a Bit Risky to caution investors that buying and using digital currency such as Bitcoin carry risks.
WASHINGTON—The FINRA Investor Education Foundation's new study, The Financial Capability of Young Adults—A Generational View reveals that millennials display low levels of financial literacy, engage in problematic financial behaviors and express concerns about their debt. Low levels of financial literacy hamper most millennials, with only 24 percent of millennials able to answer four or five questions on a five-question financial literacy quiz correctly.
BrokerCheck is the only free online tool of its kind available to the public 24 hours a day, seven days a week. There are no forms to fill out and submit, and there is neither a time delay nor a cost to investors who receive a report.
WASHINGTON—Now in its ninth year, the FINRA Investor Education Foundation's Military Spouse Fellowship Program has opened the application process for its class of 2014 military spouses. The FINRA Foundation Spouse Fellowship Program provides military spouse recipients with the education and training needed to earn the Accredited Financial Counselor® (AFC®) designation. Military spouses can apply until April 18, 2014, to become a member of the 2014 class of fellows.
WASHINGTON — The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Berthel Fisher & Company Financial Services, Inc. and its affiliate, Securities Management & Research, Inc., of Marion, Iowa, a combined $775,000 for supervisory deficiencies, including Berthel Fisher's failure to supervise the sale of non-traded real estate investment trusts (REITs), and leveraged and inverse exchange-traded funds (ETFs).
FINRA announced today that its Board of Governors approved a rule proposal that would prohibit firms and associated persons from conditioning settlements of customer disputes on, or otherwise compensating customers for, an agreement not to oppose a request to expunge information from an associated person's Central Registration Depository (CRD) record. This proposal is designed to help ensure that the CRD system continues to contain information that is critical to investor protection.
KANSAS CITY, Mo., and WASHINGTON D.C. — BATS Global Markets, Inc. (BATS) has signed an agreement with the Financial Industry Regulatory Authority (FINRA), the independent, non-governmental regulator for all securities firms doing business with the public in the United States, to provide cross-market surveillance services to BATS' four stock exchanges- BZX, BYX, EDGX and EDGA, along with certain other regulatory services.
WASHINGTON — The Financial Industry Regulatory Authority (FINRA) Investor Education Foundation and United Way Worldwide (UWW) have announced more than $1.2 million in grants to nine recipients as part of the Financial Education in Your Community initiative.