Washington, DC - A Financial Industry Regulatory Authority (FINRA) hearing panel has fined Mutual Service Corporation (MSC) of West Palm Beach, FL, more than $1.5 million for failing to conduct timely reviews of variable annuity transactions, falsifying various books and records of the firm to make it appear that the variable annuity transactions were reviewed in a timely manner, and providing false and misleading information to FINRA during its investigation.
News Releases & Statements
Washington, DC - The Financial Industry Regulatory Authority (FINRA) today announced that is has proposed a pilot program for the margining of credit default swaps (CDS) by FINRA-registered firms that clear CDS transactions on the Chicago Mercantile Exchange, other central counterparty platforms or outside of such platforms.
Washington, D.C. — The Financial Industry Regulatory Authority (FINRA) announced today that it has imposed a $2 million fine against Citigroup Global Markets for the erroneous publication of non-bona fide quotations and transactions at and around the NASDAQ market opening on a Quadruple Witch Expiration Friday; systemic Order Audit Trail System (OATS) reporting violations; fixed income transaction reporting violations; limit order display violations; and, related supervisory failures.
Washington, DC - The Financial Industry Regulatory Authority (FINRA) announced today that it has fined First New York Securities L.L.C. $170,000 for improperly covering short positions with secondary offering shares and related oversight failures. The firm was also ordered to disgorge more than $171,000 in trading profits earned from the prohibited conduct.
Washington, DC - The Financial Industry Regulatory Authority (FINRA) is proposing a major expansion of its Trade Compliance and Reporting Engine (TRACE) to include debt issued by federal government agencies, government corporations and government sponsored enterprises (GSEs), as well as primary market transactions in new issues.
Washington, DC - The Financial Industry Regulatory Authority (FINRA) announced today that it has established a new Office of the Whistleblower to expedite the review of high-risk tips by FINRA senior staff and ensure a rapid response for tips believed to have merit.
Washington, DC - The Financial Industry Regulatory Authority (FINRA) today issued an Investor Alert and unveiled two new online tools designed to help investors spot and resist investment fraud.
Washington, DC - The Board of Governors of the Financial Industry Regulatory Authority (FINRA) today announced that Richard G. (Rick) Ketchum has been appointed FINRA's Chief Executive Officer.
New York, NY and Washington, DC - The Better Business Bureau (BBB) of Metropolitan New York and the Financial Industry Regulatory Authority (FINRA) today launched a resource for workers experiencing job loss as a result of corporate mergers, layoffs or closings. The information is designed to help workers make sound financial decisions regarding their personal finances, retirement funds and other severance pay during periods of unemployment.
While nearly half of U.S. servicemembers are confident about their ability to retire comfortably, 22 percent are unaware of the Thrift Savings Plan (TSP) – the federal government’s equivalent of a 401(k) plan – according to a new survey funded by the Financial Industry Regulatory Authority (FINRA) Investor Education Foundation.