Washington, D.C. - The Financial Industry Regulatory Authority (FINRA) today announced that it has fined SMH Capital Inc. (f/k/a Sanders Morris Harris, Inc.) of Houston, TX, $450,000 for failing to adopt adequate supervisory procedures and systems designed to address its prime brokerage and soft dollar services to hedge funds. As a result, SMH made improper payments of $325,000 in soft dollars to a hedge fund manager.
News Releases & Statements
FINRA Fines 19 Firms a Total of $2.8 Million for Inaccurate Advertised Trade Volume Information
Washington, DC — The Financial Industry Regulatory Authority (FINRA) Investor Education Foundation and the American Library Association (ALA) today announced 13 grants, totaling more than $853,000, to public libraries and library networks across the country, giving millions of library patrons and their families greater access to unbiased investing information and resources.
Washington, D.C. — The American Federation of State, County and Municipal Employees' (AFSCME) Training and Education Institute today announced the creation of Investor Education for Working Families, a ground-breaking program funded with a $692,180 grant from the Financial Industry Regulatory Authority Investor Education Foundation.
The Financial Industry Regulatory Authority (FINRA) announced today that its Board of Governors approved a rule proposal that would impose expungement procedures requiring arbitrators to take specific steps, including issuing a written explanation, before recommending expungement of information related to arbitration cases from a registered person's Central Registration Depository (CRD) record.
The Financial Industry Regulatory Authority (FINRA) today announced that it has fined J.P. Morgan Securities, Inc. $500,000 for failing to disclose to the Municipal Securities Rulemaking Board (MSRB) that it had used consultants to obtain numerous municipal securities offerings and had made payments to consultants connected to particular offerings. FINRA is responsible for enforcing MSRB rules.
Washington, D.C. — The Financial Industry Regulatory Authority (FINRA) announced today that it has sanctioned Rafferty Capital Markets, LLC, of Garden City, NY for facilitating improper market timing practices and for failing to have an adequate supervisory system to prevent deceptive market timing and late trading, among other violations.
Washington, D.C. — The Financial Industry Regulatory Authority (FINRA) announced today that it has censured and fined Wachovia Capital Markets, LLC $300,000 for violations of FINRA's research analyst conflict of interest disclosure rules.
Washington, DC — The FINRA Investor Education Foundation launched its fourth general grant program today, formally inviting non-profit groups and researchers to apply for funding for projects that support its mission of providing Americans with the knowledge, skills and tools necessary for financial success. The Foundation is interested in funding projects that will reach and actively engage at-risk audiences, such as seniors and first-time investors, by offering them access to unbiased information about the markets and fundamental financial issues.
The FINRA Investor Education Foundation announced today that BrightScore®, an online credit management tool, will be offered free of charge to active duty military personnel and their spouses to help them manage their credit wisely. BrightScorea new offering of the FINRA Foundation's multifaceted SaveAndInvest.org Military Financial Education Programis presented in partnership with the InCharge Institute of America.