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FINRA September Disciplinary Actions

Wednesday, October 13, 2010

FINRA had a big month in September. Over 50 firms and individuals either sanctioned or barred. FINRA is working hard to show they are doing thier job and finding the “bad guys”. AML and supervisory isses continue to top the list of violations. Of particular note is SunTrust Investment Services was ordered to pay $1.44 Million for Unsuitable UIT, Closed-End Fund and Mutual Fund Transactions and Deutsche Bank Securities was fined $7.5 Million for Negligent Misrepresentations Related to Subprime Securitizations
Click here to read all the sanctions for September: FINRA September Sanctions

About Red Oak Compliance Solutions

Red Oak Compliance Solutions is the global advertising review software of choice in the financial services industry. It is a comprehensive suite of SEC 17A-4 compliant features that are 100% books and records compliant and provides clients with 35% faster approvals and 70% fewer touches or better. We also offer Smart Review(SM), which solves for the storage and maintenance of disclosures, helping firms reduce risk, decrease review times, and increase the speed of distribution of marketing materials. Smart Registration(SM) automates the licensing and registration management process to help reduce regulatory risk and time spent on manual processes. Overall, Red Oak allows firms to minimize risk, reduce costs, and increase compliance review process effectiveness and efficiencies.