FINRA Fines Firms $2.8M For Trade Volume Reports

Law360, New York (January 8, 2008, 12:00 AM EST) -- Nineteen brokerage firms, including Lehman Brothers Inc., Merrill Lynch & Co. Inc. and Bear, Stearns & Co. Inc., will pay a total of $2.8 million in fines to the Financial Industry Regulatory Authority to settle allegations that they overstated their advertised trade volume.

FINRA revealed the fines on Tuesday, alleging that the firms “substantially” overstated their trading volumes to three private service providers. The firms neither admitted nor denied FINRA’s charges, but agreed to the fines.

“FINRA compared the firms’ advertised trade volume in selected securities...
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